The Five Ages of Marketing For Consultancy Firms
Today, I want to discuss the five stages of marketing your consultancy practice. From my experience with hundreds of consultancy firms and my own practice, I've identified five distinct ways consultancy firms market their services. These stages align with the historical ages of growth: Stone Age, Agricultural Age, Industrial Age, Information Age, and the Conceptual Age. Let's explore each of these in detail.
1. The Stone Age
In the Stone Age, firms operate mainly because they have the necessary qualifications, credentials, and experience. They offer commoditized services with a basic brochure-type website that simply states who they are and what they do. These firms have little to no social media presence and lack content to inform potential clients about their services. They usually seek any client they can find, leading to highly competitive pricing and low profitability. Their work is often dictated by clients, resulting in scope creep and underpricing. Stone Age marketing relies heavily on networking events, referrals, and cold outreach, making it a constant struggle for these firms to thrive.
2. The Agricultural Age
In the Agricultural Age, firms promote specialized services but still have a limited online presence and content. Their websites promote their services and credentials. The biggest problem with this type of website is that it has no relevance to target clients and does not connect with them on an emotional level, which is what is required for any type of decision making.? They serve a broad range of clients, which can lead to problematic service delivery and scope creep. These firms typically operate in a competitive pricing environment and win sales through proposals. Often the selling process that goes with agricultural age marketing is one-to-one and it's very transactional. Their work is often client-dictated, making them operate more like servants. Referrals and networking remain their primary sources of new business.?
3. The Industrial Age
The Industrial Age introduces some level of differentiation. Firms promote unique services and focus on branding to stand out from competitors. They have a more professional website and a modest social media presence, though the content often focuses on the firm rather than client problems. These firms have a targeted client profile and streamlined service delivery. Again selling here tends to be one-to-one and transactional.? For the client, it’s often about? getting the best price for a project rather than entering into a relationship with a provider who would be the best? choice for their long term needs.?
In this type of marketing, the aim is to get customers to buy on name recognition and brand loyalty.? But for most small and medium sized firms, advertising to achieve these aims is far too expensive. Because there is little educational content provided to support the buyer’s journey, sales processes require high-level skills, making it difficult for owners to delegate. Most client conversion work happens during the sales process, necessitating skilled salespeople, often the owners themselves.
4. The Information Age
In the Information Age, firms adopt a thought leadership approach, offering specific solutions to a targeted market. With information age marketing, there's been a shift to a customer focus.? They generate leads through content marketing on their website and social media. Education-based marketing and sales funnels are used to solve client challenges. This client-focused approach creates marketing assets that nurture leads proactively. Information age marketing is interactive.? It's personalized marketing driven by technology and data.
Marketers can use different messages for various stages of the buyer’s journey.? ?Clients buy through being educated about their needs and trust the solution is the best fit for their needs.? The business model is lucrative, allowing for higher pricing than previous levels, but it isn't highly scalable or saleable.
5. The Conceptual Age
?In conceptual age style marketing, there's been a shift to a values focus.? This comes with client care and relationships with customers being the focus. They have a strong online and social media presence, providing immense value to their target market throughout the buying journey, which leads to firms become the accepted authority in their market. This strategic marketing approach generates consistent and predictable leads through a systematic use of social media, websites, CRMs, and authority content. Value is provided by educational marketing to build trust, from the need awareness stage, through initial purchase, to the point of client advocacy and beyond.
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Conceptual age marketing takes market sophistication to a new level, where the communication ceases to be one way, but involves the client throughout the whole system and offers real value to them all the way.? Sales become easier due to high demand and targeted marketing. These firms offer specific solutions at high price points with minimal competition, allowing them to be selective about clients. Delivery is systemized and leveraged, making the business model highly scalable and saleable.
Conclusion
Evaluate your firm's current stage in this marketing spectrum. Are you in the Stone Age, Agricultural Age, Industrial Age, or perhaps the Information Age? The ultimate goal should be to build an accepted authority marketing system, which is key to achieving success and scalability in your consultancy firm. Most consultancy firms I encounter are in the Agricultural or Industrial Age. While some adopt thought leadership successfully, only a few reach the ultimate level of being an accepted authority.
Take some time to assess your marketing approach. Which age are you operating in? Make the necessary changes to transition towards becoming the accepted authority in your market. This is the only approach that leads to scalability and saleability of your consultancy practice. If you need guidance on becoming the accepted authority in your market, feel free to reach out.
Connect with me on LinkedIn or visit my website at businessflightpath.com. Let's discuss how you can accelerate your journey to the Conceptual Age of marketing and transform your consultancy practice.
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Watch or listen to Episode 89 of The Accepted Authority Podcast where we discussed, "The Five Ages Of Marketing For Consultancy Firms"
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Learn more about how to grow your consultancy firm without creating more headaches. In Cracking The Code I reveal the 7 step system I have used to start, grow and sell 3 professional service firms, without being stuck in the centre of the business, freeing me to enjoy the freedom and prosperity many business owners desire.
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