Mimeo.com: Driven to Succeed Online
"It's not online advertising that's going to bring them in," Slutsky points out. "We spent millions testing it in one form or another (display ads, paid search, etc.). You can bring in a lot of business, but it tends to be transactional rather than recurring and too often not the kind of work we do, which is based more around complex documents, quick-turn needs and significant run lengths for digital printing. Online advertising, in our experience, pulls in more retail and SOHO (small office/home office) work, like an individual who wants to print a couple resumés," explains the company CEO.
Customer satisfaction is a big contributor to the company's organic growth because users recommend it to others and champion the service if they change jobs to an employer currently not using it.
"Everyone claims their customers love them, but there aren't a lot of companies that actually go out and measure it," observes Charlie Corr, vice president of corporate strategy. Mimeo.com quantifies customer satisfaction by using the Net Promoter Score (NPS) metric and scores in the 70th percentile, which is considered quite high, he notes. It scores at the level of companies like Apple and Amazon.
Forecast Calls for Growth
For the remainder of 2010, Slutsky hopes for worldwide economic stabilization leading to more organic growth in the company's current operations and expects a big upside from its geographic expansion into Western Europe. Entering the Asia Pacific market is perhaps a year or so further down the road, he adds.
Revenues will get an inherent boost from greater movement to color printing since it is a higher dollar sale. Slutsky also expects businesses to start differentiating their printed products more by utilizing more complex finishing options.
While the Mimeo.co.uk Website actually went live this past summer, there wasn't any local direct sales staff marketing it until recently. For now, customers are being offered a two-day printing and delivery service to anywhere in the United Kingdom and most of Western Europe. Production is being done in the United States. Construction of two plants—likely one in Germany and the other in the United Kingdom—is actively being considered to reduce costs and support overnight delivery.