The Big Comeback In Management Consulting in Q3 and Beyond!
Perseverance. The ability to come back stronger after a setback remains a defining characteristic of success. Few know this better than champion golfer Tiger Woods, whose decades-long career has featured injuries, surgeries, and scandal. After coming back to win the 2018 Masters Tournament, Woods said, “I had serious doubts after what transpired a couple years ago. I could barely walk. I couldn't sit. Couldn't lay down. I really couldn't do much of anything...To have the opportunity to come back like this, you know, it is probably one of the biggest wins I've ever had for sure because of it.”
For management consulting, the current challenge is much the same—to find a path to success following the drastic setbacks presented by COVID-19. Here we will look at current industry trends and outline a 4-point plan to help management consulting businesses transform adversity into opportunity.
Industry Trends
According to an April 2020 IBISWorld industry report, the management consulting industry is likely to experience a short-term slowdown during the COVID-19 crisis, as clients postpone or cancel major projects or planned investments. Limitations on air travel will curtail in-person meetings, contributing to the trend. And a recent study by Source Global Research predicted a 20% slowdown and profit margins are down 10.6% in management consulting during 2020.
But some news is more encouraging. IBISWorld sees a rebound in management consulting opportunities as stressed businesses see an increase in mergers and acquisitions. Also, the increased use of communications technology during stay-at-home orders has changed the way businesses regard their workforces. The post-COVID world will likely see trimmed in-house staff, more consultants working remotely, and a greater reliance on digital marketing strategies to generate and qualify leads. There’s no coincidence that there’s an immense sales shift in digital consulting and cloud computing services.
Choosing a Path Forward
The COVID-19 crisis has dramatically altered the U.S. economic landscape with temporary shutdowns, extreme layoffs, and business travel restrictions. But the recovery is already underway—and the road ahead, from a sales perspective, begins here.
Ask yourself a few simple questions…
• What is my business doing to adapt?
• How is my organization creating and nurturing customers during the crisis?
• What strategies can I use to help my clients better identify and connect with prospects?
• Am I making the best use of digital (big data, SEO, etc.) enhance customer relationships and boost marketing success?
Now is the time to think BIG about ways you can support existing clients virtually.
Takeaway: Our Actionable - and feasible - 4Cs Solution
We’ve come up with 4 key points you can use to help your management consultancy, not only to weather the current economic storm but to come back stronger afterward.
Collect Data
From our experience in working with consultancies, most companies don’t keep sales data on their clients and rarely make optimal use of the Customer Relations Management (CRM) system that they’re afforded. With a CRM system or database intelligence, this should take 40 to 60 hours. And if your company doesn’t currently have a CRM, it is in your interest to invest in one. CRM systems can help you collaborate with your team, schedule virtual meetings, and stay ahead of the numbers.
We’re fans of Zoho’s CRM because of the low cost and very easy setup as well as the intuitive use to get started. Salesforce is the obvious choice if you have a budget for the system and hiring a systems analyst. Adaptability is key.
Clean Your Database
When the COVID crisis ends, a lot will have changed, and you are going to want a clean database free from dead leads and prioritized for warm and hot prospects.
Call Prospects
Maintaining a consistent touch point with prospects is vital. But with so many working remotely, staying connected can be a challenge. Try sending an email as a way to set up a call. For example, if you’re in the field of supply chain consulting, you could introduce yourself by outlining the services you’ve provided to others in the industry.
Create New Entry Points
If you lack a crisis management entry point, now’s the time to develop one. Many of your clients are likely still operating in crisis mode, creating a critical window now for you to help them get recentered.
As the economic environment moves beyond COVID, agility and adaptability will likely remain critical to management consultancies worldwide. Making the most of communications technology and digital marketing strategies now can lay the foundation for long-term success and growth.
—————-
Do you need help with your inside sales strategy execution for b2b sales with b2b lead generation? InsideOut can help you at any step in the process above and more. Email cris@insideoutsalesgroup.com or call 770-776-8579.
Souce: IBISWorld Management Consulting in the US Industry Report 54161, April 20, 2020 • Thumbnail image of cheese by JESHOOTS and Tiger Woods mmage by David Mark from Pixabay