Tag Archive for: marketing for hyper growth

What Makes Hypergrowth Businesses Stand Out?

, , , , , , , , , , , ,

While there is no blueprint for creating a successful hyper-growth company, many of these businesses share some common qualities that help them stand out in the crowd of tech startups. But first, it’s essential to understand what a hypergrowth business is.

What Is A Hypergrowth Business?

Hypergrowth businesses are businesses that maintain a rapid rate of growth over time. To be called a “hyper-growth” business, it must have a CAGR (compound annual growth rate) of 40% or more. Businesses with “rapid growth” have a CAGR between 20% and 40%. And businesses with “normal growth” maintain a CAGR below 20%. Hypergrowth usually occurs before a business has fully matured. The term “hyper-growth” was first coined in the Harvard Business Review.

Many startup businesses are looking to be the next big hyper-growth company. Amazon, Uber, and Facebook are all excellent examples of hyper-growth companies. However, many hyper-growth companies eventually take a quick downturn and ultimately fail. Many hyper-growth companies fail because they get so focused on growth that they neglect to plan for challenges that the business will face during its rapid rise, including overworked employees, marketing costs, and a customer-focused culture, and more.

How Hypergrowth Companies Stand Out

Hyper-growth companies are usually ahead of the trend, which means they’ve probably toiled in a constant state of underfunding until they didn’t. This means that many hyper-growth CEOs are unprepared for the needs of a company suddenly thrust into the public eye.

But whether their fast-growing status is due to an emerging industry, an outspoken leader, or an up-and-coming trend, the fastest-growing companies take the opportunity to create a brand for themselves.  This means engaging in marketing and PR before the trend hits. A well-positioned hyper-growth company leads the conversation because they are an already known expert.

They Keep Track of Emerging Trends and Offer Customers Real Value

Because the market is constantly in flux and consumers are continuously rethinking their wants and needs, hypergrowth businesses understand that they must keep track of emerging trends. When they see an opportunity, they take it. When they see a gap in the marketplace, they fill it with a product or service that has value for customers. Hypergrowth businesses understand that perceived value is not enough; customers seek products and services that add real value to their lives. Being flexible and focused on the company’s target audience and their changing wants and needs enables hypergrowth businesses to scale rapidly when an opportunity becomes successful.

They Know How To Identify Areas for Growth

Most businesses grow by expanding their current customer base by regularly offering new products and services or by targeting new customers by diversifying the products and services they offer and testing opportunities in new markets. Hypergrowth companies are successful because they know how to identify the most significant opportunities for growth and then strategically pursue that opportunity while keeping an eye on product performance and marketplace trends.

They Hire Focused Leadership

Hypergrowth companies understand the value of competent, focused leadership. Hypergrowth businesses that fail often do so because company leadership got so focused on the company’s rapid growth that they were unable to focus on other challenges that would inevitably arise due to rapid expansion. Successful hypergrowth companies hire leadership that can focus on both scaling the business and scaling other business areas to match the company’s growth.

Successful business leaders do much more than share a vision for the company’s growth. They also move the business forward by spotting emerging trends and constantly adapting to the constantly changing market. While remaining focused on the overall vision, they also focus on executing a business strategy to achieve their business objectives.

They Value Their Employees

Hypergrowth companies value the people who work for them and strive to foster a healthy workplace culture. Overworking employees can quickly cause a business’s culture to become toxic. Hypergrowth businesses provide employees with rewards and benefits that have value. A good work-life balance is far more rewarding and important to the average worker than access to ping-pong tables and craft beer on tap. Hypergrowth company leaders understand their employees are the catalysts for rapid growth and that the company’s culture starts with its workers. Hypergrowth company leaders are intentional about developing a healthy and unique company culture from the outset.

They Turn Their Customers Into Brand Ambassadors

Successful hyper-growth companies turn their customers into ambassadors for their brand. There are few things more powerful for a company than its customers going out into the world and gushing about the company’s product or service. Hypergrowth businesses rely on word of mouth and constantly identify potential brand ambassadors to promote their products and services. In addition to customers, other brand ambassadors might be employees or industry influencers. No matter how they spread the word about your brand, word of mouth is one of the most powerful marketing tools a business can leverage.

They Measure Their Success

Hypergrowth businesses understand that success doesn’t happen due to dumb luck. Successful hyper growth businesses are constantly tracking their successes and failures, gaining insights into what is working and what isn’t by harnessing as much data as they can — the more data, the better.

They Are Flexible and Innovative

Perhaps one of the most important qualities of successful hyper-growth businesses is their flexibility and ability to innovate constantly. In the digital age, the world is changing rapidly every day. Successful hyper-growth companies understand that to achieve success, they must be malleable, constantly reassessing consumers’ wants and needs and new marketplace opportunities. Because consumers today have more choice, successful hyper-growth companies must constantly innovate to stand out above other companies.

Marketing for Hypergrowth

How can you market your company for hyper-growth? Implementing a focused and strategic public relations campaign is one of the best methods for customer-driven companies that are on the brink of or are already experiencing hypergrowth. The keys to successful hyper-growth PR is to reach a broad audience, keep them engaged, and letting your service or product sell itself. Some ways to do this include:

  • Running giveaways and other promotions to attract new customers and keep them engaged
  • Keep your existing customers informed and engaged with your company
  • Show all of your customers that you care, not just through words but through your actions

PR for fast-growing companies can be challenging, and especially for those experiencing hypergrowth. With so many tasks to complete, outsourcing some of these efforts to a company with specific experience with hypergrowth PR is often recommended.

Contact Avaans Media

The foundation of any company is its vision, but a successful hyper-growth company grows due to a solid business strategy that meets its goals. If you have questions about hyper-growth business strategies, the PR team at Avaans Media is here to answer all your questions. Contact us today to discuss your business objectives.

by

Can Growth Marketing and Public Relations Work Together?

, , , , , , , , , , , , ,

Can growth marketing and public relations work together. Growth marketing is about customer acquisition and retention, often through paid media, with relentless iterations and deeply engaged knowledge of the consumer. Public relations is reputation management of a company’s image, often through earned media and deep understanding of broader cultural and media trends. So what do they have in common? On the surface, not much, but when you dig deeper into the tactics and the metrics, we can see where together growth marketing and public relations can work together successfully.

Suppose the business objective for a consumer product launch is to increase sales through decreasing competitors’ market share. In that case, a digitally savvy PR agency knows how to do competitive research of the entire digital landscape and media landscape and use that data to determine the opportunities to overtake a competitor, while a growth marketer is reviewing how the company attracts customers and retains customers. But where do growth marketing and public relations work together?

Data Driven KPIs

Today’s modern PR firms and PR campaigns should be tied to business goals and identified public relations metrics that support and funnel up into that goal.  While growth marketers are developing ads, PR agencies are developing ways to capture the target audience’s imagination. PR agencies may present a word-of-mouth activation or a targeted quality over-quantity earned media campaign that overlaps targeted audiences. A PR agency might also recommend content which can boost SEO and support brand values that interest and retain customers.  Just like a growth marketer, a modern PR agency is tracking metrics. What metrics might a PR agency track in the above scenario?

  • Mention Quality
  • Article Reach
  • Brand Placement in Article
  • Share of Voice
  • Domain Authority

All of the above PR metrics are measures of awareness and credibility. These metrics support top-of-funnel AND bottom-of-funnel customer journeys and can support growth marketing efforts with a keen eye on target audiences and messaging which supports growth marketing.

The Digital PR Toolkit

For growth marketers, the digital tool kit is primarily paid (but not exclusively); for growth marketing PR, the digital tool kit is primarily owned (but not solely). But there are a few areas where growth marketing and growth PR connect. One of those is SEO. For the growth marketer, SEO provides opportunities for retargeting and organic acquisition, growth marketing PR adds value to both. With a savvy eye on keywords and quality inbound links, PR supports growth marketing objectives to funnel into business objectives.

That’s not all; PR agencies working with media outlets to build revenue opportunities can help growth marketing with a high domain authority on inbound links as well as excellent reviews from credible media outlets, which send potential new customers searching for the product. These reviews could be in gift guides or hero reviews where the consumer product receives an in-depth study that meets Google’s product review update recommendations. Meanwhile, growth marketers will typically focus on reviews from influencers or existing customers. And a brand with positive customer reviews gives a journalist further confidence in a brand and a product.

Today, PR and growth marketing can use some of the same tools, they use them slightly differently:

  • Inbound Links
  • Owned Media
  • Credible Review Acquisition

Credibility: Where PR Fills The Gap

I often tell our clients PR creates the awareness and solidifies reputation; ads are the conversion driver – that’s how they work together, and they both work better. Why? It’s simple: earned media from credible media outlets is more trusted than paid ads. But few journalists look at it as their job to write conversion-focused marketing copy. The journalist’s job is traditionally to create the content that keeps you on the pages. From a longer tail and more strategic point of view – PR also builds brand credibility on the corporate level, trusted brands have faster aquisition and they have longer customer retention, meaning growth marketing is even more influential.

So when someone sees a great review of a product, and THEN they see the ad, they get the trigger to purchase the product, or maybe they sign up for a newsletter, or maybe the look for more reviews and do a Google search that lands them on another referral site. The pathways are endless, but they all come back to one thing: supporting the brand’s business goal.

I’m a fan of understanding and maximizing the media environment for our clients. The Avaans Media client is ambitious and goal driven, so understanding how our jobs support overall marketing strategies and business goals is essential. When we evaluate the landscape for our clients, we find a distinct point of view, and because our tools are different than growth marketers, we can glean insights and data that drive new insights. To be honest, I’m not concerned with being a purist about owned, earned, and paid. It’s the job of a digitally savvy PR agency to know what levers to pull when and how to shape campaigns that create success. That’s our job – and that’s why growth marketers and public relations can be best buddies.

by