We've been following Geeky Social since its early days. The Dhaka-based digital marketing agency that started small and weathered every storm the market threw at them. The company has just reached its 10th anniversary, a milestone that deserves recognition in Bangladesh's unique business ecosystem.
To that end, we recently hosted Md Saimum Hossain and Mahadi Hasan Sagor, the duo behind Geeky Social, to share their unfiltered story and lessons they learned from the journey. We invited one of our favorite founders, Talukder Mohammad Shabbir, Founder and CEO of Green Grocery, to host the conversation.
What emerged is a fascinating and equally practical conversation on the art and science of building enduring businesses, including struggles to expect, mistakes to avoid, and strategies that usually work. I have a fascination with things and organizations that endure.
Endurance is not easy. Most businesses don't make it past year two. Fewer still reach a decade. So when a company survives for ten years, there are lessons worth learning.
More importantly, if we take the idea of “lindy effect” into consideration, how long an idea or an organization has been around also indicates the future longevity of the same.
In this article, we pull together the key lessons derived from the conversation with Mahadi Hasan Sagor and Md. Saimum Hossain. An edited transcript of the conversation will follow soon.
Key takeaways from our conversation with Geeky Social Founders:
Flexible determination: Geeky Social founders began by leveraging their university experience in business plan competitions, initially forming a "business plan consulting company". However, as they started operating in the market, they identified digital marketing as a blue ocean market (2014-2015) when it "was not that popular" and "not even common". While it allowed them to enjoy early mover advantage, it also meant they had to "literally create the market" and educate customers, which ultimately led to their success.
Learn from and use failures: Geeky Social was not their first venture; both founders tried unsuccessful ventures before starting Geeky Social. This past experience of failures helped them to face challenges without getting demoralized and navigate them with patience and determination. While they started with limited financial and social capital, their previous brush with failure allowed them to overcome the challenges in this new business. The lesson is that failures provide crucial learning experiences.
Validate your direction with milestones: It took Geeky several years to take off. The first breakthrough for the company came in 2015 when it hosted the first "National F-Commerce Summit" in February 2015. The event helped it to build momentum in the market. It was a significant milestone that helped them realize they were on the right track. By 2015, onboarding major clients like Fuji Bangladesh and Mojo (Akij Foods and Beverage) was seen as proof of money product market fit.
Prioritize financial discipline: A meaningful achievement for Geeky is surviving profitably, without burning a lot of money. The company started with a meagre initial investment. It prioritized profitability and sustainability over everything else. The company created a new model where it operates "like a bank" in terms of "credit management" that plays a crucial role for stability, even if it means losing some business to larger competitors who offer credit.
Specialize and position strategically: The company made a conscious call to position itself as a performance marketing Agency, moving away from solely focusing on creative services. This specialization became an unparalleled advantage for its survival and differentiated it in the market.
Build a capable team and delegate effectively: One of the lessons both founders shared throughout the conversation is the critical importance of building a great team—"building a team that is capable enough" and learning to delegate. Mahadi Hasan Sagor emphasizes, "You alone cannot do a lot of things".
Build a strong co-founder relationship and team culture: The founders prioritized transparency and constant communication from day one to build and maintain a relationship of trust and reliability. It has helped build a strong co-founder relationship and extended the same value of trust and reliability across the company hierarchy. Saimum Hossain quotes, "if you want to go fast go alone but if you want to go far go together," highlighting their belief in collaboration.
Invest in compliance from day one: A crucial lesson both founders shared is the importance of "company compliance". Saimum Hossain advises, "if somebody is listening and thinking of starting a company of their own or at an early stage of the company, I'd say, get your compliance in order. They admit to making this mistake early on.
Adapt and continuously learn: Both founders acknowledge, "We are still learning. I think we will learn till the day we die". The advertising industry constantly changes due to platforms, consumer behavior, and how media is consumed, which necessitated a kind of continuous learning for team Geeky. But it is true for every founder. Building a business means you need to learn every day.
Master client relationship management: For B2B businesses, expectation management and responsiveness are paramount. Over the years, Geeky has become a process oriented company that allows the company to ensure consistent service delivery.
Offer true value: Saimum Hossain cautions new agencies that the world does not probably need one more agency. Therefore, new entrants need "really something new to offer to the customer". This is true for every business. You must offer meaningful value to your customers if you want to find success in the market.
Maintain an optimistic and hungry and humble mindset: The final takeaway from the conversation is that building a business is not only hard but also an extremely demanding task. Both founders suggest a mindset that blends a sense of optimism with being hungry and humble, continuously planning, and maintaining focus for sustained growth and profitability.
These are only a few of the takeaways from the conversation. Watch the conversation from the link above, it is full of great gems. We will publish an edited transcript shortly.
