Why we love growing businesses—and what we can learn from them

By Jennifer Reed

Listen up, large businesses: You’ve got a lot to learn from your scrappy former selves.

When your business finally takes off, it’s easy to get so caught up in the new normal that you forget all the late-night number crunching, sales pitch revisions, and networking coffees that helped pave the road to your success. Unfortunately, it’s just as easy to forget the creative freedom and fearless marketing tactics that also got you there.

In celebration of Small Business Week, we’re taking a look at the qualities we love about growing businesses—and how these winning traits can be adopted into any marketing strategy.

#1: They lead with purpose

Growing businesses are built on passion and purpose—and it shows.

Small business owners pour their heart and soul into every product (not to mention the blood, sweat, and tears)—but successful entrepreneurs also know their customers aren’t just buying products. They’re buying a story. They’re buying culture and connection. They’re buying the why. They’re buying the founder.

Are you as passionate about your work as you were on day 1? Over the course of your growth, addition of new employees, and time, has your message become diluted?

If your business has evolved, but you haven’t given your mission statement and core values much thought since you wrote them, it might be time to take a closer look—and ask yourself if your marketing message is still aligned with the brand you have today.

A solid brand foundation is the jumping-off point for your marketing strategy, whether you’ve been in business for a year or a decade. It is critical to periodically check the pulse to ensure your brand story is current and reflects the values that drive your business.

#2: They’re willing to take risks

The notion of starting a new business is very risky one as the vast majority fail in the first two years. Startups accept this risk because they see the potential return associated with it.

There’s also far less (if any) red tape to be found in small businesses. The combination of streamlined decision-making and ability to take risks makes small businesses far more agile than their larger counterparts.

The larger your business becomes, the harder it is to recover from risks that don’t work out, but don’t let that diminish your creativity.

If the phrase “That’s the way we’ve always done it” is hindering your team’s ability to think outside the box, challenge them with this instead: “What would we do if we were not afraid to fail?”

#3: They inspire brand loyalty

Now more than ever, consumers are spending their money at small businesses. Why? Growing businesses have a knack for creating personalized experiences that cater to customers’ unique wants and needs. At the same time, they build brands that stand for something and make their customers feel included, which translates to greater brand loyalty (and more sales).

Of course, this is much easier to do on a small scale. Small business owners get their customers because in many cases, they know them personally. As a large organization, you may not be on a first-name basis with your customers, but you can use data to zero in on what they really want—right now and in the future. And it never hurts when execs and management take the time to build strong customer relationships…so don’t be afraid to get to know your clients.

#4: They drive innovation—and the economy—forward

Thanks to their fearless perspectives on change, growing businesses are often key drivers for innovation. Just looking at patents as a measure of invention, a study at Rowan University found that “small firms obtain many more patents per employee than do large firms.”

With greater flexibility and freedom, growing businesses are able to create unique solutions that help shape local and global trends, like family-friendly workplaces. Austin advertising agency T3 first implemented T3 & Under, an in-house childcare policy allowing new parents to bring their babies to work, after several key employees became pregnant in the mid-90s.

In addition to their social impact, small businesses also have a positive influence on economic growth and serve as job creators. According to the Small Business Administration Office of Advocacy, “the United States has 30.7 million small businesses, and they employ 47.3 percent of the private workforce.” What’s more, the latest data also shows small businesses account for 1.8 million net new jobs in the United States!

#5: They are in touch

Small businesses often have the benefit of close customer relationships. Knowing who they are doing business with—and what those customers want—gives growing businesses a great advantage in a competitive market because it allows them to cast a smaller net for a more valuable catch. Or to put it another way, they know who their ideal customer is and don’t waste time and money on everyone else.

If you’re aiming for every customer’s affection, chances are you are going to come up empty-handed more often than not—and lose valuable marketing dollars in the process. If you’ve lost touch with your customer base, it’s worth taking the time to identify what your ideal customer looks like and tailor your marketing strategy accordingly.

#6: They are focused on ROI

Small businesses are painfully aware of the need to generate profits because they lack the financial wherewithal to suffer the kinds of losses that larger firms do (remember how long it took Amazon to turn a profit?).

They have to make sure that every cost, every investment generates a return, and if it doesn’t, they have to course correct quickly. There’s nothing like the possibility of failure to heighten focus and discipline—but even large businesses can benefit from targeting, testing, and tweaking their marketing strategy to yield optimal results.

Ready to re-embrace the small-business strategies that built your success? Let’s talk.