What does it take to be a high growth company? In November, 2016, DiscoverOrg and Smart Selling Tools decided to find out. We surveyed 200 sales and marketing leaders about growth at their companies and a host of factors that could be accelerating it or inhibiting it. The survey included questions regarding their teams, budgets, personnel, strategies, mindsets, technologies used, and more…all for the sake of determining the profile of a high growth company (defined as having a 3-year revenue growth-rate of 40% or greater).
We found that Marketing and sales organizations at high growth companies do three things very differently than their counterparts at low growth companies.
- First, they do the hard things and by hard things we mean those that require an ongoing commitment.
- Next, they invest in technology and tech savvy people – simple in theory, harder in practice.
- And finally, they enable teams with accurate account and contact data.
The devil or rather, the secret sauce, is in the detail. For instance, you might wonder, “just what are the hard things high growth companies do?”
The first of the hard things high growth companies do is implement Account-Based Marketing (ABM) strategies.In fact, high growth companies implement Account-Based Marketing (ABM) at a rate 2.5X that of their low growth counterparts.Click To Tweet We found similar results with Account-based Sales Development and even Account-based Customer Success. Low growth companies on the other hand were much more likely to be using no account-based strategies.
There are three additional things that have to do with cold calling, coaching, and engaging with prospects. For details on those, and more findings, get your own copy of the survey results here.
Adoption and Use of Technology and Tech Savvy
The technology findings were powerful. Sales and marketing teams rating themselves as having lower tech savvy, experience lower growth rates. Here’s how it breaks down.
- Marketing teams that rate themselves as having lower tech savvy experience 2% slower growth (8%) than the average growth rate of all respondents (10%).
- Sales teams that rate themselves the same way experience 3% slower growth (7%) than the average of all respondents (10%).
Low growth companies were asked to rank their top 5 growth inhibitors. There was only one thing they ranked higher than the adoption and use of technology, and that was high competition.
Lacking high quality account and contact data was considered to be the number one growth inhibitor by high growth companies.
This is huge, we didn’t necessarily expect sales and marketing leaders to assign credit to data as an accelerator of growth, but neither did we expect it to top the list of reasons of inhibiting growth.
So why is data such a problem? It’s a problem in-part, because reps spend hours of their day scouring websites, news sites, social sites and more trying to gather intelligence about their prospects. They become expert researchers and when they finally get on the phones or send an email they’ve spent more time thinking about how to find and contact someone than how to engage them.
You’ll find many more relevant take-aways that could help you accelerate growth at your own company. If you want to be a fast growing in 2017, you’ll want to know what separates the big growth companies from the wannabes.Discover Secrets of High Growth Companies