In order to obtain the best promotion of partnership relationships, it pays to see where businesses are in your industry and in the market in general. This year's Inc. 5000 fastest growing companies provides some useful, insightful and positive views of the growing American economy. The following are 10 Takeaways from this years Inc. 5000 list.
Global is Standard
The number 1 company on Inc's 5000 list is Ultra Mobile. They set their service apart from other companies by including international calling and global texting in all their plans. This shows that today's market expects to be able to interact with people across the globe, and is willing to pay for it.
Technology is Diversifying
People in IT consistently talk about the IoT (Internet of Things). Although the fantastical products on the market have not yet made it into the top of the Inc. 500 list (smart cars, watches, glasses, clothes, tvs, etc.), the diversity of technology offerings is evident. In the top 50 companies on Inc.'s list, only 5 deal with software, IT or hardware. The rest of the companies (telecommunications, advertising, health, financial, government, etc.) all utilize technology in innovating in their chosen field.
Retail is Still Strong
With 6 companies in the top 50 in the retail industry, there is significant growth in innovators. The top retailer in the list, Jane, is an online boutique for women.
The Best Companies Focus on Their Niche
Women's retail, globally focused phone users, tax burdened businesses and individuals, small businesses in need of money with poor credit and great cash-flows, drug testing, the list of very targeted companies in the Inc. 5000 is clear. Businesses who want to grow must target their audience and customers.
Big Data and Analytics Continues to Drive Relationships
Drawbridge (#6 on the list) exemplifies the fact that businesses need to use big data to create and manage relationships. Connecting consumers to brands through tracking and data across platforms is enough to get Drawbridge to the top of Inc.'s list.
Personalization is at the Forefront of Innovation
Restore Health (#8 on the List) provides personalized pharmaceuticals throughout the United States. Rather than focusing on shotgun approaches to medicine, they focus on personalized formulations through regular testing. Although the company is 33 years old, its placement at the top of Inc.'s 5000 shows that the personal approach using analytics works for modern businesses.
Innovators Make Green Energy Work
Xoom Energy (#13) is America's fastest growing energy company, and they are driving energy change through private innovation in deregulated markets.
Service-Oriented Business Plans Drive Success
Financial services is the most represented industry in the top 50 of Inc.'s fastest growing companies, with 6 businesses achieving top honors on the list. Combining government, business and consumer services brings the services industry up to 14 companies. Many of the other companies use service oriented innovations to disrupt their industry and drive growth.
Food Services Drive Local Manufacturing
In the solid realm of manufacturing, fast-growth companies are not very common and are thus underrepresented on the Inc. 5000. But, two manufacturing companies who made it into the top 50 both manufacture equipment for the food services industry. Again, we see the strength and growth of service-oriented businesses in the United States.
Discretionary Spending Still Grows Businesses
The top consumer product is an anti-ageing cream, sports media, lingerie and luxury living materials and travel businesses all made it into the top 50 fastest growing companies. This shows that there is still significant discretionary spending on the part of American consumers.
There are many positive things to take note of in the list of America's fastest growing companies. The most important thing to remember is that there are 5000 companies on this list growing their earnings from a solid 43% in one year to an astonishing 100,000%!
The outlook for American industry is great, and businesses would be wise to incorporate a service mindset and utilize the benefits provided by recent advances in technology. Looking to grow your business in 2016? Click here for our resources on how to increase channel sales, be the best CMO you can be, and more.