Morpace, a Farmington Hills-based market research and consulting firm, is looking to continue growing its revenue, adding staff, and diversifying its clientele in 2015.
“We want to build on our current growth,” says Duncan Lawrence, president & CEO of Morpace.
The firm helps its clients figure out and overcome marketing challenges through product development, customer experience, and brand strategy. It has grown its revenue by almost 10 percent over the last year. That has allowed it to hire 30 people, expanding its staff to 220 employees and a handful of interns. It also recently promoted Lawrence, who has been with the company since 1994, to CEO.
“I have hired six people so far this year,” Lawrence says.
Morpace has been able to keep growing by diversifying its client base. It has traditionally focused on the automotive industry, but has expanded into a number of other sectors like financial services, retail, and healthcare.
“Healthcare is our fastest growing vertical,” Lawrence says. “It has doubled over the last couple of years.”
That doesn’t mean the 40-year-old firm is ignoring its roots. It is aiming to grow its workload with existing clients and is looking to find more work in overlooked areas in automotive, such as commercial trucks, or power train.
“It’s in an area where no one has any deep expertise,” Lawrence says. “It’s also going through deep change.”
Source: Duncan Lawrence, president & CEO of Morpace
Writer: Jon Zemke
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