Find out how fast-growing companies separate themselves from their peers.
In today’s ever-changing marketplace, competition among companies is growing rapidly.
The needs of the customer are changing constantly.
It’s becoming harder and harder for organizations in the midmarket to create strategies that differentiate them from their peers.
The National Center for the Middle Market recently compiled performance data from 20,000 businesses. They looked at organizations with year-over-year revenue growth of 30 percent or more, and uncovered several areas in which these companies are outperforming their competition.
They Go Anywhere and Everywhere
A multitude of today’s fastest-growing organizations have established their businesses internationally as well as domestically.
According to The National Center for the Middle Market, among companies growing at a rate of 30 percent or more per year, 73 percent self-report being experts at entering new countries across the globe. Comparatively, organizations that experience 20-29 percent year-over-year annual revenue growth self-report that 55 percent of them are adept in their international business efforts.
They Know How to Share Their Story
Top-tier companies are better at connecting with the partners and customers they want to reach.
Two-thirds of the 30 percent-and-over business growers say they have outstanding marcomm skills as opposed to half of other growing midmarket organizations who say the same.
Joe Lazauskas, co-author of, “The Storytelling Edge: How to Transform Your Business, Stop Screaming into the Void, and Make People Love You,” says midmarket organizations that tell a good story will have a competitive advantage over rivals who can’t. This is because businesses who use storytelling to engage with their customer base will leave them wanting to learn more about the company and build deeper, more meaningful relationships.
They Seek the Best of the Best to Run Their Businesses
It only makes sense that companies experiencing high growth are run by the highest crop of talent in their respective industries.
Seven of 10 organizations with more than 30 percent year-over-year growth say they’re proficient in attracting top managerial talent. Only 51 percent of other businesses in the next growth tier consider themselves proficient in this area.
Ultimately, companies need to become masters in many different areas to separate from their competitors. Success is not achieved by those who are good at one thing, but subpar at the rest.
By evolving an organization in multiple ways, companies can better position themselves as one of the top players within their industries.