How to Market a Management Consulting Firm
Management consulting firms have significant growth opportunities as companies restructure and adapt to changing market conditions after the recession, according to research firm IBISWorld. To take advantage of this growth environment, look for opportunities to market your services to new clients or increase business with existing ones. Effective marketing will enable you to increase revenue and profit by maximizing the number of chargeable hours your firm can bill.
Clients' Needs
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Review market research reports and industry publications to identify the growth areas for consultancy services. Firms such as Kennedy Consulting & Advisory provide specialized market research for management consultants, offering reports that cover the main consultancy disciplines of human resource, information technology, financial, strategy and operations management consulting. Compare the market requirements with the skills and services your firm offers. If your service portfolio does not align with the growth areas, introduce new services or work with partners to fill the gaps in your services offer.
Added Value
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The close working relationship you develop with clients can help you identify opportunities for selling additional services. For example, if you have been working on an information technology consulting project, offering clients implementation and training services can help them make more productive use of the solution you recommend. Those additional services add value to a consultancy project, helping the client achieve better results and increasing your revenue.
Specialization
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Professional services marketing firm Hinge Marketing believes that high-growth consultancies share certain characteristics, including continuous research, service specialization and focus on a narrow target market. Specialization enables firms to offer clearly defined, high-value, high-quality services that differentiate them from more broadly based consultancies. You can choose to specialize in the services you offer, such as helping clients develop their business strategy or advising on programs to transform their business. Alternatively, you can specialize by market sector, such as consultancy for the manufacturing or financial services sectors.
Credibility
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Clients are looking for expertise to help them overcome strategic business problems. That makes activities to build credibility an essential element of consultancy marketing, according to the Institute of Management Consultants. Publishing case studies of successful engagements or writing articles about best practices demonstrates your professionalism and knowledge. Presenting papers or joining discussion groups at industry events also helps boost your firm's credibility. The aim is to build a reputation for excellence so potential clients perceive your firm as the expert in the field.
References
Writer Bio
Based in the United Kingdom, Ian Linton has been a professional writer since 1990. His articles on marketing, technology and distance running have appeared in magazines such as “Marketing” and “Runner's World.” Linton has also authored more than 20 published books and is a copywriter for global companies. He holds a Bachelor of Arts in history and economics from Bristol University.