About the Study<\/strong><\/h2>\nThe original Inside the Buyer\u2019s Brain<\/em> study was published in 2013 and provided the first comprehensive look at the differing perspectives of buyers and sellers throughout the entire professional services buyers\u2019 journey. The second version was released in 2018, followed by the 3rd edition in 2020.<\/p>\nThis year\u2019s study analyzes the consulting industry in detail, based on input from more than 300 buyers and 300 sellers.<\/p>\n
The 2022 study is organized around four questions that examine the key moments in a consulting services buyer\u2019s journey.<\/p>\n
Question 1: What are Consulting Buyers\u2019 Top Business Challenges?<\/strong><\/h2>\nMost professional services firms believe they understand the challenges their potential clients face. More often than not, they are wrong. The data below highlights the key areas where sellers either overestimate or underestimate their buyers\u2019 key business challenges.<\/p>\n![\"\"](\"https:\/\/hingemarketing.com\/wp-content\/uploads\/2022\/11\/IBB-Consulting-top-challenges.png\")
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Consulting firms underestimate buyers\u2019 challenges with the economy and pandemic-related issues. At the same time, sellers overestimate buyers\u2019 budgetary and financial challenges. One way you might use this data is to focus your messaging on how you can help current and prospective clients through these tough times.
\n<\/b><\/span><\/div>\n<\/div>\nDownload the Free Executive Summary<\/a><\/div>\nQuestion 2: How Do Clients Feel About Their Consulting Firm?<\/b><\/span>
\n<\/span><\/b><\/h2>\n<\/div>\n\nConsulting buyers’ willingness to recommend their current consulting firm reached an all-time high in 2022, at 80.7%. One explanation for this year\u2019s increase could be that firms\u2019 subject matter expertise, experience, staff skills and existing client relationships have raised their perceived value in the eyes of their clients. Buyers who benefit from the work of their firms are now more comfortable sharing their satisfaction with peers and colleagues.<\/span><\/p>\nAnother measure of buyers\u2019 perceptions is relevance. Unfortunately, relevancy ratings of consulting firms to their buyers\u2019 top challenges dropped significantly\u2014from 49.7% in 2020 to 34.9% in 2022. Relevancy is going to fluctuate depending on client needs, market conditions, and a firm\u2019s offerings. For example, during the COVID-19 pandemic, firms that provided solutions that addressed healthcare and supply chain issues were likely to have been seen as more relevant. A shift in your messaging\u2014or adding new services that address your audience\u2019s most important challenges\u2014could increase your perceived relevance.<\/p>\n<\/div>\n
\n <\/p>\n![\"\"](\"https:\/\/hingemarketing.com\/wp-content\/uploads\/2022\/11\/IBB-Consulting-relevancy.png\")
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![\"\"](\"https:\/\/hingemarketing.com\/wp-content\/uploads\/2022\/09\/2022-IBB-Consulting-200x200.png\")
<\/a>Research Report<\/h6>
Inside the Buyer\u2019s Brain, Consulting Edition<\/p>\nLearn More<\/a><\/div><\/div>\n<\/div>\n\nQuestion 3: How Do Buyers Evaluate Consulting Firms?<\/strong><\/h2>\nNurturing existing relationships is still essential to getting additional engagements for consulting firms. We\u2019ve noticed an ongoing shift toward subject matter expertise as the leading criteria for buyers at the early stages of the selection process. The graph below shows a 40% jump from 2020 to 2022.<\/p>\n
This is critical information for consulting firms who are looking to expand their ability to attract new clients beyond traditional referrals. An effective way consulting firms can demonstrate that subject matter expertise and relevant experience (the second most important criteria) is by publishing thought leadership pieces<\/a> and case studies on their website. Content like this helps your buyers feel confident that your firm is highly qualified to solve their key business challenges.<\/span><\/p>\n<\/div>\n![\"\"](\"https:\/\/hingemarketing.com\/wp-content\/uploads\/2022\/11\/IBB-Consulting-selection-criteria.png\")
<\/div>\nWatch the on-demand webinar, Aftermath: How Buyers of Consulting Services Have Changed Over the Past Two Years<\/a><\/div>\n\nQuestion 4: What is the Top Deciding Factor for Selecting Consulting Firms?<\/strong><\/h2>\nWhat\u2019s most important when actually selecting a firm? Four of the five top factors that tip the scale this year were also on the 2020 lists. However, the order has changed. \u201cExisting relationship\u201d has risen to the top and switched places with \u201ctalented staff\/team skills.\u201d<\/p>\n
As you explore these changes in your buyers\u2019 behavior, consider making expanding existing relationships a bigger part of your marketing and business development strategy<\/a>. Look for opportunities to recommend new projects to your existing client teams. Or encouraging your clients to refer you to other colleagues in their companies.<\/p>\n<\/div>\n
This year\u2019s study analyzes the consulting industry in detail, based on input from more than 300 buyers and 300 sellers.<\/p>\n
The 2022 study is organized around four questions that examine the key moments in a consulting services buyer\u2019s journey.<\/p>\n
Question 1: What are Consulting Buyers\u2019 Top Business Challenges?<\/strong><\/h2>\nMost professional services firms believe they understand the challenges their potential clients face. More often than not, they are wrong. The data below highlights the key areas where sellers either overestimate or underestimate their buyers\u2019 key business challenges.<\/p>\n\n
Consulting firms underestimate buyers\u2019 challenges with the economy and pandemic-related issues. At the same time, sellers overestimate buyers\u2019 budgetary and financial challenges. One way you might use this data is to focus your messaging on how you can help current and prospective clients through these tough times.
\n<\/b><\/span><\/div>\n<\/div>\nDownload the Free Executive Summary<\/a><\/div>\nQuestion 2: How Do Clients Feel About Their Consulting Firm?<\/b><\/span>
\n<\/span><\/b><\/h2>\n<\/div>\n\nConsulting buyers’ willingness to recommend their current consulting firm reached an all-time high in 2022, at 80.7%. One explanation for this year\u2019s increase could be that firms\u2019 subject matter expertise, experience, staff skills and existing client relationships have raised their perceived value in the eyes of their clients. Buyers who benefit from the work of their firms are now more comfortable sharing their satisfaction with peers and colleagues.<\/span><\/p>\nAnother measure of buyers\u2019 perceptions is relevance. Unfortunately, relevancy ratings of consulting firms to their buyers\u2019 top challenges dropped significantly\u2014from 49.7% in 2020 to 34.9% in 2022. Relevancy is going to fluctuate depending on client needs, market conditions, and a firm\u2019s offerings. For example, during the COVID-19 pandemic, firms that provided solutions that addressed healthcare and supply chain issues were likely to have been seen as more relevant. A shift in your messaging\u2014or adding new services that address your audience\u2019s most important challenges\u2014could increase your perceived relevance.<\/p>\n<\/div>\n
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<\/a>Research Report<\/h6>
Inside the Buyer\u2019s Brain, Consulting Edition<\/p>\nLearn More<\/a><\/div><\/div>\n<\/div>\n\nQuestion 3: How Do Buyers Evaluate Consulting Firms?<\/strong><\/h2>\nNurturing existing relationships is still essential to getting additional engagements for consulting firms. We\u2019ve noticed an ongoing shift toward subject matter expertise as the leading criteria for buyers at the early stages of the selection process. The graph below shows a 40% jump from 2020 to 2022.<\/p>\n
This is critical information for consulting firms who are looking to expand their ability to attract new clients beyond traditional referrals. An effective way consulting firms can demonstrate that subject matter expertise and relevant experience (the second most important criteria) is by publishing thought leadership pieces<\/a> and case studies on their website. Content like this helps your buyers feel confident that your firm is highly qualified to solve their key business challenges.<\/span><\/p>\n<\/div>\n<\/div>\nWatch the on-demand webinar, Aftermath: How Buyers of Consulting Services Have Changed Over the Past Two Years<\/a><\/div>\n\nQuestion 4: What is the Top Deciding Factor for Selecting Consulting Firms?<\/strong><\/h2>\nWhat\u2019s most important when actually selecting a firm? Four of the five top factors that tip the scale this year were also on the 2020 lists. However, the order has changed. \u201cExisting relationship\u201d has risen to the top and switched places with \u201ctalented staff\/team skills.\u201d<\/p>\n
As you explore these changes in your buyers\u2019 behavior, consider making expanding existing relationships a bigger part of your marketing and business development strategy<\/a>. Look for opportunities to recommend new projects to your existing client teams. Or encouraging your clients to refer you to other colleagues in their companies.<\/p>\n<\/div>\n
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Question 2: How Do Clients Feel About Their Consulting Firm?<\/b><\/span>
\n<\/span><\/b><\/h2>\n<\/div>\n\nConsulting buyers’ willingness to recommend their current consulting firm reached an all-time high in 2022, at 80.7%. One explanation for this year\u2019s increase could be that firms\u2019 subject matter expertise, experience, staff skills and existing client relationships have raised their perceived value in the eyes of their clients. Buyers who benefit from the work of their firms are now more comfortable sharing their satisfaction with peers and colleagues.<\/span><\/p>\nAnother measure of buyers\u2019 perceptions is relevance. Unfortunately, relevancy ratings of consulting firms to their buyers\u2019 top challenges dropped significantly\u2014from 49.7% in 2020 to 34.9% in 2022. Relevancy is going to fluctuate depending on client needs, market conditions, and a firm\u2019s offerings. For example, during the COVID-19 pandemic, firms that provided solutions that addressed healthcare and supply chain issues were likely to have been seen as more relevant. A shift in your messaging\u2014or adding new services that address your audience\u2019s most important challenges\u2014could increase your perceived relevance.<\/p>\n<\/div>\n
\n <\/p>\n\n
<\/a>Research Report<\/h6>
Inside the Buyer\u2019s Brain, Consulting Edition<\/p>\nLearn More<\/a><\/div><\/div>\n<\/div>\n\nQuestion 3: How Do Buyers Evaluate Consulting Firms?<\/strong><\/h2>\nNurturing existing relationships is still essential to getting additional engagements for consulting firms. We\u2019ve noticed an ongoing shift toward subject matter expertise as the leading criteria for buyers at the early stages of the selection process. The graph below shows a 40% jump from 2020 to 2022.<\/p>\n
This is critical information for consulting firms who are looking to expand their ability to attract new clients beyond traditional referrals. An effective way consulting firms can demonstrate that subject matter expertise and relevant experience (the second most important criteria) is by publishing thought leadership pieces<\/a> and case studies on their website. Content like this helps your buyers feel confident that your firm is highly qualified to solve their key business challenges.<\/span><\/p>\n<\/div>\n<\/div>\nWatch the on-demand webinar, Aftermath: How Buyers of Consulting Services Have Changed Over the Past Two Years<\/a><\/div>\n\nQuestion 4: What is the Top Deciding Factor for Selecting Consulting Firms?<\/strong><\/h2>\nWhat\u2019s most important when actually selecting a firm? Four of the five top factors that tip the scale this year were also on the 2020 lists. However, the order has changed. \u201cExisting relationship\u201d has risen to the top and switched places with \u201ctalented staff\/team skills.\u201d<\/p>\n
As you explore these changes in your buyers\u2019 behavior, consider making expanding existing relationships a bigger part of your marketing and business development strategy<\/a>. Look for opportunities to recommend new projects to your existing client teams. Or encouraging your clients to refer you to other colleagues in their companies.<\/p>\n<\/div>\n
Consulting buyers’ willingness to recommend their current consulting firm reached an all-time high in 2022, at 80.7%. One explanation for this year\u2019s increase could be that firms\u2019 subject matter expertise, experience, staff skills and existing client relationships have raised their perceived value in the eyes of their clients. Buyers who benefit from the work of their firms are now more comfortable sharing their satisfaction with peers and colleagues.<\/span><\/p>\n Another measure of buyers\u2019 perceptions is relevance. Unfortunately, relevancy ratings of consulting firms to their buyers\u2019 top challenges dropped significantly\u2014from 49.7% in 2020 to 34.9% in 2022. Relevancy is going to fluctuate depending on client needs, market conditions, and a firm\u2019s offerings. For example, during the COVID-19 pandemic, firms that provided solutions that addressed healthcare and supply chain issues were likely to have been seen as more relevant. A shift in your messaging\u2014or adding new services that address your audience\u2019s most important challenges\u2014could increase your perceived relevance.<\/p>\n<\/div>\n <\/p>\n Inside the Buyer\u2019s Brain, Consulting Edition<\/p>\nLearn More<\/a><\/div><\/div>\n<\/div>\n Nurturing existing relationships is still essential to getting additional engagements for consulting firms. We\u2019ve noticed an ongoing shift toward subject matter expertise as the leading criteria for buyers at the early stages of the selection process. The graph below shows a 40% jump from 2020 to 2022.<\/p>\n This is critical information for consulting firms who are looking to expand their ability to attract new clients beyond traditional referrals. An effective way consulting firms can demonstrate that subject matter expertise and relevant experience (the second most important criteria) is by publishing thought leadership pieces<\/a> and case studies on their website. Content like this helps your buyers feel confident that your firm is highly qualified to solve their key business challenges.<\/span><\/p>\n<\/div>\n What\u2019s most important when actually selecting a firm? Four of the five top factors that tip the scale this year were also on the 2020 lists. However, the order has changed. \u201cExisting relationship\u201d has risen to the top and switched places with \u201ctalented staff\/team skills.\u201d<\/p>\n As you explore these changes in your buyers\u2019 behavior, consider making expanding existing relationships a bigger part of your marketing and business development strategy<\/a>. Look for opportunities to recommend new projects to your existing client teams. Or encouraging your clients to refer you to other colleagues in their companies.<\/p>\n<\/div>\n\n<\/a>Research Report<\/h6>
Question 3: How Do Buyers Evaluate Consulting Firms?<\/strong><\/h2>\n
<\/div>\nQuestion 4: What is the Top Deciding Factor for Selecting Consulting Firms?<\/strong><\/h2>\n
![\"\"](\"https:\/\/hingemarketing.com\/wp-content\/uploads\/2022\/11\/IBB-Consulting-tip-the-scale.png\")
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