Lawrence Valenstein

Lawrence Valenstein
Born Lawrence Valenstein
1899
Died September 9, 1982 (age 83)
Nationality American
Occupation Advertising executive
Spouse(s) Alice Starr
Children John Valenstein
Linda Valenstein Elkind

Lawrence Valenstein (1899-1982) was an American advertising executive who founded the Grey Advertising Agency.[1][2]

Biography

Valenstein was born to a Jewish family[3][4] in 1899.[1] On August 1, 1917, at the age of 18, Valenstein borrowed $100 and started his own company located at 309 Fifth Avenue in Manhattan.[1] He named the company the Grey Agency because the walls of the office were grey.[1] The company's original focus was to publish direct mailings for the furrier industry which morphed into a magazine named Furs and Fashions.[1] In 1925, the firm, renamed the Grey Advertising Agency, became a full-fledged advertising agency[1] and differentiated itself from its competitors by using a team approach to advertising that closely worked with its customers and conducted extensive marketing research.[2] Valenstein focused on developing a brand through pre-selling and building a market for it.[1] In the 1930s the firm focused on soft goods.[1] In the 1940s, the firm was billing $1 million per year.[1] In 1947, after winning Gruen watch account, billings reached $10 million.[2] In 1955, after winning the Block Drug account, Grey's billings reached $30 million.[2] In 1956, Valenstein became chairman of the board and Arthur C. Fatt (hired in 1921 at the age of seventeen) became president.[2] In 1957, Grey developed the widely successful "Leaving now for Trenton, Philadelphia and Cucamonga!" campaign for Greyhound Bus with the tagline "Go Greyhound and leave the driving to us."[2]

In 1961, billings reached $59 million[2] and Valenstein became chairman of the executive committee;[1] Fatt was named chairman and Herbert D. Strauss its president.[2] In 1961, the firm expanded by opening an office in Los Angeles;[2] and he expanded internationally by opening offices in London in 1962 and Japan in 1963.[2][1] In 1964, billings reached $100 million.[2] In 1965, the firm went public trading on the Nasdaq exchange and the firm also expanded into the use of psychographics (the analysis of consumer lifestyles).[2] In 1965, Valenstein retired and was named founder/chairman.[1]

Valenstein and fellow Jews, Albert D. Lasker and Milton H. Biow, are widely credited with opening the advertising industry to a new generation of Jewish advertising professionals including: Arthur C. Fatt, Herbert D. Strauss, William Bernbach, Norman B. Norman, Maxwell Dane, Julian Koenig, Frederic S. Papert, Maxwell B. Sackheim; David R. Altman, Ernest Dichter, Stanley Arnold, and Monroe Green.[3]

Personal life

Valenstein was married to Alice Starr; they had two children: John Valenstein; and Linda Valenstein Elkind.[1][5] In 1959, his daughter married engineer Jerome I. Elkind in a Jewish ceremony in Scarsdale.[6] In 1971, his son married Karen Wishnew[7] who was one of the first women to become an investment banker.[8][9]

References

  1. 1 2 3 4 5 6 7 8 9 10 11 12 13 New York Times: "LAWRENCE VALENSTEIN DIES AT 83; FOUNDER OF GREY ADVERTISING" by Suzanne Daley September 12, 1982
  2. 1 2 3 4 5 6 7 8 9 10 11 12 Advertising Age: "Grey Advertising Agency (Grey Advertising; Grey Worldwide)" September 15, 2003
  3. 1 2 Jewish Virtual Library: "Modern Jewish History: Advertising" retrieved July 5, 2017
  4. ↑ Handley, Lucy (28 March 2017). "This ad agency is standing against 'the rising tide of xenophobia' and rebranding with the name of its Jewish founders". CNBC.
  5. ↑ New York Times: "Paid Notice: Deaths VALENSTEIN, ALICE STERNBERG" January 5, 2003
  6. ↑ Herald Statesman: "Dr. Elkind, Engineer Weds Scarsdale Girl" January 19, 1959
  7. ↑ New York Times: "John Valenstein Plans to Marry Karen Wishnew" April 25, 1971
  8. ↑ New York Times: "Against the Odds" By Jane Gross January 6, 1985
  9. ↑ New York Times: "WOMEN: January 6, 1985; Having, Getting, Earning, Eating" by Jane Gross April 14, 1996
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