Data: Consulting Buying Process is Changing
Consulting Firms Need to Adapt to New Buyer’s Journey
From a global trend perspective, some research indicates that many clients halted, postponed, or reduced projects this year to the point where consulting revenue could be reduced by as much as 15% in North America, 28% in Europe, and 12% in Asia Pacific. This reduction means billions of dollars in lost consulting revenue around the world. Even when clients are spending money, the way they look for and evaluate consulting firms is changing. At the same time, the traditional business development approaches that consultants have been using are becoming less and less effective.
On top of these industry-altering trends, add a global pandemic and a rapidly growing competitive marketplace–and it is easy to see the stress and uncertainty that many consulting firms are experiencing,
Fortunately, there is a way to cut through some of this uncertainty and gain some real insight into what buyers of consulting services think today and where the trends are likely to take both consulting buyers and sellers in the future. The Hinge Research Institute has released a special consulting industry version of its breakthrough study of professional services buyers and the firms that they hire. It’s called Inside the Buyer’s Brain: Consulting Firm Edition.