Everyone wants to grow their business, but it can be challenging to pinpoint the right moves to set your company up for success. We pulled some insights on what growing companies are doing to help you guide your planning for 2023.
In our recent State of Data and Technology report, we saw several organizations that had experienced a 20% or higher increase in revenue over the last year. When we dug deeper, we found several key differences around how these high-growth companies are approaching the market. Overall, the main differences fell into three categories: data strategy, successful campaigns and investment in martech.
They Prioritize Data Strategy
High-growth companies are serious about their data. They know that having an airtight data strategy is key to successfully using their data and laying a solid foundation for all marketing efforts.
When asked about their data strategy, high-growth companies reported having a comprehensive data strategy at a rate 2x higher than the rest of the data set. This shows that the companies investing more time and resources into their data strategy are seeing their efforts pay off.
A comprehensive data strategy should cover all aspects of your data usage—including how you will analyze and manage your data. High-growth companies report having more normalized data, feeling more confident in their compliance and security, and being able to gain actionable insights from their data. Just look at the numbers when compared to the full data set:
- 2x as many said they have extremely normalized data across their martech stack
- 1.6x as many said they are extremely confident in their privacy compliance and data security
- 2x as many reported excellence in their ability to derive insights from data
Normalized Data
These companies make their data easier to work with by having extremely normalized data. Normalizing your data allows it to flow into all your systems and makes it easier to report on since it’s organized in a consistent way. It also helps you eliminate duplicates and discrepancies in your data.
Security
High-growth companies know that the privacy compliance and security of their data is of the utmost importance. They’re more confident that their data is compliant and secure than their peers. Read our data management blog for tips on how to make sure your data is compliant and secure.
Data Insights
It makes sense that high-growth companies can derive better insight from their data. Since they are more likely to have a comprehensive data strategy in place, they are setting themselves up for success from the start and to be able to find actionable insights to influence their future campaigns.
They Run Successful Campaigns (Thanks to Intent Data)
It seems obvious that companies with growing revenue are running more successful campaigns. But these companies are saying they are running extremely successful campaigns at a rate much higher than the rest of the data set. In fact, nearly 2.5x as many of these companies rate their campaigns as extremely successful compared to other marketers.
How do they run campaigns that are this much more successful? High-growth companies approach their marketing differently. First, they get campaigns to market faster. They also focus on account-based marketing (ABM) and intent data at a much higher rate. The data shows:
- 1.7x as many say they execute ABM campaigns
- 2.4x as many are going into 2023 with a plan to increase their use of intent data
- 2.2x as many can get a campaign to market in less than 15 days
Since these companies can launch campaigns so quickly, they are able to be competitive in fast-moving markets. Being able to go live before your competition can gives you a significant advantage.
These companies also recognize that using intent data and ABM is key to driving successful campaigns. Intent data helps you better understand and target your audience. By using more intent data, high-growth companies can ensure they are most effectively reaching potential and existing customers.
They are Investing in Martech
High-growth companies are seeing an impactful return on investment in martech. And they plan to invest more in the technology in the future. Almost 2.5x as many high-growth companies say they plan to significantly increase investments in sales and marketing technology in 2023.
We can see clear differences in how high-growth companies plan their investments, expect to build revenue and reach their goals for the year ahead. See how they stack up:
- 1.3x as many have plans to allocate budget to address their campaign challenges
- 2.2x more focus on net-new logos
- 2x as many said they anticipate being able to significantly increase their ability to meet their KPIs
Planning Investments
Strategic investments are key for high-growth companies. As you plan for 2023, look for solutions that complement and enhance your campaign strategy and allocate the resources necessary to better serve your audience.
Focusing on Net-New Logos
High-growth companies expect to drive revenue from net-new logos in the year ahead at a much higher rate. That being said, you shouldn’t completely ignore upsell/cross-sell opportunities with your existing customers. But, with this in mind, your team can evaluate your expectations for driving revenue for the year ahead and shift some efforts to focus more on net-new logos—just be sure to loop in your whole team (including execs), so everyone is aligned.
Evaluating Strategy
These high-performing companies are confident they’ll be able to hit their KPIs next year. This is because they’re evaluating their strategy and investing in the tools and tactics that provide results. Take time to assess your current strategy; see what’s working—and what’s not—before you start making concrete plans for the next year.
Key Takeaways
When we looked at the survey responses from high-growth companies, it became clear that they were doing some things differently than the other respondents. As you plan for next year, consider applying some of these insights. These approaches may be the key to unlocking growth at your company, too.
Take these steps first:
1. Hone your data strategy. More high-growth companies have a comprehensive data strategy than the others surveyed. Take steps to evaluate your strategy and build it out as necessary. Learn more about the importance of a comprehensive data strategy in Breaking Down the Data: Strategy Pays Off.
2. Consider increasing your intent data use. Intent data can help you deliver more successful campaigns and meet your KPIs in 2023. Not sure where to start with intent? Read this blog.
3. Evaluate your martech and invest in the right tools. Increasing your investment in martech may help make it more effective—but it is crucial not to overcomplicate your stack. So, start by evaluating your current tools, identify gaps and invest accordingly.
