Don't let anyone ever tell you it's easy. Local marketing firm WebVisible is in the process of declaring bankruptcy. Google it and you'll see.
Despite doing a JV deals with huge players such as the Yellow Pages, the bank just foreclosed on their line of credit.
The president chalked the failure to the high acquisition costs of getting a client. Even with referrals, they just couldn't get to break even. The investors, big players as well, gave the firm a no-confidence vote when they declined to invest more money.
The investors had invested $37 million in the last few years. But it seems the company was no closer to turning a profit.
Depending upon your area, this represents an opportunity to pick up clients who've been abandoned by WebVisible. The company was strongest in Orange County and Los Angeles, California.
This also leaves companies like Yellow Book in the lurch because now they don't have anyone to refer. So it's good news for us all the way around, if we as local marketing experts can act fast.
If there's anyone in Orange County, California that would like to explore the opportunities, feel free to PM me.
- Rick Duris
PS: If anyone else has any insight, feel free to post.