Coyne PR's primary goal for 2008 is to increase revenue by 25%. It also hopes to continue the expansion of the health and medical practice area that began in 2007.
"The health and medical field has been growing leaps and bounds," says president and CEO Tom Coyne. "We are hoping to expand further into [pharma]."
Other goals for 2008 include opening a second satellite office in the US or possibly London, and improving and expanding the agency's social media expertise.
Coyne says his agency's social media work expanded greatly in 2007, and he "would love to see the same growth we achieved this year in 2008." In addition, the agency will continue striving to be a great firm to work for by creating an environment where all of its employees feel valued and respected.
A 15% rise from 2006 brings total staff to 87, with 9% turnover. Coyne brought on three VPs; Chris Brienza from Rodale; Jeff Leopold, formerly of Ogilvy; and Amy Geller Promisel, formerly of CondŽ Nast.
The New York office doubled in size over 2007. New Jersey also saw strong growth.
Coyne's core practice areas are lifestyle, health and medical, and tech. The health and medical practice saw the most growth with a 60% revenue increase from the prior year. Lifestyle accounts for 63% of Coyne's revenue, health and medical for 27%, and technology for 10%.
Wins include Avis, Pepsi, Mary Kay, The Container Store, The Harlem Globetrotters, Siemens, and Starwood Hotels & Resorts. About 80% of accounts are on a retainer. Among those accounts are Kraft, Palmers, Shell, and Disney. Coyne also started to do more global work with its health and medical practice area in 2007.
2007 revenue rose 17% to $8.6 million due to top-line growth. Most growth was organic. Profit margin was 20%.
Principal: Thomas Coyne, president and CEO
Offices: Two - Parsippany, NJ and New York