4 factors have helped companies grow 4 times faster than most of the time

4 factors have helped companies grow 4 times faster than most of the time

Reston, VA, Jan 10, 2022 (GLOBE NEWSWIRE) – RESTON, VA – Jan 10, 2022: Four key factors explain how some B2B service companies grew 4 times faster and were more likely to make high profits than their slower peers, according to a growth study. The 2022 High Qualification issued by the Hinge Research Institute. In 2021, high-growth companies grew at an average rate of 34.5%, outpacing pre-pandemic rates.

“You either grow or evolve in today’s highly competitive digital market,” said Lee W. Frederiksen, managing partner at Hinge. Years before the pandemic hit, high-growth companies realized two things. First, becoming a digitally mature company is a matter of survival. Second, best-in-class talent is critical to a successful digital transformation. By 2020, these companies were well-equipped with experts and technology to increase their visibility, engage their audience, and serve their customers online. This early start will continue to extend its lead in the race for market share.”

The success of these high-growth companies stems from: (1) increased use of expert talent, (2) highly automated core, generic, and functional business processes, (3) advanced marketing techniques, and (4) data-driven strategies.

Expert talent maximizes ROI in technology. Amid a tightening labor market, high-growth companies have the talent to boost organic growth. Their teams are more skilled than those in non-developing companies in critical marketing and business development techniques, such as search engine optimization, research, strategy development, and data analytics. When there is a talent shortage, high-growth companies have a secret weapon: They use more outsourcing resources for critical initiatives, such as website optimizations, graphic design, search engine optimization, and video production.

Automated business processes put companies ahead of competitors. High-growth companies are more advanced than most in automating basic business processes related to providing services. They are also more sophisticated and frequent users of business development techniques, using tools like CRMs 50% more than non-developing companies. They are also at least 40% more likely to track ROI metrics.

Advanced marketing techniques give an increase in revenue and profitability. By accessing skilled talent and higher levels of automation maturity, high-growth companies are making greater impact from their digital marketing strategies, using a wider range (10% more) of technologies, while spending 6% less. High-growth companies have higher levels of SEO maturity, generate more digital leads while enjoying greater profitability. In fact, non-developing companies ignore three basic digital marketing techniques: search engine optimization (SEO), native market research, and social media.

Data-driven strategies help you focus on what’s important and what’s next. Market research and advanced digital marketing techniques are paying off. There are fewer high-growth companies concerned about the unpredictability of the market than non-growing companies (by 23%). Few are concerned about the competition (a difference of 26%). And only a third of the number fear the shrinking demand for their services.

The largest study of its kind in the world, the High Growth Study 2022 surveyed 1,150 professional services companies with combined revenues of $216 billion and nearly 1.9 million employees.

Access the study here: https://info.hingemarketing.com/2022HGStudyPR.

About the Hinge Research Institute: We conduct and publish independent research on professional services firms to reveal the marketing strategies of high-growth companies and give B2B companies and associations the data and insights they need to understand and benefit from the professional services industry.

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