Today, we’re talking to Stacy Durand of Smart Media Technologies. Stacy launched her own agency after years as the CEO of another.
Stacy comes from the media buying segment of the industry, which as you’ll hear, is very different in gender dynamics. That turned out to be quite empowering for her. Our conversation about what needs to change for more women to own agencies is not what you might expect.
Stacy also had some great advice for anyone aspiring to be an owner … or just anyone who is looking to succeed in this wonderful industry we call home.
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Early in her career, Stacy felt pressure to act older and dress a certain way to be taken seriously in male-dominated business meetings. She realized that trying to be someone she wasn't was counterproductive. Instead, being authentic and letting her knowledge and expertise in her business shine through was far more effective in gaining respect, regardless of initial perceptions.
Stacy emphasizes the importance of continuous learning and adaptability, especially in a rapidly evolving industry like advertising. Her personal journey, including pursuing an MBA and staying with her first company for 16 years due to constant learning opportunities, highlights this. She points out that the industry is always changing (e.g., from linear TV to CTV, Web3, NFTs, metaverse), and the ability to understand and adapt to these changes is crucial for staying relevant and engaged.
Stacy describes herself as a "reluctant entrepreneur" who didn't initially envision owning her own business. She started her agency with a "soft launch," gradually transitioning from her previous role, which provided a cushion and reduced the financial risk. This approach allowed her to negotiate assistance from her former company while building her own, proving that there are creative and less risky paths to entrepreneurship, especially for those with significant personal responsibilities.
Stacy highlights that her reputation and strong relationships with both clients and media sellers were instrumental in starting and growing her agency. Even when facing financial difficulties during the pandemic, her established trust with clients and stations allowed her to negotiate flexible payment terms and maintain crucial relationships, demonstrating that goodwill and strong partnerships can be more valuable than immediate financial gains.
Despite facing significant challenges, including a $3.7 million debt during the pandemic and periods of negative outlook, Stacy emphasizes the importance of trusting her instincts and maintaining a positive, solution-oriented mindset. She shares a story of how her unconventional approach to collecting debt—working with clients as a partner rather than cutting them off—ultimately led to successful recovery and stronger relationships. She also talks about the power of hard work and resilience during tough times.
