Earlier this year, the Hinge Research Institute conducted their 2019 High Growth Study to understand the characteristics as well as the B2B Marketing and Business Growth Strategies of High Growth Firms (HGFs)
High growth firms are defined as those firms that experience 20% or greater compound annual growth in revenue over a 3 year period.
Key findings from this study found that:
- Top threats facing firms included:
- increasing competition both from new competitors as well as larger firms
- changes in how buyers buy professional services
- downward pressure on pricing
- High Growth firms are more likely to do research on their target clients and leverage data in their content strategy
- High Growth firms are 80% more likely to spend 20% or more of their revenues on marketing
The Key To High Growth: Become the Visible Expert
The Hinge Study also found that the key to driving high growth in professional service firms is to focus your B2B Marketing and Business Growth Strategies around making your firm The Visible Expert within your target markets.
A visible expert is an industry expert that is well known and highly regarded in the marketplace. They are easily found online. They are called upon to provide their insights and points of view to media, speak at leading conferences and events.
Studies have shown that:
- Expertise and specialized skills are key drivers in the choice of a professional service provider
- Business buyers will pay a premium to work with experts
3 Key B2B Marketing Strategies to Drive Business Growth
Three strategies used by High Growth Firms to drive sales and business growth are:
- Content creation
- Content promotion
- Service Innovation
Each of these is described below.
- High Growth Firms consistently develop content which informs, educates and advises business buyers as to how to solve their problems, meet their key priorities and objectives
- Content is created to match:
- Priorities and requirements of each of the individuals in the buying group involved in purchase decisions. (Learn more about who is involved B2B purchase decision making – Want to Acquire Big Business Customers? You Need to Know Who Really Buys)
- Where buying group participants are at in their buying journey (eg. Awareness, consideration, Decision Making)
- Content is created in the format that decision makers prefer
- Think VIP: Videos, Infographics and Podcasts. These are becoming increasingly popular among B2b buyers
Note: Remember that each decision maker often looks at 3-5 sources of information. Therefore it is imperative that you both identify all participants involved in the decision as to whether or not to use your firm as well as the information sources they use as part of their evaluating and decision making.
Content Promotion and Distribution
It is not enough to create great content.
It is also critical that your content is promoted and seen where business buyers seek information and advice. In other words, your content can be found:
- At events business buyers attend
- In what they read
- Where they listen to
High growth firms make their content must be visible where buyers go for information, both online and offline!!
- Speak at relevant conferences, trade shows and industry and professional association events
- Consider hosting your own events such as breakfasts, forums and workshops
- Provide information, advice and education pertaining to key challenges and trends your audience must address
- Consider conducting your own research on trends and developments in your target industries and how to address them as the theme for hosting your own event
Make sure your content is highly visible online where your target audiences seek information and advice.
Ways of promoting and distributing your content online include:
- Blogs and Podcasts
- Industry and Professional Association Websites-they often accept guest articles and blogs
- Industry Influencer
- Using Social Media by:
- Posting on LinkedIn, Twitter and Facebook
- Publishing with relevant LinkedIn Groups
- Presenting content/conducting interviews using LinkedIn Live and Facebook Live
Also, consider using services such as Spotaguest to identify opportunities to publish on blogs and podcasts that have relevant and large audiences.
Develop new services to enable your firm to meet a broader set of business customer needs.
Potential offerings could include providing the following:
- Assessments and consultations
- Reporting and analytics
- Mastermind Groups
- Implementation support
Your firm can combine its products and services and offer them as “bundles” or “packages” which could be offered through different service levels or options (eg “Do It for Me” versus “Do It With Me”)
Also, consider partnering with other product and service providers to develop and/or co-market your comprehensive packages.
Remember when you are enhancing and/or expanding your service offerings that
- What You Deliver (e.g. products and services provided) and
- How You Deliver (e.g delivery method, service levels etc)
will be driven by your buyers’ needs.
Therefore, it is critical that you are periodically LISTENING to your business customers so you have a thorough and current understanding of their needs.
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About Michael Haynes
B2B Customer & Marketing Strategy Consultant
For over 20 years, Michael has worked with micro-businesses to large corporates alike across Australia and Canada, developing and implementing business growth strategies and programs.
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