Coyne PR: Agency Business Report 2011

In 2010, consumer shop Coyne was well positioned to compete with the big shops for new business and talent.

Principals: Tom Coyne, CEO (pictured); Rich Lukis, president
Ownership: Independent
Offices: Parsippany, NJ; New York
Revenue: $16,051,100
Headcount: 95, with 7% turnover

In 2010, consumer shop Coyne was well positioned to compete with the big shops for new business and talent. The firm moved its New York office to a bigger space and added senior-level staffers, many of whom came from large agencies. The agency is also moving its New Jersey office to a bigger facility within Parsippany.
 
"It allowed us to look inside what big agencies do right and, equally important, do wrong," says CEO Tom Coyne.
 
Eye for talent
However, with the objective of holding on to that small-agency mindset, the firm continued to communicate its goal to "put people over profits," an approach in line with its new tagline "Where you want to be."
 
Senior hires, reflective of the firm's continued focus on digital and consumer, as well as its eye for growth in other sectors, include Brad Buyce, EVP of client strategy; Kelly Dencker, SVP and director of healthcare; and Tracy Shea, SVP of digital creative, among others.
 
Among practice groups, which it reorganized by industry in 2008, the firm experienced 50% growth in food and beverage supported by an increase in organic business and key wins such as Eggland's Best.

The pet practice grew 150% with the addition of Del Monte Pet Foods and Banfield Pet Hospital, while sports doubled with business from Turner Sports and Hershey's Track & Field Games.
 
Additional wins included Johnson & Johnson's Babycenter.com, Rodale, and Qualcomm. Accounts such as General Mills and Disney Parks were expanded. Losses included Solstice, Seventh Generation, and Benihana, an Asian restaurant brand the firm says was not a good fit.
 
Hires, new business, and people-centric strategy resulted in the firm issuing the biggest bonuses in its history, says Coyne, who touts a 15% profit margin and a 32% increase in revenue over 2009.
 
Lessons pay dividends
Having restructured a couple of years ago, Coyne says that the firm has better learned to streamline the business and assign work based on employee expertise.
 
In projecting double-digit growth for 2011, Coyne adds, "Profits were way up; retentions were up; overall it was a great year. The happiness factor for our agency went through the roof."

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