Posts by Jennifer Prosek

Balthazar LondonBalthazar restaurant in New York carries a lot of meaning at Prosek Partners. About half of our firm had their first interview there, with me, over breakfast. Keith McNally’s well-known spot is around the corner from my former apartment and always provided a great atmosphere for morning conversation. So when Balthazar opened in London, I was excited to check it out.

This week, while visiting my colleagues across the pond, I had an opportunity to pop in and see Balthazar London firsthand. And when I walked through the door I was utterly shocked. The place is an exact replica - to the point where I kept thinking I'd be walking out on Spring Street upon leaving.

As I stepped back and thought about the experience, I was struck by the fact that Balthazar truly is a masterful example of how to maintain consistent brand standards. McNally has matched every light bulb, napkin and booth and the menu is the same. I should be impressed (our profession is obsessed with consistent brand standards, right?), but I couldn't help thinking that some small nod to the differences between New York and London and the cultures of the British and American people would be appropriate. For example should the shrimp on the menu in London not be called prawns? And despite London vernacular, the frites weren't called chips.

I walked away feeling both awestruck and unsettled. For a marketer like me, that is an oxymoron-like emotion, one that has left me still thinking about the Balthazar double take. End of Story

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Written on April 26th, 2013 by
Categories: Branding, Miscellaneous Musings, Unboxed Lunch | No Comments »
Credit: Reuters/Mike Segar

Credit: Reuters/Mike Segar

While on a business trip in London this week, I read a story in the Financial Times about HSBC's planned layoffs.

What could have been a "routine" story (layoffs are unfortunately all too common in financial services organizations these days), became front page news when HSBC decide to get tricky with its word choice describing the redundancies.  Instead of using straightforward, transparent terms, HSBC announced it would be "demising" 942 roles as part of a plan that would "impact" 3,000 employees.

Demising?  That kind of creative, vague terminology was just begging for critical attention - especially in the snarky UK media market.  Apparently, according to the FT, the announcement caused a great deal of anger among employees.

But HSBC is not alone in its insensitivity.  Unfortunately, in our profession, we often see many companies step on similar landmines. A financial institution I know well (which shall remain nameless), recently announced its plan to be a "best place to work" and an "employer of choice" in the midst of an announced restructuring that will result in the loss of thousands of jobs.  Well-meaning as leadership was, there’s no question that working to secure such awards, is a bit insensitive to the employees who are waiting for the ax to fall.

The reminder to all of us PR practitioners is to not only make sure we guide management and organizational leaders to be sensitive, but to always err on the side of being direct, regardless of the temptation to use language, nuance and creative terms to hide the truth.  It’s always better in these cases to be transparent and clear, to take your lumps on announcement day and then let it pass.

The Financial Times didn't write one story, but two on HSBC's insensitive word choice.  The second story also pointed out that the use of a noun as a verb (demise into demising) was not only in bad taste, but it's just plain bad grammar. Ouch. End of Story

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Written on April 25th, 2013 by
Categories: Communication, Public Relations | No Comments »

Image courtesy: Topos Graphics and as seen on The New York Times Opinion Pages

The Following Post Was Originally Written For and
Published By The Council of Public Relations' Blog

The New York Times recently ran a story by Arthur C. Brooks entitled, “My Valuable, Cheap College Degree,” about the $10,000 undergraduate degree. The author, the president of the American Enterprise Institute and a former college professor, decided that instead of going into debt for a degree from an average college, he would pay $10K for a distance-learning B.A.

Interesting.

Brooks claimed that the ROI from his $10K spend was huge, given that his career turned out as he had hoped and he lives a debt-free life. He also argued that with the cost of education skyrocketing, we would see more innovation in terms of the cost of college.

So the next logical question: Would I as an employer hire a kid with a $10K B.A?

Damn straight I would!

Ours is a “public school” profession, in that most young hires have attended a decent but not top 5-ranked college. I have no qualms about that. My best hire, oftentimes, is a kid from an average college who had four internships and a dirty job along the way—grocery bagger, factory worker, waitress.  Although we’ve hired our share of kids who went to boarding schools and graduated from top colleges, they succeed no more frequently than the gritty kid from the average college. And I like the entrepreneurship shown by people who take tough jobs starting out.

Continue Reading »

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I'm reading a book called "How Children Succeed" and I'm taken by it. If there is one message from the book, it’s that teaching grit, curiosity, focus, optimism and overall character traits in children is possible - and leads to them becoming more successful. It also makes the point that focus and discipline often trump IQ and academic credentials in life. As an entrepreneur and an employer, this rings true to me on every level.

Marshmellow TestPerhaps one of the most intriguing chapters in the book discusses the traits of self control, willpower and the "Marshmallow Test." At a nursery school in California, a researcher brought each four-year-old into a small room, sat the child at a desk and offered a treat, such as a marshmallow. On the desk was a bell. The researcher told the child she was going to leave the room and the child could eat the marshmallow when she returned. Then she offered a choice; if the child wanted to eat the marshmallow, he or she just needed to ring the bell, the researcher would return and the child could have the marshmallow. But if the child waited until the researcher returned on her own, he or she would get two marshmallows.

Long story short, the kids that had the ability to delay gratification did better academically despite their IQ. Children who were able to wait for 15 minutes for their treat had SAT scores (later in life) that were, on average, 210 points higher than those of children who rang the bell in 30 seconds.

The marshmallow test brings me back to my own childhood experiences. My mom used to reward us with quarters for good deeds.  My brother James had a choice of using the quarter immediately to ride the electronic pony at the mall or to save his quarters for a larger reward down the line. He always saved those quarters (and that public school kid from Connecticut got himself into Yale and went on to do great things). In a world where instant gratification is the goal, learning to work for something over time and delay gratification is just one of many character traits essential for success.

At Prosek Partners we often ask recruits if they've had a "dirty job," such as bussing tables, riding the trash truck, bagging groceries or working in the steel mill (yes, one of our firm’s partners did that!) Why? Because we've found that having done a “dirty job” correlates with having a good work ethic, gratitude, empathy for the everyman and overall conscientiousness. But what it really comes down to is the correlation with character.  End of Story

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Written on January 30th, 2013 by
Categories: Leadership, Miscellaneous Musings | No Comments »

Cerberus CapitalCerberus, a private equity and hedge fund that manages more than $20 billion, announced this week it will sell Freedom Group, the maker of the gun used in Friday's Newtown, Conn. tragedy. The move came after one of Cerberus' major investors, the California State Teachers' Retirement System (CalSTRS), inquired about Cerberus' ownership. I suspect this may have also been a personal decision by Cerberus CEO Stephen Feinberg, whose father resides in Newtown.

As one would expect in the wake of such a tragedy, government entities and others applauded the move and there were positive headlines about a private equity firm doing the right thing.

The Cerberus move, to me, marks a new era in the alternative investment space, where reputation matters and institutional investors embrace or reject their investments based not only upon their track record and business success, but also (and in many cases, more importantly) based upon their corporate character and values. We appear to be at a tipping point where we move beyond the days where alternative investors seek to make money at all costs, while operating under the radar.

Alternative investors have certainly been moving in this direction for years. KKR, for example, has one of the most impressive corporate social responsibility programs of any company based in the U.S. But I believe that today’s Cerberus move will change the game forever. Its decision to sell Freedom Group, potentially at a loss, will be a case study for reputation management and corporate character for years to come. End of Story

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Written on December 19th, 2012 by
Categories: From the News | No Comments »