Favorite Quotes Vol. XXV: The definition of frugality.

The biz page of The NY Times had an interesting article the other day about pharmaceutical giant Teva, a company that doesn’t have the brand name of a Pfizer or a Merck, but is the biggest generic drug maker in the world.

The opening of the article described how its competitors’ (mentioned above) executives both had private planes to shuttle them on both corporate and personal trips.  The CEO of Teva, however, flies commercial flights when traveling domestically in the US and when he heads overseas?  He flies business, not first.  And Teva is a company with a market capitalization of 51.92 BILLION bucks!

There were two quotes that jumped out at me that all of us can learn from.  The first was from Ronny Gal, an analyst at Sanford C. Bernstein who said this about their travel methods: “The day they get their own plane, is the day I downgrade them.”

But it was William S. Marth, the biz class travelling CEO who said the sound bite of the article for me.

When describing the company’s incredible success over the past decade (their profits have jumped from 135.5 million to a whopping 2 billion dollars), along with his business practices up and down the balance sheet, Mr. Marth had this to say . . .

“Frugality doesn’t mean doing less.  It means doing as much or more with less.”

There’s a big difference between cheap and frugal.

You don’t want to be cheap.

But when faced with a business that has economics like ours, frugality is a necessity.

“When I say Broadway, you say . . .” Survey Results revealed.

My staffers and I got into a discussion last week about what the word ‘Broadway’ meant to our ticket buyers.  What sort of images did it conjure?  What did they associate with it?  In other words . . . what did the brand of Broadway actually mean?

We decided to find out.

I sent a couple of my loyal staff members (and the ones with the warmest coats) to the TKTS booth to ask 100 female theatergoers the following question (we asked only females because they drive the majority of the ticket purchases):

“What is the first word that comes to your mind when I say the word . . . Broadway?”

Below is a list of the responses (only responses given by more than one person are listed):

Shows 15%
Plays 9%
Musicals 8%
New York 8%
Music 6%
Dancing 5%
Wicked 5%
Fun 4%
Singing 4%
Lights 3%
Theater 3%
Chicago 2%
Crowds 2%
Fabulous 2%
Lion King 2%

Pretty interesting, huh?

Kudos to the three shows that got on this list.  When your show equals Broadway, you’re doing pretty well.  The other good news is what was NOT on this list: expensive, uncomfortable seats, etc.  Actually, only one person out of the hundred associated the word Broadway with “expensive,” and that one comment was the only negative word associated with Broadway in the survey.

Since we found this information to be so valuable, and since my staffers’ coats were really warm, we decided to ask another question in the same style, to the same people.  Ready?  Here goes:

“What is the first word that comes to your mind when I say the word . . . Off-Broadway?”

Below is a list of their responses:

Plays 12%
Don’t Know 9%
Cheap 6%
Not as fun 6%
Theater 4%
Altar Boyz 3%
Fun 3%
New York 3%
Shows 3%
Small 3%
Avenue Q 2%
Comedy 2%
Dancing 2%
More shows 2%
Shoes 2%

Pretty scary, huh?

9% of the individuals surveyed couldn’t even come up with a word to describe Off-Broadway!  And not only were there negative associations in this top group, as opposed to Broadway’s survey which had only positive, but these negatives continued on with the rest of the sample.  Words like “sad” and “meh” and “wannabes” were amongst the single responses we recorded.  In total, over 30% of the people surveyed had a negative first thought about Off-Broadway.  (For those of you who think we misspelled “shows” and put “shoes” instead, unfortunately, you’re wrong. Google Off-Broadway.  The second search result is the reason why 2% of our survey said shoes.)

The takeaway from this survey is pretty obvious: Broadway’s brand is healthy and positive, while Off-Broadway’s image is damaged . . . kind of like Martha Stewart when she went away to prison.

But Martha came back . . . and so can Off-Broadway.  It’s just not going to happen on its own.

A model for the rebranding of Off-Broadway tomorrow . . .

What is the first word YOU think of when you hear Broadway?  Off-Broadway?  Comment below.

(Special thanks to Lindsey and Ashley for braving the elements for this sake of this study.