Peppercom: Agency Business Report 2010

The loss of Yahoo's b-to-b business was a major challenge to overcome in 2009.

Principals: Steve Cody, Edward Moed, cofounders and managing partners
Ownership: Independent
Offices: New York (HQ), San Francisco, and London

Staff
No layoffs in 2009, but some staff left voluntarily. Staff turnover was about 18% to 20%. Senior directors Jackie Kolek and Maggie O'Neill were promoted to partner.

Practice areas
Peppercom has no specific practice silos, but has core areas of expertise, including professional services, financial services, tech, b-to-b, and consumer homegoods. Its service offerings include Pepperdigital, GreenPepper, Peppercommotions (events and sponsorships), Business Intelligence Group (BIG), and Brand2Squared (licensing).

The agency's digital and green service offerings showed the most growth in 2009.

Accounts
New accounts included Tyco Fire Suppression, HFC Coalition, Tyco Flow Control, Scripps Networks, and Miles Electric Vehicles. Key losses included Yahoo and ITT.

Financial performance
Global revenue was $13,189,074, down 10% from the previous year. US revenue was $12,531,383 million, an 8% decrease.

Analysis
The loss of Yahoo's b-to-b business was a major challenge to overcome in 2009.

"We didn't go down 10% because of the economy," says managing partner Steve Cody. "Losing Yahoo was one, unexpected, and two, a big piece of business."

Cody says his team responded by focusing on project-based work. The firm has a two-year relationship with the Association of National Advertisers, partnering with it on workshops and speaking engagements.

"Those workshops were important for us last year, because they opened up a lot of new business opportunities and we met a number of new clients there," Cody says. "We replaced a lot of our lost business with smaller and midsize accounts."

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