| Consulting services in the decade ahead |
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The elite
players
Nevertheless, there
are always opportunities
and some will always
find a way to thrive.
Who are these likely to
be? For what services
will clients still want
to pay premium fees?
1. Those whose
value-propositions are
niche/specialist
have generally
outperformed the
generalists, as long as
their customer market is
thriving. We can expect
this trend to become
more pronounced in the
years ahead, as indeed
it already has in the
US.
2. But perhaps the
most significant
differentiator will turn
out to be those who can
produce cost-effective
“value in advance”
i.e. the very act of
engaging with them is
compelling ... even
before any formal
contract is signed. For
example, their up-front
assessment provides
insights and
opportunities that go
far beyond
client-expectations.
3. Those who can
offer early (and
guaranteed) return on
investment will have a
clear advantage over
those who can’t. A
three-month programme
will be massively more
attractive than a
three-year one.
(However a three-month
module delivering real
value may well yield a
three-year engagement,
or longer)
4. Assertions and
testimonials will no
longer be enough;
everyone suspects these
are written by the
advisors and simply
approved by friendly
clients. Those who can | |
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| | provide evidence of
value will be at a clear
advantage.
5. Firms who offer
real marketplace
insights and news in
their keep-in-touch
systems will thrive. On
the other hand,
opinion-pieces and bland
tips will be less
interesting and will be
discarded.
Decision-makers will be
taking active steps to
insulate themselves from
internet-marketing e.g.
shielded email
addresses. This turn
means that keep-in-touch
will need to be done
more by one-to-one
contact than in the
previous decade.
6. The
“quasi-coaching” habits
of consultants exploring
what we want, in order
to then supply it to us,
will be questioned.
There is increasing
demand for those who
arrive
ready-briefed,
already on the
starting-blocks to add
value ... as opposed to
requiring an extensive
“sharing of experience
in order to see if we
can work together”.
This does not mean than
consultants won’t ask
context-questions; but
they will first have to
earn the right to do
so.
7. Given the
difficulties of
promotional marketing,
and the fact that
decision-makers won’t
even be receiving pieces
like this ... far less
reading them ... there
is increasing reliance
on traditional personal
introductions and
recommendations.
Professionals who know
how to “cultivate
referrals” in an
artful and elegant way,
(as opposed to the “who
do you know who ...”
tactics of many IFAs),
will be able to reduce | |
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| | their cost of sale and
still open doors.
However, they still will
need to run the gauntlet
of points 1-4 above.
8. Those who master
the use of “rich
language” , (e.g. vivid
metaphors) have always
had a daily advantage
over those who present
in concepts and
abstractions. “Doubling
the harvest” is probably
better than “increasing
productivity”. This
skill will become more
important in the years
ahead as tolerance of
long presentations is
eroded, and demand for
laser-communication
strengthens.
9. In every field,
the elite do not promote
themselves; they are
promoted via third
parties. This is as true
in the professions as in
the arts and in
politics. It follows
that those professionals
who master the art (and
science) of
strategic-alliance
building will have a
clear advantage over
those who are doing
their own prospecting.
It’s ok to blog your
own stuff ... but it’s a
hundred times more
effective if others are
doing it for you. If
they are doing so with
vivid metaphors, so much
the better.
Further
information
John Niland is
presenting at the
Top-Consultant.com
conference Sink or
Swim – can you adapt to
the harsh new consulting
environment? on 23rd
March. There are only a
few weeks left to
register. Click
here for more
information. | |
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