"We're 20 per cent bigger than we've ever been. There's no way I thought that would have ever been possible at the start of 2020."
Chris Donnelly, founder and CEO at VERB Brands
Luxury digital marketing agency, VERB Brands, has revealed the financial rollercoaster the company experienced as it navigated COVID-19 in 2020.
The company reported a loss of 50% of its total revenue, nearly £200,000 retainer monthly revenue, in the first 4 months of 2020, only to recover 8 months later with its biggest ever annual revenues, showing an overall company growth of 20% and the most exciting pipeline yet.
Chris Donnelly, founder and CEO at VERB Brands, said: “When the pandemic hit, luxury brands panicked and the first thing to go was their marketing budget. As a direct result, we lost 50% of our revenue over a span of 10 days in March.
It was this loss that forced Chris and his team at VERB to pivot the businesses strategy away from mainly heritage hospitality and fashion brands and expand to taking on businesses that are looking to acquire affluent and aspirational consumers, opening a door of new opportunity. Verb implemented an EMI scheme and an entirely new progression process to reward individuals in a completely new way, based on their output and results have been phenomenal.
“We knew we needed to change up our approach. Most of our clients were in the luxury travel and hospitality sector, which came to a halt in March 2020, so we decided to focus on helping our brands for free and helping new brands looking to acquire affluent consumers and the results have been sensational as we’ve been taken on by global brands, heritage brands and technology businesses”.
Since this pivot, VERB has won a host of new clients, including NET-A-PORTER, the Jumeirah Hotel Group and WP Diamonds in New York City where the company launched in 2020.
VERB’s financial turnaround means the company is now more successful than it has ever been, with January 2021 being the businesses most successful month on record.
Donnelly added: “We’re 20% bigger than we’ve ever been. There’s no way I thought that would have ever been possible at the start of 2020. Our strategy was survival, not growth, but that’s what we’ve achieved.”
In January 2021 alone, VERB achieved revenues of £400,000.
Reflecting on the unexpected successes of 2020, Chris praised the company’s ability to quickly adapt to remote working.
“We have always had a good amount of work from home as part of our culture but I was nervous that full remote working would be detrimental to VERB, but the fact we’ve been able to achieve our most successful period ever while our staff work from home is a testament to the incredible team we have. My new policy is “don’t be a stranger!”