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We Asked Experts: Are you taking any steps to modify current contracts, alter your business model or create new revenue streams?
Finding new revenue streams is more important than ever to the success of your Consulting business. We asked consulting experts from firms of all sizes: “Are you taking any steps to modify current contracts, alter your business model or create new revenue streams during the pandemic”. Here is what they said:
“We are not modifying contracts, as that is difficult to do as most of our clients are Fortune 500 or Government. We are rolling out customer engagement plans, such as giving our staff $50/month to do “something nice” for our clients or sending out Working from Home Survival Kits to our key customers. We have launched two new “free” services and accelerated the launch of our new Managed Platform Services offering to our clients. We are also launching an Information Technology Economic Impact survey to help clients understand the marketplace.”
“Yes, we have had to reassess our client experience - everything from altering business models and payment terms to modifying service packages and delivery. Approaches that worked well six months ago are not getting the same engagement now. In some cases we have had to adjust pricing or add new benefits to proposals. We use our own research to help us stay on top of perceived value.”
“Like many organizations, there have been major changes to our approach towards our clients, especially those highly impacted by COVID-19. We have pivoted to COVID-19 solutions specific to each industry and sector. Additionally, we have looked to bring our clients together and connect them where supply can meet demand. For example, we are actively bringing together clients in the travel in hospitality industry who have excess capacity in the call centers together with our clients who need the additional capacity.”
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“Now is a great time to slow down, re-evaluate processes, sharpen existing skillsets, and learn new ones. Clients are looking for novel approaches to solve their problems, and now is the time to stand out from other service providers “going with the flow”. I am investing time and resources into new mediums such as podcasts and blogs to help me tap into new clients and markets.”
“Regardless of your business, you should do two things - pivot to your clients' needs and serve an under-served market. The value that your business offered before is likely very different than the value you can (and should) drive today, so if you want to continue to see success, you have to seek out that need and pivot your business, if only temporarily. But...how? The question on everyone's minds is, "How do I sell in this new market?" Your relationships are more important than ever, so it's time to get creative. One of the things I've built for my clients is take a group of about eight individuals who all sell to the same exact buyer, but don't know each other and don't compete. This has allowed these people to exchange ideas about their companies and effectively sell on each other's behalf. Think of creative ways that you can do the same. Corporate giving is more important than ever and now that I have more time I’ve doubled my pro-bono work as a way to give back and to inspire others to do the same. ”
And speaking of Revenue …
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