Just read a study that shows that high growth firms in professional services categories invested in marketing activities very differently from their lagging peers. Here's how it breaks down:

High Growth Firms put more emphasis on:

• Building awareness through advertising and PR
• Lead generation through channels such as direct mail, cold calls, trade shows and newsletters
• Web site upgrades
• Outside marketing experts and consultants
• Training and using non-marketing staff to generate business.

Low Growth Firms were more likely to:

• Have no formal marketing plan
• Revise their strategy, structure or budget
• Focus on thought leadership activities such as publishing and workshops

The 2008 study by Hinge  broke down companies by size and industry. The above trends were across the board.

Interesting.