Hello MktSoc friends! This entry is going to be a double-post about the two great events we had this week. We started it off with our very first ADversary of the semester, run by Maria, who is a total pro. She led a discussion about the Super Bowl ads, which in my opinion are always much more interesting than the actual game because they are backed by companies' vast financial resources and agencies' top creative talent and energy. Okayyy, marketing nerd 4lyf right here! Some of the examples we spoke about were Dodge's farmers ad, Oreo's library ad, and Coke's...I-don't-know-what ad with the showgirl Katy Perry-ish lookalike (see left). We also touched on GoDaddy's ad, and how it seemed to generate a great ROI, but I'm thankful we didn't have to watch it because honestly I thought it was not cute at all. I'm glad they got a boost in business though--that's what really matters at the end of the day.
Then, Wednesday was our Global Marketing Panel! My laptop for some reason isn't allowing me to upload any photos from it, but trust me, it looked great! Also, the Potbelly sandwiches looked great as well =). Led by Professor Narayanan, the event was an intimate little discussion with the Global Marketing Director of HBO and US Marketing Director of Spotify (#dreamjobs!). Elana, from HBO, mentioned Girls a lot and made me wonder if I should be watching it...I've seen signs of their marketing efforts all over my Twitter feed which makes me think I may be part of their Target Audience. Hmm...
Anyway. There was lots of discussion about piracy and how it's a very serious problem for the industry. Dave Altarescu from Spotify emphasized that their solution was to create a product far superior to anything you can get for free, and price it reasonably. And that's how Spotify's product came to be! But seriously, considering I know quite a few people who have switched from downloading illegally to paying for Spotify, that argument has a lot of value. Also, I loved how passionate he seemed about his product. Props to Spotify for being great! And props to HBO for having the coolest programs and great marketing to match.
Tomorrow is MktSoc's Games Night, and next week is more fun times!
You may have heard the term "Ad Agency" often getting thrown around, but what IS an ad agency? An advertising agency can be defined as "an agency that designs advertisements to call public attention to its clients." An agency is a company that is hired by a brand or company to create and manage advertisement campaigns. Campaign goals often center around awareness, lead generation and sales. Within an ad agency there can be several disciplines, including media planning, consumer analytics, social media, planning, and strategy. Most mid-sized to large, successful agencies today are owned by one of the "Big Four", WPP, Interpublic, Omnico, and Publicis - large advertising and public relations holding companies. Many agencies offer a full service (traditional and digital services), while others focus on direct marketing, events, or interactive marketing, etc. Agencies are often regarded as fun and interactive places to work as they often feature open, creative-thinking spaces where advertisers can ideate together, and a good work-life balance. Agencies with the largest revenues include BBDO, McCann Erickson, Young & Rubicam, and JWT.
Note: these slides were not originally tinted cyan, that's just my camera
Matt Rakow, an Account Executive from McCann Erickson, came in to speak to us today about working in advertising, which I definitely think is the coolest and most creative side of marketing. Also: agencies are casual attire ftw! In the midst of OCR, that's simply amazing. Matt started it off by showing us a creative brief for Joe's Crab Shack, which starts with uncovering what the agency calls the "naked truth", and building a plan to improve the company's brand. Our good friend(&my curent coworker!) Lindsay was a star in a Joe's Crab Shack video, and actually contributed to the campaign as an intern. Overall, it created a highly impactful transformation for the brand, and looked like a lot of fun.
Matt also presented another account he worked on extensively: Kohl's. He showed us some of the work behind Kohl's Holiday Brief, which seemed to involve a lot of managing the client's expectations and following its rules. We watched a rough cut and a final cut for their holiday ad, which didn't have any MktSoc members in them but were still cool. Then, Matt answered our questions about McCann and the advertising industry as a whole. While he was definitely very positive about the work in general, he was also amazingly honest about some of the downsides.
And below: some of the cool MktSoc-ers who attended! Woooooo!
Two speakers from Red Bull came to present to a packed room today! They provided us with NYC's finest Artichoke pizza and made us feel super-exclusive by bringing in their new flavors (Lemon-Lime, Cranberry, and Blueberry) for us to sample- their first time sampling at a university event. This new flavor launch is a response to consumers who've been wanting more than just that one flavor to get their figurative Red Bull wings, and they were received very well by us. Red Bull also provided us with hashtags to throw into our proceeding tweets/Instagrams/Facebook posts about the drinks (hence the title of this post). Yay word-of-mouth marketing! I thought this was a very smart move on their part.
So: even though I'm not really a Red Bull drinker, the brand as a whole impressed me because they clearly put a lot of energy and resources into fostering a complete lifestyle- we viewed several minutes of footage from Red Bull-sponsored events related to a wide range of art, music, sports, culture, and just overall fun times. Kris pointed out that it kinda made him feel depressed about being in business school, which is something I totally agree with. Like, here I am suiting up and aspiring to a long-term career in the corporate world while Red Bull is sending people up into space to jump down and break records. Cool.
The speakers added a great personal touch to conclude the presentation, sharing with us a summary of their own career paths. This led into a brief mention of opportunities available at Red Bull for NYU students, followed by Q+A. Everyone seemed super inspired and energized after the presentation, mostly likely as a combination of learning about Red Bull's fun events and the caffeine that was in the new drinks. I'm leaving an image of the cans below for you all to stare at. My friend noted that because of their basic color scheme, they almost don't look like Red Bull anymore. But, I think with time these drinks will gain in popularity and store presence, and my brain will just have to get used to it for now.
For our second event of the semester, two presenters from Macy's came in to speak to us about e-commerce retail, specifically within Macys.com Young Collections Bedding. This was particularly exciting to me because it combines two of my favorite things in the whole world, which are: 1.) the Internet, and 2.) my bed. As you all may have guessed, selling goods on the Internet is very different from selling in a store. We learned that bedding is a very trendy product category within Macy's, and several key considerations must be made when running online promotions. Also, we saw lots of photos of beds, which looked comfy and stylish and totally on-trend (I think a NYFW for beds seems like a good idea for the future...ahhhhh).
As a Buyer within this division, Beth Rudnick showed us how marketing plays a key role in her job and is constantly evolving based on ongoing research. Optimization is key! Email marketing, for example, involves analyzing metrics from various forms of an email message to determine which design variations will help maximize conversions (a conversion involves someone clicking through to the Macy's site and making a purchase). Emails are also moving towards becoming more and more personalized, as advanced technology can track what we've shopped for and tailor the products shown in our emails accordingly. This seems super-innovative, yet also a little creepy (Beth even called it the "Big Brother Idea"). Thankfully, all the information they collect is kept private, so no worries there!
As a side note, a lot of the cool information in this presentation was covered in a course I took last semester called Social Media and Digital Marketing Analytics. I'd highly recommend it if you're interested in learning more about web and mobile marketing.
Also, Potbelly delivered our food late but redeemed itself by throwing in some cookies with our order! Thanks Potbelly =')
So how many people feel like at Stern, everyone and their mom is majoring in Finance? -Katherine
On Wednesday during common hour we had our very first Marketing Society event of Spring 2013, woohoo! Our president Katherine started it off by giving a rundown of all the exciting programs and events we have in store for this semester, what we're all about, and why Marketing Society is awesome. Professor Narayanan, our distinguished and always adorable faculty advisor, made a brief guest appearance, and then we went on to e-board introductions. These introductions are always hilarious because nobody seems to remember how/why/when they chose their favorite brands or slogans, but we make it work in the end (also, Katherine was being super sneaky/proactive and updating some of the profiles as we went along, so we'll be all set for next time!).
Next up was Brand Taboo! The two sides of the room faced off in a friendly verbal charades competition. Just as the game was getting pretty intense, our treasurer Josh arrived with several delicious pizzas. Fooooooooooooood! Yes! The pizza was consumed, Taboo was resumed, and in the end, team Destiny's Children was presumed...the winner!
Okay, apologies to y'all for that terrible rhyme, and for not having pictures from the meeting. To make up for it I've included a fierce photo of Beyoncé instead (source).
Next Monday (after this giant upcoming blizzard) will be our event with Macy's- hope to see you there!