Our Growth Story
In September of 2008, we started MusclePharm out of my garage in Denver, Colorado. Fast-forward to today and we are recognized as a global leader in a multi-billion dollar industry. Our gross revenue increased exponentially as follows*:
$s in millions
2009: $0 - $1
2010: $1 - 4 (300% gain YOY)
2011: $4 - 17 (325% gain YOY)
2012: $17 - 78 (370% gain YOY)
* These numbers have been rounded for ease of reading, and 2012 is unaudited.
In a time when our economy has struggled, we achieved revenue growth of approximately 300%+ year over year. We project we will increase our gross revenues in 2013 to over $100 million.
At the 2012 Bodybuilding.com Supplement Awards, we received three Awards of Excellence; we received (i) the "Brand of the Year" award, (ii) the "Packaging of the Year" award, and (iii) the "Pre-Workout Supplement of the Year" award for Assault. On top of that, we've won over 15 other industry awards since our inception.
Our headquarters in Denver, Colorado has a state-of-the-art over 30,300 square feet athletic facility with a medical and clinical testing department, complete with equipment for measuring and conducting athletic clinical studies and supporting athletes. Our medical and clinical professionals consist of several nationally recognized medical doctors and nutritional experts who oversee our product research, formulation, efficacy analysis and testing. It also serves as a place for some of the world's top athletes to come and train and be educated on the latest nutritional advancements that we have under development.
Our primary growth strategy is to:
•Increase our product distribution and sales through increased market penetrations both domestically and internationally;
•Increase our margins by focusing on streamlining our operations and seeking operating efficiencies in all areas of our operations;
•Continue to conduct additional testing of the safety and efficacy of our products and formulate new products; and
•Increase awareness of our products by increasing our marketing and branding opportunities through endorsements, sponsorships and brand extensions.
Our core marketing strategy is to brand MusclePharm as the "must have" fitness brand for workout enthusiasts and elite athletes. We seek to be known as the "athlete's company," run by athletes who create their products for other athletes, both professional and otherwise. We believe that our marketing mix of endorsers, sponsorships and providing sample products for our retail resellers to use is an optimal strategy to increase sales.
•Our products are currently sold in over 110 countries, with the goal of reaching 175 countries in the next few years •Our products are available in over 10,500 U.S. retail outlets with the goal of reaching 20,000+ in the next few years •Retail stores include GNC and Vitamin Shoppe, as well as over 100 online stores, including Bodybuilding.com, Vitacost.com, GNC.com, Amazon.com, SupplementWarehouse.com, AllStarHealth.com, LuckyVitamin.com, Dick's Sporting Goods, and many more
We recently renegotiated our terms with our manufacturers and have refined our distribution model, and as a result, we should experience better sales margins. On top of this, we have reviewed our operating costs and are cutting several non- essential expenses. We also recently launched a new product called Amino1. To date, it is the fastest growing product (sku) we have ever had here at MusclePharm.
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