Three questions with Happy Medium’s Katie Patterson
A Des Moines advertising agency recently was ranked the fastest-growing private company in the state, and was among 24 Iowa-based companies on the newest Inc. 5000 list released earlier this month by Inc. magazine.
Happy Medium was ranked No. 591 among the 5,000 fastest-growing companies in the United States, based on three-year revenue growth of 781 percent. The average company on the Inc. 5000 list achieved a three-year growth of 490 percent.
Founded in 2011 by Katie Patterson, Happy Medium currently has 17 employees — soon to be 18 — and revenue of $3.8 million.
Patterson took a few minutes to answer three questions about her business and how she’s managed such tremendous growth. She also offers a few words of advice to female business owners.
1) Why did you decide to start your own business?
After working in the agency world earlier in my career, I took a job as an account executive for a local television station. There, I learned the ropes of media buying. After five years, I came to the realization that customers needed an honest champion to help them navigate this often confusing but important aspect of marketing.
2) Your company has grown rapidly since you started it in 2011. What do you think that growth can be attributed to? How have you managed the growth, both professionally and personally?
Initially, my goal was to focus exclusively on media buying and digital marketing. However, demand for diversified offerings fueled our company to expand. Happy Medium is now a full-service agency complete with digital capabilities. We have an incredibly talented team of designers, developers, social media specialists, creative experts and account coordinators. Still, we operate in a nice middle ground where we are large enough to deliver “big agency” results, yet small enough to react quickly and provide a personalized service customers are used to from boutique firms.
There is a learning curve when growing a company. In the beginning, it’s important to have a plan, yet be flexible enough to adapt. We’ve had a lot of success hiring talent first and then modifying the position to accommodate that talent. One lesson I learned in our initial growth years is that a highly qualified applicant on paper is not enough. If it’s going to be an ideal arrangement for both parties, the candidate needs to fit into the work culture.
Organic camaraderie is also a challenge once a team starts to grow. When we hit 12 employees, I could sense a shift in the culture. It became a goal of mine to address this head-on. We created a “Culture Team” in our office that’s in charge of a wide variety of social, philanthropic and teamwork-driven activities throughout the year. These efforts take a considerable amount of human capital for a small company. However, it pays off every day.
3) Any tips for female entrepreneurs seeking to start their own businesses?
Organize. Take time to create a thoughtful plan of attack. Utilize mentors and professional peers to hone your ideas into a cohesive set of goals. Have honest discussions with your spouse and/or loved ones about what this challenge may entail in the short and long terms. Be prepared for lean times. They are coming. However, with a well-organized plan, you can overcome them.
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