In this video blog, Liz Harr shares insights from the 2017 research on marketing and growth strategies for the consulting industry – a special edition research report from the annual High Growth Study.
Hi, I’m Liz Harr and for those of you who know Hinge even just a little, you probably know us for our research.
Well, today I’m pleased to announce the release of a new report from Hinge’s 2017 Research: Marketing & Growth Insights on the Management Consulting industry.
Now in this particular report, there were 299 firms that participated and the bulk of those were small to medium size firms reporting revenues of under $50 million – just to give you a sense of size.
We looked at various aspects of how these firms market and promote themselves to their clients and prospects – how they differentiate themselves, top techniques they’re getting the most impact from and what areas of specialization do they try to lay claims around? And we like to look at specialization, how firms communicate that specialization because we know from of our research that among the top criteria buyers of professional services are using to vet a firm is in fact, expertise.
One of the most straightforward ways to claim specialization is around industry expertise. Industry expertise, industry specialization tends to be highly relevant to buyers of professional services. And if you think about it, it makes sense. It’s much more clear to a buyer when you say you specialize in an industry versus you specialize in a process or you specialize in a methodology.
Now interestingly, when we looked at the landscape of firms participating in this study just 20% said that they specialized in a particular industry.
Management Consulting is indeed a very crowded space and in order to be successful, firms really do have to think critically about where they spend their marketing budget and hold that budget accountable for bringing in new business.
So check out this report to see where you stack up against your Management Consulting peers. Just click on the link below. Enjoy!