Lawrence Valenstein (1899–1982) was an American advertising executive who founded the Grey Advertising Agency.[1][2]
Lawrence Valenstein | |
|---|---|
| Born | Lawrence Valenstein 1899 |
| Died | September 9, 1982 (age 83) |
| Nationality | American |
| Occupation | Advertising executive |
| Spouse | Alice Starr |
| Children | John Valenstein Linda Valenstein Elkind |
Biography
editValenstein was born 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]
Personal life
editValenstein was married to Alice Starr; they had two children: John Valenstein; and Linda Valenstein Elkind.[1][3] In 1959, his daughter married engineer Jerome I. Elkind in a Jewish ceremony in Scarsdale.[4] In 1971, his son married Karen Wishnew[5] who was one of the first women to become an investment banker.[6][7]
References
edit- ^ a b c d e f g h i j k l m New York Times: "LAWRENCE VALENSTEIN DIES AT 83; FOUNDER OF GREY ADVERTISING" by Suzanne Daley September 12, 1982
- ^ a b c d e f g h i j k l Advertising Age: "Grey Advertising Agency (Grey Advertising; Grey Worldwide)" September 15, 2003
- ^ New York Times: "Paid Notice: Deaths VALENSTEIN, ALICE STERNBERG" January 5, 2003
- ^ Herald Statesman: "Dr. Elkind, Engineer Weds Scarsdale Girl" January 19, 1959
- ^ New York Times: "John Valenstein Plans to Marry Karen Wishnew" April 25, 1971
- ^ New York Times: "Against the Odds" By Jane Gross January 6, 1985
- ^ New York Times: "WOMEN: January 6, 1985; Having, Getting, Earning, Eating" by Jane Gross April 14, 1996