According to the Star Tribune, 2016 was a record year for growing businesses in Minnesota.
Sellers of sleep-apnea devices, virtual fitness classes and marketing software are among more than 90 Minnesota companies on Inc. magazine’s 2016 list of the 5,000 fastest-growing private companies in the U.S.
Inc. ranked companies based on revenue growth from 2012 through 2015. Businesses needed at least $100,000 in 2012 revenue to participate, but weren’t required to be profitable.
Rounding out the top 10 fastest-growing Minnesota companies on the list are:
No. 2: Leadpages, a Minneapolis-based marketing-tech company, ranked 148th nationwide with $16.2 million in 2015 revenue and a three-year growth rate of 2,392 percent
No. 3: Channel Partners Capital, a Maple Grove-based financial services firm, ranked 176th with $2.2 million in revenue and a growth rate of 2,074 percent.
No. 4: Vighter Medical Group, a Winona-based health care staffing company, ranked 310th with about $4 million in revenue and a 1,267 percent growth rate.
No. 5: Morning Sun Financial Services, a Golden Valley-based financial- and social-services company, ranked 359th with a growth rate of 1,063 and $54.9 million in 2015 revenue.
No. 6: Edge Home Finance Corp., an Edina-based mortgage-services company, ranked 372nd with a 1,030 growth rate and $4.4 million in 2015 revenue.
No. 7: Fitness on Demand, a Chanhassen-based company that develops online fitness classes, ranked 559th with $3.4 million in revenue and a 700 percent growth rate.
No. 8: Tamarack Consulting, a Minneapolis-based tech consultancy, ranked 600th with $2.3 million in 2015 revenue and a 654 percent growth rate.
No. 9: Tarmac, a Shoreview-based developer of mobile apps, ranked 963rd with $2 million in revenue and a 413 percent growth rate.
No. 10: FireFly Computers, a St. Paul-based seller of computer hardware and services, ranked 1,019th with 2015 revenue of $16.7 million and a 413 percent growth rate.
At KeyeStrategies, we specialize in maximizing the potential of growing businesses and partner with them to determine what happens next.
We analyzed these leading Minnesota companies to better understand what makes them grow, helps them sustain their business, and what they do apart from their competition. We found 27 unique factors from these growing businesses in Minnesota to help you.
- Get to know your customersUnderstand your customer’s needs and develop products and services that meet those needs. You can gain insight into your customers by personalising your services and encouraging them to provide you with feedback.
- Offer great customer serviceEnsure your customer service is exceptional and go the extra mile when you can. Your customers will not only remember great service they will also be more likely to refer other people to you.
- Nurture existing customers and look for new opportunities Have strategies in place to nurture existing customers, such as staying in contact with them via an e-newsletter or letting them know about promotional events ahead of time. At the same time, look for opportunities to get more work and build your customer base. Make sure that you find the right balance between nurturing customers and finding new ones.
- Use social mediaSocial media is a powerful tool to promote your business to potential customers and gain valuable insight through ‘social listening’. Through social listening you can find out what customers are saying about you, gain insight into their behavior, identify keywords and trends that appeal to your target market and so improve your customer service. Social media can help you to build your business profile and attract new customers.
- Attend networking eventsInvest time to build your networks – it’s not what you know but who you know.Networking allows you to build relationships with other people and encourage them to refer customers to you through word of mouth.
- Host eventsHosting your own event can be a great way to get to know your customers and build relationships. Invite some of your best existing customers and encourage them to bring their friends.
- Give back to your communityBuilding brand awareness in your local community is a great way to attract new business. Consider sponsorship or participating in a community event to raise your business profile.
- Measure what works and refine your approach as you goYou should monitor where your customers are coming from in order to measure whether your marketing activities are successful or not. Don’t be afraid to experiment. Refine your approach if something is not working and focus more time on the activities that achieve the best results.
Growing Businesses is what we do at KeyeStrategies.
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