Richard Londesborough, CEO, Business Monitor International, London
SIPA: What was your first job out of college and how did you get into this business?
RICHARD: Sports reporter in Tehran for a daily English language newspaper; a fantastic gap year job for an 18 year-old that gave me my first taste for journalism and the written word.
Has there been a defining moment in your career?
It was probably that year. I realized I could write copy that people wanted to read, and had an eye for design. When I left Exeter University, I repeated the exercise by going out to Mexico where I worked for the Mexico City News, and supplemented the meager wages by stringing for Reuters and the Sunday Times. More importantly, while out there, I met and worked alongside Jonathan Feroze, with whom I was to set up Business Monitor International, and share at least four lunches a week for the next 25 years, and more.
In brief, describe your business/company?
BMI covers country risk, financial markets and vertical-industry analysis across the globe, majoring on emerging markets. It started on the kitchen table with the two founders, one newsletter (Latin America Monitor – still going strong today!), and grew to 20 newsletters and 50 special reports before (not before time) embracing online at the turn of the century. Business Monitor Online has become the premium, high-ticket service, now representing 70% of the company’s revenues. We’ve grown organically from two to 250 staff, HQ’d in London, with offices in New York, Singapore and South Africa. We have subscribers and clients in more than 140 countries, and have been backed by Spectrum Equity Investors since 2009.
What are two or three important concepts or rules that have helped you to succeed in business?
– Product is the battle; route to market is the war.
– Renewability is key, both to growth and profits.
– Aim high, avoid comfort zones.
What is the single-most successful thing that your company is doing now?
Business Monitor Online, with revenue renewal rates above 100% and high growth rates. Crucially, BMO taught us that going out to meet our customers and prospects in their offices is the way to both sell and set up enduring relationships.
Do you see a trend or path that you have to lock onto as we look to 2012?
Mastering digital marketing (BMI still has much to learn), combined with real human contact (face-to-face meetings will never go out of fashion in my view, whatever the geeks tell you).
What are the key benefits of SIPA membership for you and your team?
Networking with your peer group; and sharing of experiences, both good and bad.
Where did you grow up?
Worcestershire – that’s in the middle of England.
What college did you attend? Is there a moment from that time that stands out?
I was sent off to boarding school aged eight (a rarity now in Britain), and loved it. It teaches you how to stand on your own two feet, be resourceful and communicate with others. These are great lessons for life, especially if you set up a business of your own.
Are you married? Do you have children?
I’m married with a son and daughter, both at university, and a Labrador dog (who seems to get most of our family’s attention). We’ve lived in Wimbledon for 20 years (where there’s a curiously high concentration of SIPA entrepreneurs!).
Is there a book you recently read or movie you saw that you would recommend?
The movie “Social Network” – aside from being very watchable, it really made me think about the social media opportunities for information businesses like mine. My all-time favorite is “Local Hero” (America meets Scotland, with Burt Lancaster in cracking form).
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