Podcast Summary: The Current Podcast – Stagwell’s Mark Penn on Polling, Politics, and Media

Released on September 4, 2024

Introduction to Mark Penn and His Career

In this episode of The Current Podcast, hosts Damian Fowler and Ailee Slifring engage in an insightful conversation with Mark Penn, the Chairman and CEO of Stagwell. Mark Penn brings a wealth of experience from his diverse career spanning political polling, strategic roles in major corporations, and founding a leading digital-first marketing and communications group.

Damian Fowler opens the discussion by highlighting Penn’s remarkable journey: “Mark Penn's remarkable career. First, as a political pollster who's advised names like Bill and Hillary Clinton and Tony Blair. Later, he became chief strategist for Microsoft before founding Stagwell, a digital first marketing and communications Group” (00:15).

From Polling to Politics to Media

Mark Penn reflects on his multifaceted career path, discussing how his interests and strategic reorientations have shaped his professional trajectory. He explains, “I kind of re strategized myself like every decade or so and I say, well, okay, what is it that I really want to do” (01:11). Starting with aspirations in law, Penn detoured into polling, political strategy, and eventually technology, leading to his pivotal role at Microsoft. This diverse background culminated in the founding of Stagwell, aiming to create a more innovative and digital-first holding company.

The Intersection of Politics and Marketing

Penn emphasizes the intrinsic link between politics and marketing, particularly in today’s data-driven environment. “Mark's political background no doubt brings a much-needed perspective to marketing. He argues that in today's real-time, data-driven world, brands must have a constant finger on the pulse of the American consumer” (00:33). He further elaborates on how creativity in digital marketing surpasses traditional TV advertising, stating, “It takes the same kind of creativity, if not more so” (03:13).

Brand Safety and Advertising in News Media

A significant portion of the discussion revolves around Stagwell’s News Advertising Study. Penn challenges the conventional wisdom that brands should avoid advertising next to controversial news topics. He asserts, “It's a ludicrous notion to be blacking out legitimate journalistic publications for, quote, brand safety in general” (05:28). Penn argues that avoiding news media can inadvertently harm journalism and limit brands' exposure to highly engaged audiences. He advises media buyers to be open-minded and experiment with news environments, highlighting that “news consumers... are more likely actually to absorb your advertisement” (06:33).

Navigating the Media Landscape During Election Years

With the 2024 US Presidential election in focus, Penn provides insights into effective media strategies. He notes the shift in advertising spend towards social media platforms, especially as traditional TV advertising becomes saturated. “It's going to be jammed because there's more money than ever in politics, right. And so then, politics is then going to go over to social media” (08:13). Penn emphasizes the importance of understanding audience demographics and selecting appropriate channels, particularly for reaching younger voters on platforms like TikTok.

The Role of Events and Content in Political Campaigns

Discussing campaign strategies, Penn highlights the effectiveness of live events in generating engaging content. “Trump does events. So his event strategy is then geared to create content that then gets distributed primarily through social media” (09:39). He underscores the necessity for fresh, real-time content that resonates with voters, advocating for a blend of event-driven and digital media strategies to maximize impact.

Advice to Political Campaigns

Penn offers strategic advice to both Biden’s and Trump’s campaigns, focusing on the importance of targeting swing voters. “Getting switchers means appealing to people who don't agree with you” (11:01). He advises campaigns to move beyond base politics and seek compromise policies to attract undecided voters, asserting that this approach can lead to broader electoral success.

Reflections on Leadership and Growth at Stagwell

Mark Penn shares his perspective on leadership and organizational growth. He reflects on the early days of Stagwell, noting significant revenue growth and global expansion: “We started Stagwell eight years ago, you know, at zero, we're about two and a half billion in revenue now” (13:33). Penn expresses optimism about the company's future, positioning Stagwell as a challenger network poised for continued innovation and expansion in the digital marketing landscape.

Predictions for the Marketing Industry (2024-2025)

Looking ahead, Penn predicts a robust year for marketing with substantial investments in political advertising. “There's going to be $12 billion spent on politics. So that's always helpful” (14:14). He also anticipates intense competition in the technology sector, particularly regarding artificial intelligence, which will shape the future of digital marketing and media strategies. Penn is optimistic about the year 2024, contrasting it with the challenges of 2023, and foresees continued growth and innovation in the marketing industry.

Notable Quotes

• Mark Penn on Passion and Career Choices: “Follow your passion. Don't worry so much. If you do something really interesting, really well, you'll figure out how to manage the reward side of things” (02:19).

• On Creativity in Digital Marketing: “It takes the same kind of creativity, if not more so” (03:13).

• Challenging Brand Safety Norms: “It's a ludicrous notion to be blacking out legitimate journalistic publications for, quote, brand safety in general” (05:28).

• Targeting Swing Voters: “Getting switchers means appealing to people who don't agree with you” (11:01).

Conclusion

Mark Penn provides a comprehensive analysis of the evolving intersections between politics, marketing, and media. His insights into brand safety, effective campaign strategies, and the future of digital marketing underscore the importance of adaptability and innovation in a rapidly changing landscape. Penn’s forward-thinking approach and emphasis on data-driven strategies offer valuable lessons for marketers, media buyers, and political strategists alike.

For listeners seeking to understand the complexities of modern marketing and its ties to political dynamics, this episode of The Current Podcast serves as an essential guide, enriched by Mark Penn’s extensive expertise and strategic foresight.