Amid 2020’s gloom, firms of all sizes found ways to grow an average of 31%, according to the 2021 High Growth Study released today by Hinge Research Institute. Over 80% of these firms’ extraordinary growth was organic. The study examines the 2020 growth strategies and techniques of close to 1,300 professional service firms across the world in the following industries:
- Accounting and financial services
- Architecture, engineering, and construction
- Consulting
- Government contracts
- Legal
- Technology and software
It also covers market trends and the impact of last year’s disruptions on firms’ priorities.
The study’s executive summary can be accessed at: https://info.hingemarketing.com/2021HGStudyPR
“2020 was not such a dumpster fire year for certain firms,” said Hinge managing partner Lee Frederiksen. “Despite the disruption, these firms found their footing and thrived. Their advantage? It wasn’t their size or a merger. It didn’t require sacrificing bottom line for top line growth. It was knowledge of their markets, how to reach them, and how to deliver better or more services with the help of technology as the world went digital.”
The study shows firms in general responded to disruption with greater use of research, digital marketing techniques, and automation. Since 2019, research on target audiences surged 57% across all firms. When restrictions on gatherings brought in-person events to a stop, leads from digital marketing rose 18%.
But high-growth firms did even more, conducting 3x more research and automating 1.6x more business processes than their no-growth peers. Moreover, they used 20% more marketing techniques, combining them with AI-powered marketing and sales technology. Not surprisingly, close to 50% of their leads come from digital campaigns compared to about one-third for no-growth peers.
The study’s coverage of firms’ responses to the pandemic are worthy of note. How high-growth firms managed to grow beyond expectations at a time of unprecedented disruption offers a blueprint for success in times of crises.
About the Hinge Research Institute: The Hinge Research Institute conducts and publishes independent research on the professional services to uncover the marketing strategies of high-growth firms. It also supplies B2B companies and associations the data and insights they need to understand, engage with, and profit from the professional services industry.
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