We are proud to announce that for the second year in a row, Widewail has secured a spot on the Inc. 5000's list of fastest-growing private companies in America in 2024.
Overall, we ranked 1401st.
Among competitive advertising and marketing companies, we ranked 123rd.
Among Vermont companies, we ranked 4th.
Our growth rate of 366% is a testament to the trust and support of our incredible clients, partners, and community. This achievement is not just ours; it belongs to all who have believed in Widewail and helped champion our mission.
As we reflect on our recent recognition and the progress we've made, we want to express our sincere gratitude for the relationships we've built along the way. We also wish to share the market trends we are observing and currently working to address, which have contributed to our growth over the last few years.
1. M&A Pace Drives Need for Centralized Marketing Services
According to the 2024 Blue Sky Report by Kerrigan Advisors, the Q1 2024 automotive dealership buy/sell market hit record transaction levels, up 38% over Q1 2023. Matt Murray, CEO of Widewail, offers his perspective on this trend:
“The right marketing tech stack allows operations at scale. So there's the cheesy old cliche: inspect what you expect. You can't do this as a dealership group owner if you don't have common definitions of activities across your points.”
This requires a unified platform for websites, advertising, or reputation management–centralization. With the right technology, you can easily identify specific areas for improvement, something Widewail excels at.
Our platform can inform a dealership group owner that while some stores deliver fantastic customer experiences, others could improve in areas like wait time and communication. This level of insight wasn't possible even five years ago, but it is shaping the competitive landscape today.
In 2024, success hinges on effectively managing your reputation and executing well on four pillars: review volume, frequency, quality, and response. Companies can gain a competitive advantage by creating a feedback flywheel, where review data informs operational adjustments, attracting more customers and leading to improved reviews.
Widewail’s topic analytics tools equip businesses to delve into trends and continuously refine their processes.
2. Impact of Customer Reviews
Technology has enabled Widewail clients to access deeper insights into the voice of the customer. As Murray explains,
"Whether property management or automotive, we have to date lived and died by private survey feedback. It’s been so important that we have great CSI and SSI scores or the private survey work from J. Turner and Kingsley, which are the most important things to our property management businesses”
In recent years, the feedback we can synthesize from unstructured customer and resident verbatims has surpassed the utility of these surveys. We're now achieving better response rates and more content, using modern technology to codify actionable insights.
This shift is significant. For instance, Murray recently discussed with Lexus how, in just 60 days, their dealers will be able to log in and see how their performance compares to industry metrics over any period—whether it's last weekend, last month, quarter-over-quarter, or year-over-year. He emphasizes,
"If you find out that your dealerships are at 4.3 but the industry average is 4.4, that should be some motivation for you to get more positive feedback."
This type of voice-of-customer data is invaluable for business owners. In 2024, people are the #1 driver of positivity in both the automotive and residential real estate industries. Communication is a consistent driver of negativity. Insights like these empower businesses to better understand customer needs, preferences, and behaviors, leading to more informed decision-making and enhanced customer satisfaction.
Success will favor those who effectively utilize industry-level and regional benchmarks to assess whether all aspects of their customer experience are performing above or below expectations. True industry leaders will distinguish themselves by quickly acting on customer insights.
3. Skepticism Surrounding Institutions
Trust in institutions and corporations is declining, making past customer feedback increasingly vital in consumer decision-making processes.
With heightened awareness of risks to personal information, particularly following high-profile hacks on Change Healthcare, Ticketmaster, AT&T, and CDK in 2024, consumers are more vigilant than ever. They are conducting additional research and relying heavily on peer input to guide their purchase decisions. As Murray notes,
“These incidents have likely impacted 80% of Americans, raising awareness about cyberattacks and their potential damage. For consumers considering significant purchases, such as a new car averaging $48,644, having confidence in their decision is essential. Positive reviews, like those highlighting quick and satisfactory transactions, provide reassurance and consensus, which can drive sales.”
Receiving regular customer feedback is essential. The industry standard suggests that automotive businesses should aim for at least 10 reviews per location per month, while residential real estate should strive for 2 reviews per community per month.
To stand out, it's important to be proactive in shaping your brand's story across different platforms. Marketers can create a strong and positive brand image by actively managing their online presence and engaging with customers. By using Widewail’s tools, companies can efficiently collect and manage reviews, ensuring they accurately portray the customer experience.
Our commitment to empowering businesses through effective reputation management is stronger than ever, especially in light of the recent Inc. 5000 acknowledgments.
Thank you for being part of the Widewail journey. This achievement is a testament to our hard work and dedication, but it would not have been possible without the unwavering support of our clients and customers.
We sincerely thank you for being an integral part of our story. Here's to continued growth and success – together!
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