Mike Soutar’s journey in creating the acclaimed ShortList magazine is a testament to vision, resilience, and adaptability. His experiences offer valuable lessons for entrepreneurs looking to scale their ventures.
The Genesis of ShortList
Mike Soutar’s foray into the media world began in his teenage years. Growing up in Glenrothes, Scotland, he harboured ambitions of becoming a PE teacher, influenced by his love for rugby and his mother’s career as an art teacher. However, a twist of fate led him to DC Thomson in Dundee, where he secured a job at 17, working on teenage magazines like Jackie, Patches, and Blue Jeans. This early exposure to the world of publishing ignited his passion for magazines.
Building Expertise in Media
Soutar’s career took a significant turn when he moved to London at 19, following an unexpected job offer from Virgin Records. Despite his lack of experience in public relations, Soutar embraced the opportunity, albeit with some struggles. “I was terrible at the job. I mean shocking. I was the worst press officer there’s ever been,” he recalls. This move marked the beginning of his journey in the bustling media landscape of London.
His tenure at Virgin Records was short-lived, but it provided him with a crucial network and a deep understanding of the media industry. These experiences paved the way for his subsequent role at Smash Hits, where he quickly rose through the ranks to become the editor. This period was marked by a critical lesson: “It was a lesson about being brave when you’re in an established market and doing new and innovative things and taking risks.”
The Birth of ShortList
The conception of ShortList magazine was rooted in Soutar’s understanding of the shifting media landscape. Observing the decline of traditional men’s magazines and the growing reluctance of readers to purchase them, Soutar envisioned a free, high-quality weekly magazine distributed at travel points, funded entirely by advertising.
Overcoming the Marketing Challenge
One of the most significant hurdles Soutar faced was launching ShortList without a marketing budget. This challenge necessitated a creative and strategic approach to building awareness and readership. Soutar’s solution was to invest in a direct distribution model, ensuring that the magazine was placed directly into the hands of potential readers.
“We decided to turn the model of the whole thing on its head. Rather than spend millions of pounds of marketing money to get people to go into a newsagent or a newsstand within a supermarket and then buy something, we thought, well, we won’t have a marketing budget here. We’re going to create a really extraordinary product and then hire 800 merchandisers to hand it out outside travel points every Thursday morning,” Soutar explains.
The strategy involved hiring 800 merchandisers to distribute the magazine at key travel points every Thursday morning. The presence of these merchandisers was crucial in creating visibility and familiarity with the brand. However, the initial response was underwhelming, as commuters hesitated to pick up the magazine, unsure of its value.
“I remember walking the streets of London the first day that we came out with this wonderful magazine, and it was like nobody was picking it up. It was like there was an invisible force field around all of our merchandisers because people just didn’t know what this was. We hadn’t created awareness in any way,” Soutar recalls.
Soutar and his team persevered, recognising the importance of consistency and patience. By maintaining a regular presence and ensuring the quality of the content, they gradually built trust and awareness. Within a few months, ShortList had established itself as a staple for commuters, thanks to its high-quality content and innovative distribution strategy. “If we’d known how difficult it was, we’d never have done it. There’s no way we’d have put ourselves through that agony and that pain,” admits Soutar.
Key Lessons for Scaling a Venture
- Innovate Relentlessly: Soutar’s success with ShortList underscores the importance of innovation. “Recognising and addressing unarticulated consumer needs can set a product apart in a crowded market,” he notes.
- Resilience and Adaptability: The initial struggles with distribution highlighted the need for resilience. “When you feel like you’re on thin ice somewhere, just retrace your steps and then start again,” advises Soutar.
- Building a Strong Team: Throughout his career, Soutar emphasised the value of surrounding himself with talented, supportive individuals. “I really like to surround myself with really good people who are not too judgmental and with whom you can talk about things,” he says.
- Consumer-Centric Approach: ShortList’s triumph was largely due to its focus on the consumer. “Understanding and prioritising reader preferences ensured the magazine’s appeal and sustained success,” Soutar explains.
- Strategic Risk-Taking: Soutar’s career is a testament to the benefits of strategic risk-taking. From moving to London to launching a free magazine, calculated risks played a crucial role in his achievements.
- Creative Problem-Solving: The success of ShortList’s distribution strategy illustrates the power of creative problem-solving. “Finding innovative ways to reach consumers can make a significant impact, even with limited resources,” Soutar highlights.
Looking Ahead
Mike Soutar continues to explore new opportunities and remains passionate about the media industry. He predicts a shift away from the dominance of social media giants, foreseeing new business models that better support content creators. “I think there will be new business models which will not rely on advertising and which will emerge,” he envisions.
In conclusion, Mike Soutar’s journey with ShortList magazine offers rich insights into the complexities of building and scaling a venture. His story is a reminder that with innovation, resilience, and a consumer-centric approach, entrepreneurs can navigate the challenges of growth and achieve lasting success. “I believe massively in luck,” says Soutar. “Often it’s just about saying yes to the right thing at the right time.”
Watch Mike’s full interview here: https://www.youtube.com/watch?v=Q495RrtZcqg&t=913s
