• by Larry Dobrow , July 1, 2003

The U.S. economy may remain mired in a slump, but that doesn't mean that the most influential global business voices have stopped reading the paper every morning. To this end, the Financial Times has launched "Read to Lead," its first U.S. ad campaign in three years.

Following parent company Pearson's recent FT investment of 10 million pounds, one-third of which (roughly $5.5 million) was earmarked for the company's U.S. edition, FT vice president of marketing Elissa Tomasetti sensed the time was right for an extensive branding push in the U.S. "The awareness of who we are is there, but comprehension of our products and brand is low," she says. "The idea is to talk about our brand value, products and product features." Not surprisingly, the campaign is targeting high-level business execs and what Tomasetti calls "other global-minded people."

While the particular timing of the campaign may raise a few eyebrows, Tomasetti believes that there's no better time to rev up the branding engine than during an economic lull: "Even though market is down right now, it's a great time to reach out to this special category of businesspeople." Additionally, she notes, the trend towards globalization has led many readers to seek out better coverage of the geopolitical and economic climates outside the U.S.

"In years past, the American viewpoint was a bit more myopic, but now American business leaders are looking for a global perspective on the news," Tomasetti explains. "People want to understand what the Financial Times is about. We're getting a lot of 'FT is a voice I need to hear.'"

Roughly 60% of the campaign media spending is devoted to print ads, with online (25%) and out-of-home (15%) getting the rest. Among the publications in which the FT ads will run are business mainstays Forbes, Fortune, the Harvard Business Review, The New Yorker and The Wall Street Journal. Asked about the latter - widely considered to be FT's primary competitor for the affection of wealthy, highly educated business leaders - Tomasetti disputes that the two publications actually go head-to-head.

"We provide something very different from the Journal," she notes. "They're the largest player in American business [media] right now, but there's plenty of room for the FT voice. The WSJ is a national news daily, and the FT is the place to turn for the global perspective."

Tomasetti hopes the ad campaign will have a secondary effect: luring advertisers to the pages of the FT and its web site. The categories she hopes to add, not surprisingly, include automotive and luxury goods. "Since the campaign started, the phone has been ringing. That's all you can ask for," she says.

The Financial Times is printed in 21 cities across the world and boasts a daily circulation in excess of 460,000. The company is in the process of opening two new printing sites in the U.S. (Atlanta and Washington, D.C.), and plans to herald its arrival via substantial outdoor advertising in those regions.