While the restauranteurs at Smith & Wollensky in NYC may not be auctioning off their steaks, they certainly are bartering them off. In the New York Times today, a stark, yet bold worded, ad reads “STEAK FOR STOCK”, followed by body copy explaining the new deal. When the bill arrives at the table, customers are able to pay for the meal by presenting an original stock certificate and a separate stock power with a medallion signature guarantee.
The impetus for Smith & Wollensky’s innovative transaction idea results from large Wall Street banks’ paying of bonuses in stock, not in cash. The effects of their doing so will be catastrophic on the local economy, and therefore, the steakhouse decided to take action and seize the opportunity to advertise in order to gain positive publicity and increase restaurant traffic.
Allan Stillman, owner of Smith & Wollensky, said that the response has been “over the top.” He also commented on how rare it is to have such widespread media coverage of a restaurant’s advertising. He said, "When we do our advertising, we consider the fact that if you can get it to be cutting-edge, then you're doing something different from everybody else, and you don't have to worry about people copying your advertising."
I love this idea. It is well thought out, creative, and is aimed directly at their core target market -- businessmen and women. Bravo Smith & Wollensky (& Creative Team at Walrus), bravo!
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