Why High Growth Companies Watch Every Marketing Dollar

High growth companies marketing budget

Think you need deep pockets and an outrageously large marketing budget to attract customers? Think again.

Some of the highest growth companies have shockingly low marketing budgets. In fact, companies with the highest growth spend only 4.9% of their revenues on marketing, according to a survey by Hinge. That’s compared to the 5.1% spent by businesses with average growth figures.

The reason high growth businesses can spend so little is because these companies focus on a strategy that has the greatest return on investment – inbound marketing.

Inbound marketing is a strategy that attracts customers to your brand naturally. It doesn’t rely on pushy messages and forcing brands in front of consumers. It instead takes a value-based approach to bring customers the answers needed to make a purchase.

Here’s an example of when this works. SEO leads have a 14.6% close rate, while outbound leads (from print or direct mail) only see a 1.7% close rate, according to Search Engine Journal. Businesses with 401 – 1000 pages of content on their website get six times more leads than businesses with only 51 – 100 pages of content, according to HubSpot’s Lead Generation Lessons from 4,000 Businesses report.

Companies that see the biggest influx in leads, and in turn higher growth patterns, are those that put value first.

Here are some of the core elements of this strategy and why it works.

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How to Create a Customer Centric Vision Statement

customer centric vision statements

What does your mission statement say? Is it poignant? Or does it leave you wondering, “What am I supposed to do with that?”

Creating a customer-centric vision statement to guide new and veteran employees in your company is essential. This statement sets the tone for what’s expected in all departments. As your company grows with the market demands, the vision statement guides that growth.

As you start to formulate a vision statement (or revisit your existing vision statement with hopes of improvement), there are three important facets to consider.

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3 Essential Ingredients Found in Every High Growth Company Manual

high growth companies

Annual reports are one of those things that can enlighten your or bore you to death. You’ll either find yourself in awe of the growth a company experienced, find new strategies to attempt or feel more unimpressed at the slight steady growth.

High growth companies attract the attention of business owners because of their seeming ability to do the unthinkable. With stats that show 80% of startups fail within the first 18 months, watching other companies surge ahead in their industry leaves many business owners wondering how they can emulate the same success.

We’ve got you covered.

Companies that experience noteworthy growth typically have three core features in common. Integrate these same features in your company’s culture and you too could see a spike in profits.

Here are the essential ingredients needed for massive growth.

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