In a slow Turnaround Industry, TM Consulting firms may want to consider an “all of the above” strategy for generating revenues including the deployment of supplemental marketing and sales advisory services.
Recently, and over a 10+ year period, these services proved pivotal for a prominent TM firm in helping them to win multiple long term, incremental engagements.
While this TM firm won these competitive cases for several reasons including their reputation, rapport and overall pricing, some clients specifically mentioned that it was the marketing and sales force effectiveness platform presented during the pitch that was the pivotal factor in their decision. Specific reasons cited included:
- The positive outlook presented includedthe potential for improved top-line performance as a point of differentiation
- The firm with top-line advisory was the only firm that addressed the clients perceived most pressing need – the need for more revenues
- The firm’s presentation was the only one tailored to the specific strategic issues of the client and not only to the TM firm’s own credentials
The marketing and sales capability for the firm was also key to converting from basic financial assessment and cash flow projects into more profitable, long-term implementation projects. Some examples:
- A project with an initial scope of 4 weeks and 4 consultants mushroomed into a 6+ month marketing, sales, operations and investment banking project for 7+ consultants.
- A similar 4-5 week general assessment project immediately identified $2-$3 million in new monthly top-line revenue opportunities for the client and led to a nearly 2 year implementation project with up to 10 consultants working simultaneously.
- In a case that lasted more than 1 year, the client itself asked the TM firm to stay on and implement an initiative which built sales by focusing on sales force effectiveness initiatives.
The primary challenges for TM firms to deploy these services are: learning how to have supplemental resources available when needed, how to use them during a pitch process and on case work, and how to deploy them profitably.