If applying to be on a list of companies compiled by a respected print or online publication isn’t in your marketing plan, it should be; it has got to be one of the most cost-effective marketing tactics you can use.
“As a small, private company we are always trying to expand our presence and enhance our image on a small company budget,” says Chuck Rutledge, vice president of marketing at Quintum Technologies, a provider of VoIP solutions that was on the 2005 Inc. 500 list of America’s fastest-growing private companies.
To give up proprietary information or not give up proprietary information: This is the important question you must consider before using this tactic if your company is private. In most cases, you will have to give up proprietary information such as revenue and number of employees. This might be a challenge for you.
I’ve seen situations in which the president of a company forfeited a potentially beneficial marketing opportunity rather than give up proprietary information. If you face this situation, but you believe that getting on a particular list will help your company, here is the ammunition you need to make your point to the decision makers. Here, in the words of some companies who made it on the Inc. 500, are some of the benefits that you can receive by making it on a respected list:
* It can boost your credibility. “Quintum has found that the recognition that it has received from being on lists like the Inc. 500…has helped reinforce our credibility as a successful company,” says Rutledge. “This recognition helps convey the message that Quintum is a leader and a company that [prospects and clients] can have confidence in doing business.”
* It reaffirms customers’ decision to work with you, which can help with retention. Doug Clark, president/CEO of AmeriQuest Transportation and Logistics Resources, which provides services to the commercial trucking industry, notes that with current customers, being on the Inc. 500 “provides validation that they are working with an aggressive and forward-thinking company.”
Samantha Roady, chief marketing officer of GAIN Capital Group, agrees. Being on the list, she says, “validates that we are an industry leader.” An independent provider of foreign exchange services, GAIN’s three-year growth is 386.6%, and it had $38 million in revenue when it applied for the 2006 Inc. 500 list.
* It reaffirms partners’ decisions to work with you. Clark notes that being on the Inc. 500 provides suppliers with “support that they are partnering with a growth company.”
* It can increase your visibility. This is especially true if you are highly ranked, says Sophie Kioulos, marketing director at United Bank Card, a payment and transaction processor. The company was ranked 19th in 2005 and sixth in 2006, which has “given United Bank Card nationwide recognition,” she says.. Overall, being on the list has helped to “solidify” United Bank Card’s leadership position in its market, which is key if you are trying to build a nationwide presence.
* It can give you a competitive advantage in your market and help you win more deals. Prospects, says Arkadiy Dobkin, CEO/president of EPAM Systems, “feel very comfortable about our stability, financial health, and ability to scale well over time, which is important when we have to compete for large, complex, mission-critical software projects.” EPAM, which outsources software engineering and project management, has been on the Inc. 500 three times.
* It can improve employee relations. Being an Inc. 500 company has “reinforced to our own staff that what they are doing is right,” says Daz Connell, president of DazMedia, a full-service creative agency. GAIN’s Roady echoes this sentiment: “It’s very satisfying to be recognized for all the hard work that goes into building a successful company.”
* It can help you raise capital. First, it provides visibility within the financial community, says Clark of AmeriQuest. Second, as Rutledge states, “Inclusion on these lists tells…the investment community that we have a record of strong growth over a period of years.”
Getting on a respected list should be a part of your marketing repertoire. The benefits you can receive by getting on a respected list may far outweigh the desire to keep your company’s information private.
Wayne E. Pollard is the author of Minds Before Market Share and the president of Hunter-Pollard, a management consulting firm based in South Orange, NJ. He can be reached at [email protected].
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