Mike Law, the CEO of Carat, a dentsu company, has spent nearly 25 years in the media industry, growing alongside Carat and shaping its evolution. In a recent conversation with Jack Myers, Law shared insights into Carat's journey, its relationship with dentsu, and the broader advertising and television industry through the lens of his experience. His story is one of growth, innovation, and a commitment to people -- a narrative that mirrors the trajectory of Carat itself.
Carat's Legacy and Evolution
Carat was established in the mid-1990s as the first fully independent media shop in the U.S., originating from France. "Carat was born out of the idea that media could drive business forward and needed to have its own specialty," Law explained. This pioneering spirit has been a constant throughout Carat's history, influencing not only the agency but also the broader industry. Carat's success was cemented when it won the Pfizer account, which, as Law put it, "put Carat on the map." This victory marked a turning point for the agency, opening doors to larger opportunities and establishing Carat as a force to be reckoned with in the media landscape.
Law's journey with Carat began at a pivotal moment. He joined just as the agency was beginning to gain momentum, and his leadership has been instrumental in steering the company through its various phases of growth. "I started as a TV buyer in Boston," he recalled, "and moved to New York to really learn advertising and media." His decision to stay with Carat, even when other opportunities arose, was driven by a belief in the agency's focus on people and client service -- a philosophy that continues to guide the company today.
The Impact of Data and Measurement
One of Carat's key contributions to the industry has been its emphasis on data and measurement. "In the mid-90s, when I joined, it wasn't intuitive to put data and measurement front and center," Law noted. However, Carat was ahead of its time, recognizing early on the importance of understanding consumer behavior and using that data to drive business outcomes. This focus on data has evolved over the years, with Carat leading innovations such as the Consumer Connection System (CCS), which allowed the agency to survey 40,000 people worldwide on their media engagement. "Now, with the acquisition of Merkle and the evolution of our m1 ID into the Mercury ID, we've created a flywheel of strategy, audience understanding, activation, and measurement," Law said.
This emphasis on data has positioned Carat as a leader in the industry, particularly as the world moves towards a cookie-less environment. "We sit on a robust amount of data that is clean, usable, and actionable," Law emphasized, highlighting how this data not only improves consumer experiences but also drives growth for clients.
Empathy and Leadership in a Modern World
A key theme throughout Law's conversation was the importance of empathy in leadership -- a value that is deeply ingrained in Carat's culture. "Combining the speed of technology with the art of empathy" is how Law describes Carat's approach to modern business. This focus on empathy, he believes, is essential for creating better consumer experiences and fostering long-term relationships with clients.
Law's leadership style reflects this commitment to empathy. He credits much of his success to the mentors and colleagues who have guided him, including Andy Donchin, who brought him to Carat, and industry leaders like David Verklin and Charlie Rutman. "Andy taught me how to hold yourself with character, to bring moral high ground to the work we do, and to be respectful of people," Law shared. This philosophy has shaped Law's approach to leadership, where he emphasizes the importance of transparency, honesty, and support.
In a rapidly changing industry, where technology and data are increasingly at the forefront, Law believes that the human element remains crucial. "We have to be great at the basics -- data and technology -- but we also have to bring back the humanization of every engagement," he said. This balance between innovation and empathy is what sets Carat apart and ensures that it remains a leader in the media landscape.
Looking Ahead: The Future of Carat and the Industry
As Carat looks to the future, Law is focused on continuing to drive innovation while maintaining the agency's core values. The rise of retail media, the fragmentation of traditional media, and the challenges posed by programmatic advertising are all areas where Carat is poised to lead. "Retail media is the true voice of the consumer, and the ability to activate on that in real-time is incredible," Law noted. However, he also acknowledges the need for the industry to confront challenges such as brand safety and the impact of media fragmentation on consumer experiences.
Through it all, Law remains committed to the people -- both within Carat and across the industry. His leadership is a testament to the power of empathy, and his vision for Carat's future is one that prioritizes innovation while staying true to the agency's roots. "Media matters more now than ever before," Law concluded, "and so do people."