Turning marketing into a force for good. 10,000 consultans reveal what channels do they rely on to boost their marketing.
This survey asked a humongous list of 10,000 consultants their favorite channels of marketing, what works for them and what doesn’t, what is the average value of a new client, how much money do they spend each year and how much do they earn. This is a fascinating study that comes with many extraordinary insights. It encompasses a plethora of statistics on how marketers spend and what their return on investment. The Marketing for Consultants Survey provides a clear advice on the best marketing channels.
Highlight and analysis
Networking and referrals are best marketing channels with the best return on investment. No its not cold calling, nor blogging, direct mail, email marketing or social media, the best way to grab more clients or orders are still old fashioned networking and referrals. Networking is by far probably the most powerful marketing technique to clinch new deals with sustenance. In this age of new age marketing, making meaningful connections and building enduring, mutually beneficial relationships still hold the key to success for organizations.
Hourly fee is not the best way to charge. It’s not even the second best. Consultants prefer to bill clients on project basis. I guess majority consultants do not like billing by the hour firstly because it limits earning potential and cannot be priced according to value. Secondly, for some projects, which cannot be quantitatively evaluated, it is difficult to accurately determine a realistic hourly estimate; and thirdly, customers can exactly estimate the cost and the project will not linger on and on. On the minus side, a big and complicated project may need a lot of negotiation where clients may not be aware of project complexities. Scope changes may need further negotiation.
Why people become consultants. The top reason is being one’s own boss. We can assume mostly consultants like to have more control and have their own rules. They run their business the way they like it and do not seek permission for implementation. The second most preferred reason is financial independence and opportunity to earn more.
Last updated on 18 Aug, 2019