COVID-19 IMPACT:

Management Consulting

Industry Update: 06.07.2020

Vertical: Management Consulting
Type: B2B
Covid Impact on Demand: Positive
Covid Impact on Ability to Supply: Negative
Viable Transition/Readjustment: Yes

We’re just ordinary people.

The business world now recognises that pandemic conditions are here to stay.

SoPro have direct access to several hundred B2B marketing operations, spanning 60+ verticals. In recent weeks we have seen major movement in global sentiment, shifting from defensive tactics to proactive strategy as realisation sets in.

We are now witnessing the largest and most complex change management project in the history of humankind.

The worlds businesses are rapidly readjusting to compete in a new world. Here’s how.

Management Consulting, what are we seeing?

The pandemic’s impact on the management consultancy sector has varied by industry and client type, though broadly speaking, our management consultancy customers are expecting anything between a 7% – 30% fall in annual revenue.

Various project types are on hold or pulled altogether, product and service development projects are few and far between, strategic development and brand identity projects are currently not a priority, nor are system upgrades and general maintanaince projects, in fact very few firms are hiring, merging, acquiring or rolling out significant initiatives right now. Even product launches are being delayed. On the contrary, technical restructures, organisational pivots and general COVID response initiatives are currently driving much of the current consulting requirements. Cost saving remains on the agenda where applicable.

What do these businesses need to do now?

1. Adjust your business targeting

We are seeing our management consulting customers adjust their targeting to counter-balance any fall in client demand and attract new enquiries or briefs.

Small to mid-size firms are still in scope for pivot support, while larger less flexible brands can be seen struggling with the establishment and optimisation of new distributed/remote operating models. In essence all sectors remain in scope, but the message has changed drastically to match the needs of each industry segment and company size bracket.

2. Review your marketing channels
MARKETING CHANNELS VIABILITY
B2B Direct Mail

NOT VIABLE

Paid Search

PARTIAL VIABILITY

Tradeshows and Exhibitions

NOT VIABLE

Awards Circuit

NOT VIABLE

Word of mouth

PARTIAL VIABILITY

Social Media

PARTIAL VIABILITY

Digital Outreach i.e. B2B prospecting

VIABLE

3. Revise your proposition

Position your consulting expertise in a context of being the path to overcoming the COVID downturn and continued adversity. That could mean helping larger firms implement and finesse the new business as usual operating models… or it could equally mean helping smaller firms quickly reposition to support exactly what the current market needs.

It could mean helping those in historically offline sectors to migrate to online business models, or it could mean helping a medium sized firm cost save it’s way out of a closure scenario. The permutations of potential support requirements are many, but the crux here is to understand the target business and it’s exact COVID challenges, then position your offering as the first stepping stone on the path to full recovery in the face of those current barriers. That is genuinely the help that businesses need right now so stick to the message and your proposition will be well received.

4. Revise your messaging

Revise messaging to set out how your proposition directly contributes to overcoming the current challenges. COVID specific case studies are a hot topic and are proving very useful right now. If you have online content that prospects can read or watch, then make sure it’s readily available.

Consider flexible or appealing commercial terms if you can. Consulting services are considered valuable but expensive, given the increased price sensitivity associated with the pandemic it makes sense to be as creative as you can be with reduced or deferred pricing where possible.

5. Drop the experts a line

At SoPro, business growth is what we do, and we've got the tech and team to quickly generate a healthy pipeline for your business. Our expert team are ready to discuss your campaign today.

Watch Our Video Case Studies

“One of the great things about working with SoPro is the dedicated team of professionals we have at the other end of the phone... For us, there really is no question. Having a prospecting service is vastly more beneficial than just having the tool. Put simply, it’s transformed our business.”

Nick Washington-Jones, Managing Director, Tack UK

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