The global consulting and advisory market is projected to grow from $327.65 billion to $494.36 billion by 2033, meaning consulting firms face a growing risk of commoditization and competition. Read on to dive into the details:
Brian Sherry | May 3rd, 2024
The global consulting and advisory market is projected to grow from $327.65 billion to $494.36 billion by 2033. Those are, no doubt, big numbers, but they don’t necessarily reflect increasingly tough competition for clients. Across industry and practice specializations, consulting firms face a growing risk perception that their services are commoditized – interchangeable with one another, leading to firms often competing on price alone versus the true value of their services and expertise. But we’re big believers that firms can still compete by leveraging their expertise to help overcome the commoditization trap. Here are a few new perspectives on how to do so in today’s environment, summarized as follows:
To dive into the details, read on …
Start by clearly defining your focus area for where you deliver value, preferably in a unique way over your competitors. Management consultants, for instance, are legion; but if you have a special insight into a crucial industry or a proprietary framework, that’s something that separates you from the flock – and needs to form the basis for your message, ideally a message that’s counter-intuitive, surprising and/or thought-provoking.
You may or may not require outside help, but by partnering with communications professionals, you can build messaging and narrative around what you do best, refining your pitch and market. This is essential. Though obviously only you can define your core offerings, PR can be instrumental in building a marketing communications strategy that zeroes in on and capitalizes upon your key value to clients.
A recent survey of B2B decision-makers and C-suite executives found that 73% of decision makers think an organization’s thought leadership content is a more trustworthy basis for assessing its capabilities and competencies than marketing materials and product sheets. It also found around 90% say they are likely to be receptive to sales or marketing outreach from a company that consistently produces high-quality thought leadership.
This means such thought leadership resources as original research, case studies, articles and even blogs play a decisive role in defying your market’s commodification and breaking through the noise. A dedicated strategy aimed at media relations, speaking engagements and enhancing digital reach can help with this. You may also desire content development support to put your research findings and insights into appealing language. For all these reasons, communications support can be a big help.
Without visibility, the most talented consultants remain unknown. That’s something for all firms to keep in mind. Having a communications strategy and support are essential to ensuring a steady stream of messaging and thought leadership goes out, defining your expertise and hitting the right audience. In an ever-more complex global economy, business needs your specialized capabilities. But getting yourself out there is hard. A dedicated, expertise-driven communications strategy tells an engaging story, reaches the right people and keeps the visibility going.
The most successful companies are strategic with the way they communicate. In fact, a corporate communications plan is crucial to build a stronger brand – for you or your company. Whether it’s a corporate communications plan, conference, or speaking opportunity, brainstorm with our team to learn more about how to shape your voice.
