Here is the 60th edition of my newsletter. In it, I'm addressing a question that has been at the top of the mind of many consulting businesses: "A recession is coming, what now?" I've noticed a shift over the past few months in the tone of many firms – wary and anxious. However, as I will explain today, it really shouldn't be.
So I hope you can find a moment to disengage from your emails and calls, and read my newest experiences and short stories.
As always, I hope I can create a bubble of calmness with my bi-weekly ‘think piece’, a place of stillness in the face of everyday stress. A chance to reflect on what really matters in your consulting work.
Enjoy reading,
Luk
Client Discussions
Client questions and case studies from the consulting frontline.
With a recession looming, consultancies must revisit their positioning right now
A recession is looming. We see it all around us as well – both as consumers and businesses. Inflation is rising, contracts are getting put on hold or canceled altogether, gas prices continue to climb, and so on.
Here’s the thing, though. A recession is not all bad news for businesses – certainly not for consulting businesses. It is a shock to the system, but, if prepared accordingly, it can propel the growth of a consulting firm.
Consultancies that have relevant skills and pivot towards the upcoming needs of their market will be able to use the systemic shock to discover new lucrative opportunities and grow their business.
And it all starts with aligning consulting positioning perfectly with the upcoming priorities of clients and prospects.
Over the past couple of years, I’ve been working with consultancies on how to leverage their expertise to add value to their clients.
However, the one thing that an overwhelming amount of this work has been coming down to is positioning. It is such an important foundational element that nothing else matters until a consultancy gets this part right.
Marketing and business development strategies will not produce consistent results. The consultancy will play catch-up, trying to win clients by lowering fees and sending dozens of follow-up emails.
I spend a lot of time and energy explaining to consultancies that buyers can't find them if they are not visible. More specifically, I focus on the importance of educating the audience. At the foundation of that audience education content is the positioning of that consultancy. It determines how others perceive the consultancy and all of its external messaging. Well, research certainly backs up why consultancies need a strong positioning to frame all their efforts – this is how buyers find them.
The top 3 methods of finding consulting firms in 2022 are: asking peers/colleagues for a recommendation, doing a general web search, and listening to an expert speak on a topic.
If a consultancy doesn't have a clear positioning, past clients will have difficulty explaining what the consultancy does to their peers. Without a clear positioning, all content will lack a strategy, meaning Google will place this firm's website on page 45. Without positioning, speaking engagements will fail to communicate the one thing that the consultancy excels at and the very real pain points its resolves for clients.
Positioning – how clients discover and buy into the promise of a consultancy starts here.
🅾️ Assessing the Consulting Firm's Market Positioning
Many consulting firms make the same mistake – rushing to pitch their services without putting enough effort into their positioning.
It always seems so counter-intuitive to me. It makes growing a consulting business so much harder, such a poor positioning.
Without a strong market positioning, you do not have a proper framework to organize your priorities, client work, and business development. Moreover, your target market has no clear idea of what you do, how you do it, and why what you do is of value.
I can help you assess the consulting firm's strengths and the areas for improvement. So take a piece of paper and a pen and return to the drawing board. Get the foundation right, and the rest will follow.
My assessment takes you through a rigorous process of diagnosing, researching, assessing, and comparing the touchpoints that connect your consultancy with your ideal audience for the years to come.
If you don't assess your positioning every 2 to 3 years, you might have missed a few things on the market.
🅾️ In-company business development workshops for consultancies
Are you seeking help to build and grow the foundations for a solid business development footprint in consulting?
I can help with short virtual interventions, 2-hour virtual workshops, half-day or full-day classes (virtual or live in West Europe), or 2-day boot camps in a retreat format.
