As Minneapolis-based marketing firm Broadhead continues its rapid growth, the agency has introduced three sister companies to increase business by offering specialized services to clients.
Clutch+ Business Advisors provides business training and consulting, Rabbit analyzes industry and consumer insights and Granite Growth works to find new partnerships and business ventures for clients. Together with Broadhead, the businesses now form the B+Co Group.
With its "Focus. Be best." approach, Broadhead credits its current success to targeting core categories, primarily the agriculture industry. Dean Broadhead, CEO of B+Co and Broadhead founder, said the expansion provided growth opportunities without compromising the model.
"We have a strong focus in terms of food and agriculture and connecting urban and rural. Business has been very good for us," Broadhead said. "We wanted to say, 'Where are there some other places that we can be focused and have specialty?' "
While the new companies can work with existing Broadhead agency clients, the entities exist independently and can pursue their own customers.
The diversification already has had results, officials said. Last month, Clutch landed a deal with Minnesota Soybean to help with leadership development. Rabbit recently won a major contract with the Minnesota Department of Transportation to help redesign its strategy for communicating with the public during a reconstruction project for Interstate 94.
"We feel that we can grow and really kind of go down this technology and marketing path on one side, the left brain side of that business, and down a qualitative and insights-driven [path] on the other side of the business, and they really come together in the projects that we do," said Troy Schroeder, president of business group and ventures for B+Co with oversight of the new companies.
Revenue at the 14-year-old Broadhead agency has risen 20 to 25 percent annually for the past five years, with 35 percent growth projected for this year. The firm has about 90 full-time employees, with 37 having been hired this year.