GMA Conference Success

The NYU Stern Graduate Marketing Association held its annual conference last Friday, October 30th, focusing on innovation in the changing consumer landscape. To that end, the agenda hosted two keynote speakers from companies that have relied on modernization to find continued growth, Glaceau and Kodak, as well as a series of smaller discussion panels and networking sessions, concluding with a cocktail hour that gave all participants great networking opportunities and a chance to reflect on the day. As attendees will attest, there was certainly no shortage of ideas and insights into the vast and ever changing world of marketing on Friday.

Following a breakfast provided by Dannon and Post, the morning spotlight speaker, Rohan Oza, Chief Marketing Officer of vitaminwater, demonstrated not only how Glaceau created the brand itself, but the entire enhanced water category. The ingredients to success? A superior product that the company and employees could believe in, a brilliant marketing plan and relevant in-store execution. As Oza put it, "You can buy intellect. You can't buy passion." Glaceau began by pouring almost their entire marketing budget into the store level in order to maximize growth potential per dollar spent and capitalize on the fact that 70% of grocery purchase decisions are made within the store. Not only that, but vitaminwater's team was taught to treat everyone like a customer, meaning lots of free product for influencers to help build word of mouth and a consumer base as passionate about the product as the employees. vitaminwater continued this tradition of passion in their strategy to give marketable athletes, musicians and movie stars not only access to their brand but equity in and a strong bond with the company itself. By doing so, they maximized the potential of these partnerships and ensured that the stars were not only involved and cared about the project, but they were incentivized for vitaminwater to succeed. Talk about innovation. No wonder vitaminwater is now a billion dollar brand.

Oza's insights served as a great introduction to the GMA Sponsor Panel on International Marketing that followed. Titled "Capturing Opportunity in Emerging Markets" and co-sponsored by the Emerging Markets Association (EMA), the panel was moderated by Jeffrey Carr, Stern's Executive Director of the Berkley Center for Entrepreneurship and Innovation. Five wonderful panelists representing Nabisco, American Express, Colgate-Palmolive, Dannon and Unilever spoke of growing a consumer base in new, emerging markets. All guests seemed to agree on the importance of knowing their audience and adapting to the local behavioral preferences and culture of each different customer segment, although each organization certainly had unique challenges and strategies to speak of. Richard Williams, a Marketing Director at Dannon, noted the company focus to build awareness for yogurt products in the U.S., explaining that the country can be viewed as an emerging market in terms of yogurt consumption around the globe. Meanwhile, Neil Goklani, a Vice President of Global Network Services at American Express, explained his division's focus on marketing to a younger demographic and attracting new consumers by concentrating on the digital space.

After lunch, the conference divided into two panels to assess the importance of building and maintaining strong brand identity. "Leveraging Lasting Brands: Protecting Identity in an Evolving Marketplace" addressed the rewards, and the challenges faced by established brands over time, and the importance of connecting with the consumer in a challenging environment. The dynamic panel representatives hailed from four very different industries: Sarah Kate Ellis, Marketing Director at Real Simple, Andrea Levine, Head of Marketing and Product Development at Hess, Stephen Lewis, Americas Strategic Research and Planning Professional at Toyota Motor North America, Inc., and Ellen Slicklen, VP of Strategic Initiatives at Avon. Michelle Greenwald moderated the panel, and got directly to the point by asking how the companies are adjusting their brand strategy given the current landscape.

All the panelists consistently emphasized that the key is adding value for the customer, and not compromising the product. For Hess, challenged by the fact their product is a commodity and the price is public, the answer is building deeper relationships and educating their consumer about both changes in legislation and ways to be more energy efficient. Real Simple magazine, part of Time, Inc, is redesigning its magazine to adjust for the fact that women have "given up" on balance, and instead are embracing a fully integrated life. To reach the consumer, Toyota and Avon have both shifted resources to the local markets. For Toyota, there is more of an emphasis on marketing specific car dealerships. Avon, on the other hand, invested in recruitment, and expanded their sales force by empowering representatives with their own websites and control over their business.

The second panel, "Creating Brand Equity: Innovation and Entrepreneurship", granted attendees the chance to hear the stories and visions from various members of the marketing community with various experience in emerging and original companies. Moderated by Jennifer Ebert, Senior Inventor for ?What If!, the five panelists all provided a unique look into how entrepreneurs must be willing to stray from more established media and strategies in order to succeed in today's changing landscape. Jon Ardrey, General Partner for Ignite Advisors, Kerry Brown, longtime brand steward from lululemon, Cindy Curtis Nelson, VP Group Director at Digitas, Joel Henry, Founder and President of Fig Food Company, and Stu Strumwasser, CEO of Snow Beverages, all agreed that challenger brands can stay differentiated and create a loyal community by listening and interacting with their consumers on a much deeper and local level.