It has been a couple of really tough years in the middle market. Slow/no growth markets, low levels of marketing sophistication, expense reductions and poor access to investment capital has greatly restricted growth in what is 33% of the US GDP. Moreover, just the other day, the IMF lowered its growth forecasts for the US economy in 2013.
Yet, a recent study posted on the Middle Market Executive web site (see link below) turns all of those trends on their head as the study is if anything extremely bullish on 2013 growth. Moreover, one of the key recognitions of the study – especially at the bottom end of the middle market is that growth will emanate not from broader market growth but from the actions of a company’s marketing and sales efforts.
The study is worth a read. Some highlights:
- Smaller middle-market firms are more optimistic about the economy than the larger middle-market firms. However, they nevertheless believe that it will be their actions that will drive their own growth
- 92% of lower-middle-market firms surveyed expect to grow their revenues in 2013. Almost 40% of firms expect to experience double digit growth.
- The majority of lower-middle-market firms (62.8%) plan to add headcount within sales & marketing it is the primary area that they will be hiring in 2013.
- Enhancing sales & marketing capabilities is clearly viewed as a key driver for middle market firms. 51% of survey respondents indicated their firms will be making a significant or moderate investment.
To see the full survey, click here.