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High Growth Study Results—Second Quarter 2018
2018 Hinge High Growth Study Results Available
By Kirk Bowden
In late-2017, NACVA invited our members to participate in the Hinge Research Institute’s third annual High Growth Study. The results are now compiled and available in the 2018 High Growth Study: Accounting and Financial Services Edition. One thousand firms participated in the study, representing over $176 billion in combined revenues and over one million full-time employees. This study is part of Hinge’s ongoing commitment to conduct and publish the most advanced research on high-growth professional services firms, and it is the most extensive study of its kind. This study reports on the latest changes and identifies the strategies and tactics used by the highest-growth accounting and financial services firms in markets across the country.
This annual study uncovers why the best-performing firms grow faster, generate more leads, and are more profitable—and how ordinary firms can adopt high-performance practices. Here are some key takeaways from the study:
- For the first time in 10 years, high-growth firms outspent no-growth firms in marketing. 20% of high-growth firms spend 20% or more on marketing.
- High-growth firms are 3X more likely to frequently research their target market.
- High-growth firms invest more in digital and content marketing. From which, they see much greater marketing impact.
- One in five high-growth firms are investing 20% or more of their annual revenue in the marketing budget.
- Creating content and upgrading websites were two of the top five marketing priorities for 2018.
- 43% of high-growth firms conduct research at least once a year.
- Subject matter experts within high-growth firms enjoy a skills advantage in five of seven critical business development skill areas.
This study was conducted by the Hinge Research Institute, an organization that partners with leading organizations and trade associations to publish original research and books on the professional services industry. NACVA partners with Hinge to offer a variety of marketing services to increase referrals, build visibility, and grow your practice.