Meet Today's Keynote Luncheon Speaker: Brand Marketing Leader Steve Stoute
Hear Steve at today's Keynote Luncheon, Noon-1:45 p.m. in the LA Convention Center, West Hall B. Steve Stoute knows branding. His brand marketing agency, Translation, works with high profile celebrities, including Lady Gaga, Rihanna and Lebron James, and with numerous Fortune 500 companies. He's also got an eye for the right start-up, whether it's beauty company Carol's Daughter, in which he was an original investor, or the non-profit Foundation for the Advancement of Women Now (FAWN), which he co-founded with Mary J. Blige. Stoute, a former music label executive, who credits hip hop for his entrepreneurial drive, says his keys to success go back at least a decade (Read more, below). Featured in Target’s 2010 Dare.Dream.Do national campaign launched in honor of Black History Month, Stoute is the Keynote speaker for today’s luncheon sponsored by Target. Going back to your very first job, what are some life lessons learned? Steve Stoute: There are 10 rules I wrote a very long time ago. Out of these 10 rules, there are a couple key lessons I’ve carried throughout this entire thing. First, you never know when opportunity will come. You can’t, haphazardly, decide when you should shut off or try and predict when you think an opportunity will come. As an entrepreneur, you’re job is to find certainty with uncertainty; you’re supposed to find comfort in discomfort. Availability also is important. It doesn’t mean [only] being available, physically. [Availability] means being open-minded to where an idea can come from and what the idea really is. When you started your career working at music labels in the 1990s, did you have an idea as to where you’d land, professionally? SS: I was trying to move forward. There was something special about the entrepreneurial spirit that came out of the 1990s...especially with hip hop music. It was all about [discovering] opportunities and what you could do with [them]. [Entrepreneurs asked] about what opportunities were available whether it was to [grab] a label deal, start an investing company or [launch] a film endeavor... Jay-Z, Puffy and myself always asked questions. What could we do next? How could we change the platform of Hip Hop? What would it allow us to do? And then [we’d] turn around and do more. [Entrepreneurs] figured out the ways to operate. How do you stay grounded while working with mega celebrities? SS: I grew up in the business. And seeing celebrities "before" they [become] celebrities helps you not get caught up into celebrities’ [lifestyles]. Being on the ground floor while seeing, building and being a part of a celebrity’s growth and development makes you numb to [celebrity trappings]. I’m going to throw out a few words and tell me what’s the first thing that comes to mind. Strategy? SS: [Strategy] is extremely important. It’s the essence of an approach. Without strategy, there isn’t any reason to start a process. Luck? SS: [Luck] happens when you are persistent. Luck is a featured benefit of persistence. Success? SS: Success is doing something that you are good at and feeling good about doing it well. The financial implications of success are overblown. I think success truly is a conversation with you and the mirror. Failure? SS: [Failure] is going backwards. There’s no reason for it. You can definitely associate failure with the lack of persistence. I’ve never seen anybody fail who [refused] to stop trying. The good life? SS: [The good life] is similar to my definition of success. It’s [living] a healthy lifestyle...one in which you are surrounded by loved ones. Describe the existing synergy between Target and your work? SS: I love working with the [Target] executive team. They are very appreciative of strategy and cultural impact. They are curious to know what’s next. They have no problem going on cultural expeditions... And, it’s mirrored in their stores through their products, and merchandising assortments. I’m very much the same way, and I think that’s synergy. What’s your best career advice for a business professional trying to survive the aftermath of the recent recession? SS: Don’t rest your laurels on your degree. A degree, although very important... [it’s] value has become marginalized in the workplace. Personality and resourcefulness are the things that will allow you to stand out. Although you have a great education, work on being resourceful. Try to not look at things the exact same way everybody else looks at them. The world is truly looking for differentiated thinking and [diverse] thinkers. Even if you work for a company, hold an entrepreneurial spirit within the organization. An entrepreneurial spirit has to be omnipresent in everything you do. Additionally, what advice can you share with advertising, marketing and branding professionals, specifically? SS: Industry professionals need to pay closer attention to consumers’ needs. We need to understand what the "tanning of America" effect is doing. [The "tanning of America" is a phenomenon Stoute describes as a generation of multicultural consumers with shared experiences and values; the phenomena stresses similarities more than differences.] We need to stop marketing consumers into compartmentalized boxes. Start looking at consumers’ "shared" mindsets and values as a way to approach the marketplace. Once companies and professionals start driving that kind of thinking within their organizations, you’ll start seeing better marketing that mirrors society. Do you have mentors or professional role models? SS: Paul Fireman, chairman and CEO of Reebok and James "Jimmy" Lovine [Co-founder of Interscope Records.] Any future "big" plans? SS: The book [based on the "tanning of America" phenomenon] has been a two and a half year labor of love. That’s been my emphasis to get this book out, which is scheduled in June, 2011. Aside from the work we’re doing for clients...trying to innovate and bring new ideas to the marketplace... the next big thing I’m doing is documenting the journey of the "tanning" process. |
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