High Growth Firms Spend Limited Budgets Differently From Lower Growth Peers
Just read a study that shows that high growth firms in professional services categories invested in marketing activities very differently from their lagging peers. Here’s how it breaks down:
High Growth Firms put more emphasis on:
- Building awareness through advertising and PR
- Lead generation through channels such as direct mail, cold calls, trade shows and newsletters
- Web site upgrades
- Outside marketing experts and consultants
- Training and using non-marketing staff to generate business.
Low Growth Firms were more likely to:
- Have no formal marketing plan
- Revise their strategy, structure or budget
- Focus on thought leadership activities such as publishing and workshops
The 2008 study by Hinge broke down companies by size and industry. The above trends were across the board.