In 2001, the company hit $2 million in sales, still running primarily on used golf balls. About that time, eBay hit its critical mass, doubling and then quadrupling its sales. “The guys who were selling the pond balls hadn’t quite figured out how to sell directly on the Internet, but eBay made it so they didn’t have to figure it out,” he said. Cox reminded the audience of the then-popular term “disintermediation,” or cutting out the middle man. He said golfballs.com wanted to build a direct relationship with manufacturers, but in order to build that relationship, it had to phase out used balls and focus more on customization and personalization. “We knew customization was where everything was going, so it was a relatively conservative bet.”
In 2004 the company moved from New Iberia to Lafayette and opened a retail store, by then doing about $5 million in annual revenue. Since then, revenue has tripled and staff has doubled, according to Cox, with the staff of 50 swelling to about 65 during peak times. Today golfballs.com prints 1,200 dozen balls a day, six days a week, and sells all major brands of golf equipment. Sixty percent of its business is direct to consumer, with the other 40 percent in corporate and custom logos. Much of the custom products are sold through loyaltylogo.com, a companion business started in 2009 to leverage golfballs.com’s existing customer relationships. “We found out that as a golf company you can’t credibly sell huggies, you can’t credibly sell pens and pencils and those other kinds of [non-golf] items,” Cox said. “As a promotional products company, that’s related to golfballs.com, it is very easy to do that and be credible.”
Cox noted that it’s essential for a rapidly growing company to have a business plan that’s flexible and can easily adjust to changes in the marketplace. “Your business plan only works the day you write it,” he said. “It’s not a plan, it’s an evolving document that continues to move.”
One member of the audience wanted to know how the company stays on track. “We’re neurotic and analyze everything. The belly putter thing, we knew was coming, because three weeks in a row the PGA tournaments were won by guys using belly putters and the manufacturer ran out of them. Clay Judice, here in Lafayette, invented something that turned any putter into a belly putter. You watch numbers and the environment you’re in. Every day we start with a 15-minute meeting with the directors of the company.”
State bar foundation bestows honor on founder and managing partner of NeunerPate
National awards recognize outstanding achievement in leadership development and leadership programs
A federal court magistrate has issued a seven-page schedule of hearings, conferences and deadlines leading up to January’s trial aimed at determining how much money BP will owe in Clean Water Act fines as a result of its 2010 Gulf of Mexico oil spill.
The state’s “greedy trial lawyers” haven’t scared this oil giant away.
Smaller Microsoft Store installations sell a wide array of Microsoft products (Windows phones, Surface tablets and Xbox consoles) but don’t include everything.
See cutting-edge technologies Thursday in brief presentations/demonstrations from 3rd Dimension Media, C&C Technologies, Cimation and UL Lafayette School of Engineering.
C & C Technologies, HIT Fitness, R3 Sciences, the Acadiana Symphony Association and the United Way of Acadiana recognized for innovation.
Under the deal, Teche shareholders would get 1.162 shares of IberiaBank for each share of Teche stock.
Dave Perkins, LCG Comp Plan honored along with local architects and designers at the 2014 INDesign Awards
Greg Manuel’s Lafayette-based residential development company is taking advantage of exponential industrial growth in Lake Charles.
Longtime Lafayette retailer ventures online.
The annual juried competition recognizes excellence in architecture, interior design and historic preservation in Lafayette and the five surrounding parishes.
It’s not how aggressive or conservative you are — it’s planning for risk that matters most.
Cypress Bayou GM hosts open house.
Thanks to cutting-edge digital technology, more and more consumers are banking on ATMs and mobile phones.
Regional bank bids farewell to Downtown May 30
ABiz takes a look back at the most noteworthy moments for the local banking industry over the last year.
Most experts say short-term interest rates will be unchanged through 2014, but long-term rates are inching up.
New hires, promotions, transfers in Acadiana business
The scion of a landmark Four Corners restaurant climbs back into Lafayette’s culinary scene as franchisee for a popular burger chain.
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His company bankrupt and being liquidated, the Lafayette businessman’s financial troubles are mounting.
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