Monday, May 28, 2012

AMC's The Pitch and its Lessons


The Pitch is a reality show on AMC about advertising. The premise of the show is two ad agencies meet with a prospective client and are briefed on the terms of marketing expectations for a product/service. The two agencies go back to their companies, within 7 days prepare their marketing pitch, present the pitch to the client and the client hires the agency with the best pitch. We, the audiences, are presented with a candid look at the creative process for agencies as they come up with marketing ideas, strategies, packages, and presentation.

Compared to other reality shows, the show is not dramatic. How many everyday jobs are very dramatic? In 2012, how can advertising replicate Mad Men which takes place in the 1960s? The truth is if The Pitch were a crazy, thrilling, dramatic show, I would think it scripted. The show is a raw look into advertising and unfortunately, for those not interested in the actual content of the show or business media that raw look will be boring. However, if you’re like me, this show is amazing. I love shows and documentaries that explore business and I have an interest in marketing. This show is great at teaching lessons that many across business fields can learn from.

While watching The Pitch, these are the known-but-very-often-forgotten lessons the show presents:

Take and expect criticism

Usually, when the agencies are brainstorming on ideas, the entire agency meets in a room to present ideas in front of everyone. Or, there is one team chosen to work on the project or a few teams that go on their own to brainstorm and expand on a few ideas and then present them as a team. Execs and colleagues will openly criticize these ideas. Presenters can be told the ideas are stupid, illogical, corny, disgusting and/or the insults that fall in between. The only thing to do is to take the criticism and move on to the next possible idea or change the idea criticized. When presenting ideas, expect criticism. Learn to take it and move on.

Expect questions and also ask them

Maybe your idea gets picked. It’s time to work on the ad campaign. Expect that as campaign ideas are presented, people will ask questions.  This isn’t just criticism – an answer is expected. Whether you feel a question is warranted or not, answer it.  If your competitor is trying to sabotage your idea by asking a harsh question, respond to the question in a way that shuts them up. Not answering or being caught off guard seems unprepared. Why wouldn’t you defend a project by answering the obvious, unknown, or insulting questions? Leaving a question unanswered means someone else other than you will answer. That takes control away from you.

If you are the questioner, ask the needed questions. Sometimes that gut feeling or curiosity can lead to an important question that no one else was thinking, but by asking, you let your higher-ups know that you were thinking just as seriously as if it was your project. It keeps you in the game.

Presenting is selling

Whether presenting an idea to fellow colleagues and your boss or presenting a marketing campaign to a prospective client, presenting is selling that which is presented. We all understand selling as attempting to persuade others to buy what you have. Presentations are suppose to sell you to the audience, convincing/persuading them to buy the idea or campaign.

Sunday, May 6, 2012

Yahoo Stands by Their CEO's Faulty Résumé


Yahoo is now in a fight with one of his largest shareholders over the faulty résumé of its chief executive and board member. "Yahoo CEO Scott Thompson's resume  'error' could get him booted" by Martha C. White of MSNBC.com reports that Hedge fund Third Point LLC, the largest shareholder, found that CEO Scott Thompson lied about holding two bachelor degrees- he has one. Yahoo’s response to the finding was to release this statement: “This in no way alters the fact that Mr. Thompson is a highly qualified executive with a successful track record leading large consumer technology companies”.

Third Point’s response to the statement was a “letter to Yahoo on Friday calling for the ouster of Thompson along with board member and search committee chair Patti Hart". The letter, written by CEO of Third Point Daniel S. Loeb to the Board, made is clear that the shareholder felt that Thompson and Hart lacked integrity and that Yahoo’s response was unacceptable. A few quotes from the letter:

“Yahoo!s initial response yesterday to Third Point’s identification of material inaccuracies in both CEO Scott Thompson’s and Director Patti Hart’s education record was insulting to shareholders”

“…Yahoo!s response ‘confirming’ that Ms. Hart ‘specialized’ in Marketing and Economics, rather than her degree in such subjects (as Ms. Hart has asserted in filings for years) is a similar canard. A ‘specialty’ is not a major. It is not a ‘minor’”