Triumphs and Trade-Offs : Consulting through an Economics Lens

Fresh out of my post-graduate program, I ventured into the realm of strategy consulting, which, at first glance, appeared markedly distinct from my academic roots. However, it didn't take long for this role to reintroduce me to the core principles of trade-offs and opportunities, and their ever-evolving nature reaffirmed my conviction that I was at the right place.

Economics is sometimes dubbed the "dismal science”, but it offers illuminating insights when applied to the realm of strategy and management consulting. It has not only equipped me with the technical proficiency to apply a range of skills spanning econometric modeling, data analysis, and statistics, but it has also empowered me to apply its principles to my daily operations. These principles have proven invaluable in managing my time effectively and interacting with C-suite clients, among other aspects of my work.

In one of my projects, I was tasked with formulating a go-to-market strategy for financial services within the gaming industry. Here, I drew inspiration from behavioral economics to generate innovative ideas for designing a debit card tailored for gamers. By framing strategies using loss aversion and offering limited-time discounts, we proposed nudging users to make the most of savings opportunities. Providing curated game recommendations aligned with choice overload reduction helped users make informed decisions.

In another project, while working on pricing analytics to optimize a client's strategies, concepts like price elasticity and regression models returned to the forefront. I also realized the value of game theory models in understanding competitive industry dynamics. Applying game theory not only helps anticipate competitors' actions but also guides the development of effective response strategies for clients.

Each day spent on a consulting project feels like the best kind of challenge. We have the opportunity to deliver the most impactful outcome within a defined period of time. Prioritizing tasks is a daily exercise and has an opportunity cost. Each day, this mindset helps me make decisions that yield the most significant benefit for our clients. Economics concepts extend far beyond our day-to-day tasks and shape the very core of how consultants approach and resolve complex business challenges.

As I tackle these unique business challenges at Kepler, I'm continually pushed to step beyond the confines of conventional frameworks, delve into creative thinking, and seek unconventional solutions for each hurdle I encounter. As I continue to navigate the dynamic world of strategy consulting, I'm reminded that the powerful synergy of Consulting and Economics will keep guiding me through complex challenges and help me shape innovative solutions.

To learn more about the work and team at Kepler Cannon, head over to our website .