Lawrence Valenstein (1899–1982) was an American advertising executive who founded the
Grey Advertising Agency.
[New York Times: "LAWRENCE VALENSTEIN DIES AT 83; FOUNDER OF GREY ADVERTISING" by Suzanne Daley]
September 12, 1982[Advertising Age: "Grey Advertising Agency (Grey Advertising; Grey Worldwide)"]
September 15, 2003
Biography
Valenstein was born in 1899.
On August 1, 1917, at the age of 18, Valenstein borrowed $100 and started his own company located at 309 Fifth Avenue in Manhattan.
He named the company the Grey Agency because the walls of the office were grey.
The company's original focus was to publish direct mailings for the furrier industry which morphed into a magazine named ''Furs and Fashions''.
In 1925, the firm, renamed the Grey Advertising Agency, became a full-fledged advertising agency
and differentiated itself from its competitors by using a team approach to advertising that closely worked with its customers and conducted extensive marketing research.
Valenstein focused on developing a brand through pre-selling and building a market for it.
In the 1930s the firm focused on soft goods.
In the 1940s, the firm was billing $1 million per year.
In 1947, after winning
Gruen watch
The Gruen Watch Company was formerly one of the largest watch manufacturers in the United States. It was in business from about 1894 to 1958 and was based in Cincinnati, Ohio. It was founded in 1894 by German-born watchmaker Dietrich Grün, who ...
account, billings reached $10 million.
In 1955, after winning the
Block Drug account, Grey's billings reached $30 million.
In 1956, Valenstein became chairman of the board and
Arthur C. Fatt
Arthur C. Fatt (1905–1999) was an American advertising executive at the Grey Advertising Agency.
Biography
Fatt was born in 1905. In 1921, he joined the Grey Advertising Agency founded by Lawrence Valenstein in 1917. The company's original foc ...
(hired in 1921 at the age of seventeen) became president.
In 1957, Grey developed the widely successful "Leaving now for Trenton, Philadelphia and Cucamonga!" campaign for
Greyhound Bus
Greyhound Lines, Inc. (commonly known as simply Greyhound) operates the largest intercity bus service in North America, including Greyhound Mexico. It also operates charter bus services, Amtrak Thruway services, commuter bus services, and pac ...
with the tagline "Go Greyhound and leave the driving to us."
In 1961, billings reached $59 million
and Valenstein became chairman of the executive committee;
Fatt was named chairman and
Herbert D. Strauss
Herbert D. Strauss (1909–1973) was an American advertising executive at the Grey Advertising Agency.[Nasdaq
The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...]
exchange and the firm also expanded into the use of
psychographics (the analysis of consumer lifestyles).
In 1965, Valenstein retired and was named founder/chairman.
Personal life
Valenstein was married to Alice Starr; they had two children: John Valenstein; and Linda Valenstein Elkind.
In 1959, his daughter married engineer
Jerome I. Elkind
Jerome Elkind is an American electrical engineer and computer scientist. In 1988 he was co-founder of the Lexia Institute.
Biography
Elkind was educated at the Massachusetts Institute of Technology, earning his undergraduate degree in 1951 and Sc ...
in a
Jewish
Jews ( he, יְהוּדִים, , ) or Jewish people are an ethnoreligious group and nation originating from the Israelites Israelite origins and kingdom: "The first act in the long drama of Jewish history is the age of the Israelites""The ...
ceremony in
Scarsdale. In 1971, his son married Karen Wishnew who was one of the first women to become an investment banker.
New York Times: "WOMEN: January 6, 1985; Having, Getting, Earning, Eating" by Jane Gross
April 14, 1996
References
{{DEFAULTSORT:Valenstein, Lawrence
American advertising executives
1899 births
1982 deaths
American Jews