In the last ten years in professional service companies have changed enormously. The behaviour of buyers has changed, and keeping up with rapid technological progress has proved very difficult. However, at the time some companies were doing extremely well, developing three times faster than average business.
To understand this, in the High Growth Study 2020 Hinge Marketing analysed the activities above 1000 companies providing professional services. This article will examine five growth strategies applied by developing companies.
Use digital marketing
The use of digital techniques and content marketing in business has grown strongly in recent years three years. Half of the Hinge High Growth Study participants 2020 reported that she posted blog posts, merged online on social media and used email marketing. Although these marketing techniques are useful in themselves, in themselves it is not enough to ensure extraordinary growth.
David C Baker, author of The Business of Expertise, says that sharing generalized expertise opens up opportunities to charge for expertise. Fast-growing companies put a lot of effort into creating high-value content, for example:
- case study
- the contents to be downloaded, provided that users provide contact details before gaining access,
- podcasts
Research reports.
In short, digital marketing and content marketing allows you to consume knowledge and generate potential online customers.
Explore target markets frequently
Fast-growing companies are less concerned about risks, such as changes in the behaviour of buyers and in unpredictable markets because they are constantly exploring the market. Knowing their markets, they can predict risks.
David Burrus, author of the book The Anticipatory Organization, believes that in order for companies to grow and prosper, they must anticipate problems before they appear. Companies can do so by often examining and analysing target markets and internal business data. Statistics show that companies that do this grow faster and more profitable.
Invest in automated employee management
While fast-growing companies are less concerned about the future than others, one They're worried about automation. O 60% more often than other companies, they see automation and artificial intelligence as a challenge they have to face in the coming five years. The explanation of this concern is that fast-growing companies are more aware of it and therefore more often use labour flow automation technology.
In an interview with Andrew Fileve, the CEO of Wrike, the developers of the team work management software platform, he described his goal of increasing productivity by companies providing professional services by improving project management processes.
Deltek, in turn, is a technology company that helps companies providing professional services in combining and automating the life cycle of the project. Deltek has recently hosted a panel discussion Russell Bedford on what is necessary to drive growth in today's market. The discussion revealed that fast-growing companies are driving development, using technology to automate project resource planning.
Use marketing technology
Our High Growth Survey 2020 It revealed that fast-growing companies are twice as inclined to prioritise marketing and automation technologies. Scott Brinker, Vice President of Platform Ecosystem at HubSpot and founder of the Martech East and West conference, believes that although there is a potential risk of conflict between marketing and IT departments, companies should promote cooperation between both departments, as marketing technology can certainly help achieve success.
New, streamlined and automated marketing processes allow companies to increase the visibility of their knowledge for potential customers. That probably explains why in the last few years. three years of content creation has become a major marketing priority.
Fast-growing companies also find new channels and formats for their content. Our research shows that companies have invested:
- 28% More effort in publishing basic research, which translates into 30% greater impact,
- 21% more in case studies, with 30% greater impact,
- 30% more in podcasts, which gives incredible 136% more influence.
Get the advantage with new skills
Companies that want to grow quickly need the best people with modern skills. This applies especially to marketing. Marketing departments in fast-growing companies employ more skilled researchers, network specialists, strategists and data analysts.
Our study shows that creating the advantage of these skills results in a stronger marketing influence in almost every marketing technique tested. Fast-growing companies reported 30% more impact of research publishing and o 33% greater influence of social networks.
About the author:
John Tyreman - Hinge Marketing, Washington DC, USA
Over the last six years he conducted extensive research at the Hinge Research Institute, a branch of the Hinge, which publishes basic research focusing on what drives the remarkable development of professional services.
He personally analysed the prospects beyond 15,000 buyers and sellers of professional services and helped one hundred professional service organisations use data to influence brand and marketing strategies.
He is passionate about market research, analysis and use of data for decision-making. John's research is an essential part of Hinge's work and serves to solve customer problems, identify trends, create content and set industry patterns.