In 2010 we received a County Court Judgement for refusing to pay a consultancy firm its fees. The reason I made the decision not to pay the consultancy firm was this:
We hired the consultancy firm to produce a report on our prospects buying habits and conduct a competitive analysis.
In the first half of the report, all we received from them was information that there was a recession therefore many companies were not purchasing security. Bearing in mind that the security industry had not collapsed in fact the recession was a good thing for the security industry as crime sky-rocketed.Learn More
Marketing a specialist consulting service is easy nowadays if you know how to do it. The birth of social media and other internet marketing tools has made advertising and marketing cost-effective for the consulting community. So, before thinking about venturing into whatever kind of marketing efforts you have in mind, you should consider honing in on your skills and establish credentials in your chosen field. Business success depends on you working inthe area where you consider yourself an expert and an authority in your chosen field.
The best and the most effective marketing strategy for a consultancy business is delivering quality output to your clients. Quality output will enable clients to grow their business and receive the return on their investments in the shortest possible time. In turn, you will be able to establish yourself as the best choice among your competitors.
What are the important factors in marketing your consultancy services?
Effectively market your consultancy services by considering important factors. A great avenue for independent consultants to grow and develop personally and professionally is to take consulting skills training.
Below are the important factors in marketing your services:
1) Problem Identification
Make sure that the problem is clearly identifiedis understood by you and the client. Make a financial illustration of the problem so that it is more accurate and easy to define.
2) Solution Creation
Create a detailed proposal and recommendation to solve the problem. Clientsappreciate when you specify what, how, and when you will carry out the solution.
As an expert in your field, you are accountable for your decisions and the output of the project or problem assigned to you. Taking accountability will help you develop the trust and confidence of your customers.
How do you effectively market your consultancy services?
There are a lot of ways to market your consultancy business, but the challenge is whether or notthey will be effective. Marketing your services can be successful and economical if you follow the steps below:
1) Establish Your Consulting Services
- Decide what types of professional services you want to offer
- Describe each service in detail. Include the customer’s benefit, how you will do the job, and the price of your services
2) Categorize Your Target Market
- Make a profile of your target market and then categorize your market by small business owners, big companies, or those in the start up phase
- Collect information about your marketincluding sales, type of industry, size, office location and other beneficial information
3) Promote Your Services Using Social Media
- Build a blog or website for your business. List the services you provide and share tips and ideas related to your consulting business
- Create a Facebook business page so that you can advertise your activities and other relevant information
- Make a Twitter account and share information about your expertise
- Create a LinkedIn profile and join communities with the same field and business interest
- Produce video tutorials and share them on YouTube
- Submit write–ups or promotional articles to article directory sites
- Submit guest posts on business blogs
4) Grab Every Opportunity to Speak At Events
- Coordinate speaking engagements at events where you may find potential clients
- Talk about topics relevant to your expertise
- Video the event and post it to your blog or website. This will add value to your consulting firm
- Offer free one-on-one sessions to further discuss various topics with your potential customers
5) Join Professional Organizations
- Build your network by joining professional organizations related to your business interest
- Develop strategic relationships with businessmen and potential clients
- Hand out business cards or company brochures at meetings and business events
6) Advertise Using Print Media
- Place advertisements in the newspaper classified ads or business section
- Guest write for local magazines or business journals
- Create your own business magazine or brochure
7) Get Referrals
- Ask for referrals from previous or existing clients
- Encourage referrals from your online community and professional networks
- Request testimonials from happy and satisfied clients
They key to effectively marketing your professional services and building your name in the consulting industry is to give quality and reliable service to your customers. Prove to your customers that they are worth your time and investment.Learn More
An important part of starting your consulting business is setting the right fee for your professional services. Growing your business and earning reasonable profit is enhanced when you strategically determine your price. In addition, when you specialize in your field of expertise,you develop your business and establish yourself in the consulting industry.
A major aspect to consider when determining your consulting fee is the bottom line or net profit. Your professional fee should cover all the necessary expenses and give you enough profit to run your business smoothly.
What are the right ways to set your consulting fees?
The success in setting your consulting fees depends on the market and how you want to place yourself in the competition. Your fees can price higher or lower than your competitors. Make sure you consider all the important factors when setting your fees, including the well-being of your business.
Here are the different ways you can set your consulting fees:
This is the most ideal arrangement for consultants. Consultants are able to receive their full payment no matter the result of the project. However, this arrangement is risky to the client.
Independent consultants charge clientsbased on the number of days or hours rendered. This set-up is considered great for consultants because the cost increases if there is a delay.
3) Success-Based or Performance-Based
With this agreement, the fee depends on the success or performance of the project. Consultants are given a specific share or percentage based on the actual performance condition of the project.
4) Standard Market Rate
The consulting community has a standard rate for consulting services. The standard rate is beneficial for consultants and clients because there is a mutual understanding among both parties.
How do you set your consulting fees the right way?
Running your business and setting the costs ofyour specialist consulting services can be challenging. Through planning and strategizing (especially in the aspect of pricing your services), your business is in the position to be at the top of the consulting industry.
Below are the steps in setting the fees for your consulting business right way:
Step One: Research Information About the Consulting Industry
- Research information about the industry in general
- Familiarize yourself with the current standard rate for consultants
- Look at the price and service fees of your competitors
Step Two: Determine Important Factors
- Consider factors that will help you decide your fees
- Decide what pricing arrangement is most suitable for you
- Focus on the arrangement that will bring more profit to your business
Step Three: Compute Your Pricing Scheme
- Create different pricing proposals to use as guide when working with clients
- Set your fee according to your desired profit and projected expenses
- Consider holiday pay and bonuses for you and your staff
Step Four: Market Your Business Strategically
- Create marketing programs to send messages to your target clients
- Emphasize your achievements by organizing your portfolioLearn More