Key Advantages for High Growth Consulting Firms: Part 2 (Marketing & Strategy)
The recently completed 2022 Hinge High Growth Study revealed four key advantages that stood out for successful high growth consulting firms vs their no growth peers. These advantages included: technology, talent, marketing, and strategy. Today, we take a look at two of those advantages: marketing and strategy. And here’s a link to part one in case you missed it.
Let’s take a look into how marketing and strategy play a role for high growth firms:
41% of high growth firms said that creating content was the top marketing priority for 2022. In our recent webinar: 4 Key Advantages of High Growth Consultancies, Kelly J. Waffle, Managing Director of Hinge Research Institute explained that the key reason for content creation being the leader is still around differentiation. It’s important for consulting firms to be able to differentiate their services and gain a competitive edge in the market. The fastest-growing consulting firms have known for years the important role that high-quality content creation plays in marketing and establishing them as credible thought leaders.
Counterintuitively, the fastest growing consulting firms spend 33% less money on marketing than their no-growth peers. It seems these consulting firms have cracked the code, spending a smaller percentage on marketing and getting better results. Their ability to be efficient comes from a strong investment in strategy and having a systematic approach to using the most efficient marketing tactics to reach their buyers at every touchpoint in their buying journey. Furthermore, their investment in automation tools allows them to measure ROI more quickly and accurately.
Learn the Secrets of High Growth Consultancies
2022 Hinge High Growth Study: Consulting Edition
In research presented by Kelly it became clear that smaller firms are focused on competitors and a changing demand profile. However, the high-growth firms are focused on how to analyze and improve processes and deliver more value to their clients. For example, High Growth firms do more research on their target audiences.
Similarly, their greater focus on automation maturity likely reduces their concern around its potential as a threat. 38.2% of high growth firms that participated in the study stated that they wanted to learn more about workflow & process automation this year. During the 4 Key Advantages of High-Growth Consultancies webinar, we posed this same question to attendees and the results mirrored the study, with 37.5% of the attendees noting that workflow and process automation was a top area of focus in 2022.
So how do you put the data to work?
Take the time to access what your firm is doing in these categories. Watch our on-demand webinar to learn more about these advantages, and download the Hinge High Growth Study: Consulting Edition to use as your guide to transforming your consultancy into one of the fastest-growing in the industry.
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