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InnerWorkings CEO Eric Belcher on how the company helps corporations reduce their print procurement and marketing costs.
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-- go before the top of the hour inner workings is a 600 million dollar company that says it's to the printing industry what Orbitz is to travel.
We'll explain what that means a just a second but let's just let's just enjoy the stock chart for a moment its shares are up more than a 140%.
Over the past three years.
So how is inner workings continuing to be so hot on the -- Eric Belcher is inner workings CEO yeah.
Joining me now -- Fox Business exclusive from Chicago.
Eric first let's explain to people exactly what you do you do marketing promotional materials and printing for small and medium -- businesses correct.
Well -- I would say it a little bit differently we actually source for large corporations as well.
We -- the corporations outsource their print procurement function to us and then we on their behalf.
For -- things like direct mail and store signage packaging labels -- with their brand on it.
And we use data and information to source with intelligence thereby saving.
Big companies as well a small companies usually in the range of fifteen to 20% a year what's the biggest company or a couple of names of the biggest companies so with -- -- business.
What we're working with you know lever and thirty different countries right now we work with Intercontinental hotels and -- vodka and really a large number of companies across the pharmaceuticals retail.
Consumer packaged goods business financial services PNC financial just signed on with -- us.
At the end of last year.
That's fantastic.
You came -- with record fourth quarter numbers record revenues up 19%.
Record revenues for the entire year for 2012.
It's doing beautifully we saw the three your stock chart but spend a former what's next for you as you -- you -- corrected -- the topic is simple I would say were in bigger companies now.
I -- that is where the really rich.
Areas are that you look for to mine at this moment is that your next big effort.
Well is and you also said -- worth 600 million dollar company we did 797.
Million last year so.
600 million -- wasn't that long ago was the year before.
And as we look Ford it is true that big corporations.
Have a lot of spend in this area of non core competence of that being print procurement usually not a lot of data and information a reliance on.
Local regional providers and and sales relationships -- manufacturers so we -- through that and that's how we get -- the efficiencies.
I do think going forward you'll see a tremendous amount of growth from our company coming from the large corporations that have been.
Driving our growth over the last few years now that said the middle market.
Small to medium sized businesses.
Are also in need of our services they are in many cases paying.
The most out of anybody for the materials that we supply are.
Our corporate clients.
And therefore we've got a new initiatives and name aimed directly.
That's supporting the small to middle market business historically we have not spent a lot of effort and and that's why you probably mention at the beginning of this.
Segment that we that we focus on small to middle market businesses it's actually a brand new focus force but we think there's a huge opportunity there as well.
Right right we knew that we definitely do that and we did mention that it was 690.
Million dollars in market -- but we always want to be the most abhorrent to.
-- yeah exactly so we look forward to what's happening when it comes to change in demand.
I want to talk to CEOs like you to find out what's really happening at the business level.
Are they putting in more orders for at the printing that they need done and for the businesses that you offer.
Well I do get asked quite often whether or not the printed materials that we supply our corporate clients are under some sort of pressure from.
A new digital solutions.
We don't do any work in in the space of of newspapers and books in long run publications are black and white.
A printed materials the store signage and packaging and labels and direct mail that we do.
Actually the marketing -- associated with many of those products is holding up quite nicely in this in this situation we see.
Order volume.
Neither growing or shrinking over the next five to ten years so were growing quite rapidly but we're not -- -- growth.
Industry it's more that were rolling out a brand new novel solution and we're convinced that our solution is the way the future.
Well -- you -- you are definitely coming up with all kinds of opportunities to turn that business in big because it's not just yeah we spread it out over three years in Europe under 42% just the last year alone.
-- up about 25%.
Let's get rid of this gotten forty cracks me again.
With twelve other victims rights Eric thank you very much you're really appreciate it.
Thank you lose Eric culture is inner workings CEO and president the ticker symbol is I -- WK.
A 12% of the -- -- -- we always like -- to point that out but the stock has defied those shorts.
Are.
