The term “second-stage business” is rarely recognized by entrepreneurs, yet your company might be one. Second-stage businesses are defined by the Edward Lowe Foundation as privately-owned, growth-oriented companies between $1 million and $50 million in annual revenue and 10-99 employees. Unsure if your company is in the second stage business life cycle?
Effective brand strategy is critical to companies in the second-stage business life cycle. The outcomes that brand strategy needs to accomplish depends on where in the life cycle your company is. Young second-stage companies need a growth-minded brand strategy to support their aggressive goals for growth and scaling. Older, more established second-stage companies need a focus-minded brand strategy aimed at achieving stable growth.
Your brand’s most highly personal, long-lasting interactions with customers are most consequential. These brand touchpoints can be what customers remember and cherish about your company (leading to brand loyalty and revenue growth), or they can be the reason why this customer never buys from you again. Six-Point Creative CEO Meghan Lynch had positive and negative experiences with two different airlines that put this into perspective.
Many companies tend to think “bigger is better” when it comes to influencers and their followings, but with micro influencers (with less than 100,000 followers), the quality of their focus can pay big dividends. Micro influencers have 60% higher engagement and are almost 7X more cost-efficient. For niche brands with very targeted audiences, micro influencers can produce big results.
Six-Point Creative CEO Meghan Lynch is still applying leadership lessons she learned when she ran her first ultramarathon, years after the race was run. Meghan applies what she learned to her brand strategy work today, helping companies scale, grow, and sharpen their focus.
According to the Small Business Administration, 70 percent of businesses cease to exist within 10 years of launch. Why do businesses fail? Misuse of resources. Branding and marketing are often disciplines in which companies misuse their resources. Six-Point has tips for growth-minded companies looking to optimize branding and marketing resources.
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