According to this research, High-Growth firms were 2x more likely to be highly profitable and grew 3x faster than average, while No-Growth firms’ revenues contracted by 5% annually.
B2B marketing comes from a place where it's typically sales led and event driven. As organisations try to figure out how to get their arms around digital transformation, they needn't look too far to see what marketing has been up to!
Forward thinking B2B marketers have had their head in data and propensity modelling for some time. They also value strong alignment with their sales counter-parts.
This research shows that those marketers have moved further down the funnel. They're making it their business to understand the business.
- Talk to customers
- They know the average opportunity size
- They know how long it takes to convert a customer
- They know average won/booked ratios
- They understand pipeline coverage
- They join the rolling forecast calls
So here are some statistics that I found most powerful within the research.
High-Growth firms were 3x more likely to conduct frequent research (at least quarterly) on their target audience and saw 30% more impact on average from conducting and publishing primary research.
High-Growth firms were 74% more likely to prioritize buyer journey mapping — a sophisticated analysis of the steps buyers take to find expertise, build trust, and make purchasing decisions.
These top-performing firms were also 50% more likely to prioritize employer branding, the practice of communicating a company’s reputation and visibility to prospective employees.
High-growth firms were more likely to be stronger in simplifying complex concepts. They were also 75% more likely to have a experts in their organisation. Marketers in High-Growth firms were more likely to be stronger networkers, strategists, analysts, and researchers
There's a lot more to the study than what I have highlighted.
My conclusion is that B2B marketers who get closer to the market, value their internal expert influencers and embrace technology as a way to better understand their customer are the ones that are driving growth for their business.
Professional services firms are in the midst of a digital transformation. Heading into a new decade, their future is wrought with unfamiliar challenges. A shortage of top talent will make recruiting, training, and retention increasingly difficult. Marketing technology and automation will reshape the skills needed in marketing departments. And only the most proactive companies will keep up with swift changes in buyer behavior. Yet somehow, some way…an exceptional group of companies achieve extraordinary growth.