If you want to be successful in business (and who doesn’t?), you’re looking for ways to expand. After all, no one starts a business to shrink it. The crucial question is, “How do you drive growth?”
There are two types of growth: organic and inorganic. The organic growth is based on a complicated combination of knowledge, experience, reputation, capability, and visibility. The inorganic growth is a little simpler and is based on cash, liabilities, and assets.
The “Holy Grail” of professional services marketing is organic growth. However, the tactics for driving that growth are frequently elusive and counter-intuitive. In this piece, we will present the top research-based methods that have been demonstrated in real-world, high-growth businesses (firms with an average yearly growth rate of at least 20 percent).
Let’s get started.
Organic growth is achieved by the addition of new clients or increased business from existing clients. It is essentially increasing your firm from the inside by utilizing your existing resources, such as talents, expertise, experience, relationships, and other instruments. Organic growth is beneficial to a company and demonstrates a long-term, steady dedication to establishing a business. However, it is not a get-rich-quick scheme.
Inorganic growth is the result of mergers and acquisitions. Inorganic growth is nearly dependent on readily available resources and cash. Mergers, acquisitions, and, in their most extreme form, takeovers can rapidly expand a company’s size and revenue, but they frequently bring complicated branding difficulties that necessitate a rigorous approach to integration.
With that said, let’s focus on organic development and examine five tried-and-true ways of achieving it.
Many professional services organizations fail to build a clear picture of their ideal target client and what inspires their decision-making.
When we looked at the relationship between growth and profitability, we discovered that professional services firms that perform frequent research on their target audience expand up to 70% quicker and are nearly 50% more profitable than organizations that don’t.
If you ask a C-level executive at a typical professional services firm who their target client is, he or she may only have a hazy understanding. What you don’t know is revealed via research. It also allows you to better target your marketing efforts based on the actual demands and preferences of your target clientele. Research insights can help you better position your company, lower the risk of marketing blunders, and establish a competitive advantage.
After researching to determine target client preferences, you may create high-value service packages and create a far stronger marketing campaign. All because you’ve discovered where they acquire their information, identified their main issues, and exposed their triggers.
Research is fantastic!
With the findings of your research in hand, you may zero in on a specific niche. While some may argue that narrowing your focus (rather than broadening it) is counter-productive, there are some substantial advantages to doing so.
By focusing on a specific specialty, you can cut marketing expenses and competition while boosting market share, fees, and profits. There are some advantages to being a big fish in a tiny pond.
Our research shows that high-growth companies are 75% more likely to have a narrowly concentrated niche.
Professional services organizations that try to be everything to everyone usually end up providing little meaningful value to anyone. Their services devolve into generic commodities locked in a pricing war with a slew of competitors. A protracted, agonizing death is frequently the result.
Congratulations if your company is highly specialized or positioned in a well-defined niche. You’ve got a natural differentiator.
What exactly is a differentiator? It’s a feature or benefit that distinguishes you from your competitors. Here’s an illustration: You are an accounting business, but unlike your competitors, you concentrate on the financial concerns of national chain restaurants. That’s your point of differentiation.
Firms with distinct differentiators have an easier time articulating their value to prospective clients, distinguishing themselves (and above) from the competition, and earning more business. In fact, according to our 2021 High Growth Study, differentiation is the top marketing objective for high-growth companies.
Three factors contribute to a high-value differentiator:
Is what you’re saying correct? Is it applicable to your prospects? Finally, can it be proven?
Differentiators that provide no direct value to the client are the least effective. Nobody cares how long you’ve been in a company, how many charity projects you’ve sponsored, or how many times you’ve claimed to have “the best people.”
The best differentiators address the prospective client’s requirements and worries. These contain verifiable assertions about how your unique skills or expertise can help the client.
Another major result from our most recent 2021 High Growth Study is that the fastest-growing companies have a more balanced marketing approach, combining digital and conventional methods.
It all starts with ensuring that marketing strategies are appropriate for the target demographic (potential clients). This is where all of your research comes in handy. Your data will reveal how your target prefers to be informed. This will go a long way toward directing your marketing money to the most productive channels.
It is also critical to track your marketing efforts. High-growth companies devote time to tracking their marketing efforts, attentively monitoring 33% more variables than their slower-growing counterparts.
Almost every company keeps track of the fundamentals, such as new clients, revenue, and profitability. High-growth companies, on the other hand, are more likely to track variables connected to the marketing process.
This additional tracking allows businesses to better understand what works and what doesn’t. This implies they are prepared to make course corrections and troubleshoot issues as they arise.
As a professional services firm, your only commodity to sell—and what potential clients must be persuaded to purchase—is your combined experience. In our latest buyer behavior study, we discovered that, next to skilled personnel, expertise was the most prevalent selection criteria across professional services.
While your expertise has the distinct advantage of being unique to your organization (there’s that differentiator again), it also has the disadvantage of being intangible. Customers will be unable to touch, taste, smell, or see it. The task at hand is to make your knowledge visible.
This can be accomplished through a well-planned and executed campaign of blogging and article writing, public speaking, social media dialogues, and search engine optimization.
The payback grows exponentially as your company and its expertise become prominent in the digital landscape.
As the right people in your company become visible experts, the company acquires value in the eyes of potential clients. When this value is correctly harnessed, it directly leads to organic growth. The approach is revolutionary, resulting in more visibility, which leads to increased business.
Organic growth is not a mysterious process. There is a scientific method to it that necessitates some homework, discipline, and perseverance. The importance of research in developing a more potent plan and more efficient and effective marketing cannot be overstated.
For steady growth, Our Neubrain’s panel of experts can help you in achieving your goals and ensure growth with expertise and assured strategy.
Our team has helped SaaS companies build sustainable lead channels through SEO, Content Marketing, Guest Blogging, Social Media Marketing, and Personal Outreach. These proven strategies have saved hundreds of thousands of dollars (on PPC) for our clients already.
At Neubrain, we have developed proven SaaS marketing strategies through SEO, Content Marketing, Personal Outreach, and other B2B marketing techniques that have a long term impact on the business.
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