A Breakdown of The Consulting Industry

The backgrounds and education of those who work in business or marketing consulting practices can vary, but generally, there is some correlation.

In this post, I explore seven typical consulting practices, as well as the relevant experience, education, and skills that are sought after.

Brand Strategy

Involves developing a company's brand identity, messaging, and positioning in the marketplace. This includes creating brand awareness, differentiation, and loyalty among target customers.

Consultants working in this area typically have backgrounds in marketing, design, or communication. They tend to have creative skills, as well as experience in market research, brand development, and messaging. They need to be able to develop and execute brand strategies that resonate with target customers, build brand loyalty, and differentiate their clients from competitors.

Key traits: creativity, storytelling, communication.

Business Transformation

Refers to a holistic approach to restructuring a company's operations, processes, and culture to improve performance and competitiveness. This typically involves organisational redesign, process reengineering, technology adoption, and culture change.

Consultants working in this area typically have backgrounds in business administration, organisational psychology, or engineering. They tend to have strong analytical skills and experience in project management. They need to be able to identify opportunities for improvement, analyse data, and work collaboratively with stakeholders across an organisation.

Key traits: analytical and problem-solving skills, strategic mindset, and leadership. ?

Change Management

Involves managing the people side of organisational change, including communication, training, and stakeholder engagement. This can include helping employees adapt to new processes, technologies, or organisational structures. This typically involves developing communication plans, training programs, and other tools to help employees adjust to new ways of working.

Consultants working in this area typically have backgrounds in organisational psychology, human resources, or business administration. They tend to have strong communication skills, as well as experience in stakeholder engagement, training and development, and organisational design. They need to be able to manage complex projects, facilitate communication between stakeholders, and support employee adoption of new processes or technologies.

Key traits: empathy, communication, and influencing skills.

Deal Advisory

Involves providing advice and support to companies during mergers, acquisitions, and divestitures. This can include financial due diligence, transaction structuring, negotiation support, and post-merger integration.

Consultants working in this area typically have backgrounds in finance, accounting, or law. They tend to have strong analytical and financial modelling skills, as well as experience in deal structuring and negotiation. They need to be able to assess the financial value of a transaction, identify risks and opportunities, and provide strategic advice to clients.

Key traits: attention to detail, numeracy, ability to work under pressure / to deadlines.

Growth Strategy

Involves identifying and pursuing opportunities for a company to expand its business and increase revenue. This may include industry analysis, market sizing, market-entry strategy, and new customer acquisition strategy.

Consultants working in this area typically have backgrounds in business administration, finance, or economics. They tend to have strong analytical skills, business acumen, and experience in market analysis. They need to be able to identify growth opportunities, develop strategic plans, and assess financial feasibility.

Key traits: analytical and critical thinking, business acumen, and communication.

Innovation

Involves helping companies develop new products, services, and business models. This may include ideation, prototyping, and testing of new ideas, as well as supporting commercialisation efforts.

Consultants working in this area typically have backgrounds in engineering, design, or business administration. They need to be able to generate new ideas, conduct market research, and develop business plans that support the commercialisation of new products or services.

Key traits: problem-solving, creativity, and collaboration.

Sustainability

Involves advising clients on how to operate their businesses in a sustainable and socially responsible manner. This can include developing sustainability strategies, conducting environmental impact assessments, and implementing sustainable business practices.

Consultants working in this area typically have backgrounds in environmental science, engineering, or business administration. They tend to have knowledge of sustainable business practices, experience in sustainability reporting, and the ability to conduct environmental impact assessments. They need to be able to develop sustainability strategies that align with client business objectives and comply with local regulations.

Key traits: analytical, relationship-building, and a passion for the environment.

Business Transformation and Change Management require individuals with strong leadership skills, who are adaptable, empathetic, and able to inspire and influence others. Growth Strategy and Deal Advisory require individuals who are highly analytical, results-oriented, and strategic in their thinking. Brand Strategy and Innovation require individuals who are creative, innovative, and able to think outside the box. Sustainability requires individuals with a passion for environmental stewardship, strong analytical skills, and the ability to engage stakeholders in sustainability initiatives.

Of course, these are just generalisations and individuals from diverse backgrounds and with a variety of personality types can excel in each consulting practice. It's important to focus on developing the necessary skills and experience, as well as finding a practice that aligns with your interests and goals.