Banjo enters next stage of its evolution; Mark Carnegie sells stake to founding partners

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Varasdigoogleimahes.jpgSydney agency Banjo, founded nearly a decade ago with the support of John Singleton and venture capitalist Mark Carnegie, is entering the next stage of its evolution with Carnegie selling his stake to founding partners Andrew Varasdi and Ben Lyttle.

Banjo CEO Andrew Varasdi said with the agency celebrating its tenth anniversary in 2018, it was the right time for the founding partners to take full stewardship of the business as it prepared for the next stage of growth based on the concept of Creative Certainty.

Says Varasdi (left): “Mark has been a fantastic partner and was a significant presence in our early years. His advice has been crucial to the success of the agency.

“We have been flying under the radar for a long time and Ben and I felt with so much happening it was the right time for us to take full control.”

Carnegie said having helped bring the agency to maturity, it was the right time to step away from the business and hand his share to Varasdi and Lyttle.

Says Carnegie: “When we started out we wanted an agency where the clients came first and we wanted to combine the arts of selling and storytelling. We have lived up to that philosophy at Banjo and now is the right time to step away and let Andrew and Ben take it to the next level.”

The agency has been on a winning run over the past two years, with success in 14 straight pitches as well as cementing its place working with a variety of NSW State Government departments including Health, Transport and TAFE.

Banjo has also has forged a close relationship with Real Pet Foods since it won the business in the wake of the private equity takeover, playing a leading role in the rebranding of the company.

Real Pet Foods CEO David Grant said the ambitious plans for the company to move into China, ironically as the Chinese celebrate the Year of the Dog, meant it needed to have a strong partner to help develop its brands in the region.

Other clients include Alinta, Crown, Clubs NSW and Nando’s.

Banjo founding partner Ben Lyttle said the continued success of the agency was anchored in its flat management structure that kept executives close to clients.

Says Lyttle: “We have managed to keep the agency at a scale that allows our senior people to remain close to the clients and have a real impact on their success.”

At the same time the agency has developed a strong discipline in research which has been used to support a number of successful campaigns.

Campaigns for NSW Health and TAFE have both used extensive research by Banjo to help develop strategy.

Executive creative director Bruce Matchett, lured back to Australia by the agency from Singapore more than a year ago, said Banjo had developed a unique approach to the business that was based on the philosophy of Creative Certainty.

Screen Shot 2017-11-27 at 6.42.18 am.jpgThe approach has been based on putting multiple concepts to research before pitching to clients to identify strategies that won’t work compared to those more likely to be successful.

Says Matchett: “You nail the ideas in the first 48 hours hen put them to research, then you can deconstruct them with clients giving them a clear understanding of why you have chosen a particular path.”

The approach has been a key factor in Banjo’s string of account wins.