Giulia Magnani London 08/06/2018
Max Whicher and Alex Bodini are the co-founders and directors of Spin Brands, a UK startup that helps businesses grow their online presence through management of their social media and marketing. This is not the first successful venture of the young entrepreneurs (Max is 25 and Alex 28); they are on an entrepreneurial mission and have already started other successful businesses.
Their moto is: "in the digital age if you don't exist online, you don't exist at all".
Managing a social media presence and marketing is indeed something that corporations, both small and big, struggle. Mismanagement and faux-pas can destroy the reputation of a firm very quickly and put it out of business. In fact, after a company website, social media is the second most consulted source in the buying process. Hence, a correct marketing and social media management is key for the survival and prosperity of a company.
Spin serve all kind of businesses, both B2B and B2C in both mass and niche markets in 6 different countries. The company has grown considerably and it now has 80+ clients, including a variety of fellow Startups 100 businesses.
The company operates in the very competitive British market for marketing consulting. The market generated revenues for £10.3 billion in 2017 and is expected to grow 5% by 2022, despite, the uncertainty generated by Brexit. Digitalisation is a major trend with one study by Waymark Tech finding that the usage of the term “digital transformation” increased by 513% between 2014 and 2017. With a market so attractive, competition is intense with large and small players fighting to acquire and retain business. There are around 38,000 workers in the industry and clients are established companies (90 of the top FTSE 100 companies), public sector, and many SMEs.
Given the competitive arena, the growth story of the company is quite impressive. To date it has not raised any external funds except the initial advertising budget of £100 from each founder and it has revenues of £800,000 and it plans to hit £1m in revenue for its third year. Spin has recently expanded to NYC and is looking for other strategic acquisitions to continue their ambitious plan to triple their growth on a year-on-year base.