Racepoint Global: Agency Business Report 2015

Racepoint Global's worldwide revenue increased by 14% in 2014.

Peter Prodromou, president
Peter Prodromou, president

Principals: Peter Prodromou, president; Larry Weber, chairman
Ownership: Independent
Offices: Global: 8; US: Boston; San Francisco; Washington, DC; and Detroit
Revenue: Global: $27,279,597; US: $20,547,447
Headcount: Global: 164; US: 113

Racepoint Global’s worldwide revenue increased by 14% in 2014. New business accounted for 77% of the gain, including global AOR wins from Tyco and Fairchild Semiconductor and retainer work from Samsung Strategy & Innovation Center for the global launch of a new healthcare platform.

President Peter Prodromou describes it as a breakthrough year in which the value of delivering integrated work that’s data-backed and visually driven was realized.

"We effectively integrated diverse services in a way that clients want and need," Prodromou says.

Integration opens more doors
Integration in 2012 with sibling Digital Influence Group helped expand traditional PR capabilities to include advertising – both creative and paid media services. And FieldFacts, a proprietary software platform for managing stakeholder engagement and sales, which was built in-house and launched last year, is helping clients more effectively reach and engage target audiences.

"There was a risk in consolidating [with Digital Influence Group], but last year we got through more big doors and won more clients as a result," he adds. "Five years ago, as a traditional PR agency, would we have won Samsung’s business? Maybe. Last year we knew we could [win it] because we could deliver highly visual, emotional, and data-backed work that included creative treatments, PR, and social media. It was a total, integrative sale. FieldFacts, combined with integrated creative, PR, and a marketing strategy really addresses what the market needs."  

Six new US AOR accounts were awarded last year, including Dassault Systèmes, Rambus, NaviNet, and NetCracker. The London office won EU AOR status for Progress Software. Racepoint’s public affairs practice showed growth as well, with wins from Pharmaceutical Research and Manufacturers of America and an expansion of work with existing client AT&T. The firm’s scope also expanded with longtime clients New Balance and IBM.

Budget cuts claimed three accounts – DataXu, DataSift, and software company Six Apart. 

The agency opened a Detroit office last June to service new business with Michigan Economic Development Corp. Prodromou is looking to expand the client base there this year. Though the number of US staff increased from 104 to 113, global headcount was basically flat.

"We’ve maximized more value out of headcount," he notes. "As we expanded our offering, including paid media inherited from Digital Influence Group, we needed different types of people. Rather than having 10 traditional media people against an account, we might only need five and two creatives."

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