There’s a preferred saying that “time waits for nobody”—and that appears to be very true for consulting companies. The obtrusive dynamics of yesterday have continued to evolve and opened up new challenges and alternatives.
Final yr in 2021, when the Hinge Analysis Institute performed our annual Excessive Progress Examine in partnership with Deltek, consulting companies—like all different skilled providers companies—have been caught up within the monumental wave of uncertainty launched by the COVID-19 pandemic. However in 2021 consideration shifted. Concern from over 450 research members demonstrated a change in sentiment away from concern in regards to the future and towards a must take motion and implement new technological options to handle future development.
It’s for the aim of figuring out and reporting such wholesale adjustments that the Hinge Analysis Institute conducts this Excessive Progress Examine yearly. Every year the research examines and experiences on the precise methods and ways applied by the quickest rising skilled providers companies. We name these companies the “Excessive Progress Companies.”
On this article, we preview the 2022 Excessive Progress Examine: Consulting Version by outlining the 4 key benefits excessive development consulting companies realized on their path to development and profitability. By evaluating your agency’s advertising and operational practices to these of the excessive performers, you can begin modeling your organization after among the fastest-growing companies on the earth.
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Defining Excessive Progress Consulting Companies
A agency is categorized as a “excessive development” agency when it has a compound annual development price of 20% or larger over a three-year evaluation interval. What’s outstanding about excessive development consulting companies is simply how briskly they’re rising. In Determine 1 under, we see that top development consulting companies grew three and a half occasions sooner than their common development friends.
Determine 1: Median Progress Charge of Consulting Companies in 2022 Excessive Progress Examine
Not solely are the quickest rising companies far outpacing the no development and common rising consulting companies, greater than half of excessive development consulting companies have been additionally extremely worthwhile.
After all all companies wish to be counted amongst these realizing this sort of development and profitability. So what does the information reveal about these excessive development companies?
Key Benefit 1: Expertise
The information on excessive development consulting companies revealed that they’ve a big benefit with regard to their total adoption and implementation of enterprise software program and automation merchandise. We describe this within the survey as automation maturity and ask members to rank their companies on a scale of 0 (no automation) to five (optimized).
Determine 2 reveals that top development consulting companies reported greater ranges of automation maturity in all three classes we studied: common enterprise software program, core enterprise software program, and advertising/gross sales automation.
Determine 2: Automation Maturity (Excessive Progress vs. No Progress)
Excessive development companies have the largest benefit in core enterprise software program that’s on the coronary heart of supporting service supply. Apparently, workflow and course of automation is the #1 subject that the majority companies wish to study this yr. The excessive development companies are already there.
The expertise and software program trade was the one different section we studied the place excessive development companies confirmed such an intense benefit in all three automation maturity classes. That is one other indicator of the central position such software program options play.
Key Benefit 2: Expertise
Other than the pandemic, one other subject dominated headlines in 2021: The Nice Resignation. This development was mirrored on this yr’s Excessive Progress Examine. If there was a battle for locating and retaining high expertise previously, that battle intensified severely in current months. Consulting companies are on the middle of this struggle, however excessive development companies have a bonus.
Contributors within the 2022 Excessive Progress Examine rated their agency’s total ability stage on a scale of 1-10 in quite a lot of totally different ability units. Excessive development companies constantly outperformed their no development friends in key areas. Determine 3 reveals the highest 5 advertising methods the place excessive development consulting companies have the biggest benefit over their opponents.
Determine 3: Advertising Operate Ability Ranking
Key Benefit 3: Advertising
Discovering how excessive development companies market themselves has at all times been on the coronary heart of the Excessive Progress Examine—and this yr’s research dives deeper than ever into uncovering the specifics.
One main change this yr was how content material creation returned to its high spot because the primary advertising precedence of excessive development companies. The quickest rising consulting companies have recognized for years the necessary position that content material creation performs in advertising their experience. They know that growing content material that addresses purchasers’ high enterprise challenges is vital to being a thought chief of their trade.
In the meantime, no development companies are prioritizing investments to atone for web site efficiency, gathering the precise analytics, and setting the precise advertising combine. These are all worthy investments. However except a totally automated advertising system is in place, many of those investments gained’t repay.
The excessive development companies as soon as once more are forward of the curve with a concentrate on creating high-quality content material that helps convey natural visibility to their web sites whereas additionally establishing them as a reputable thought chief. Determine 4 showcases the highest 5 advertising priorities of excessive development companies.
Determine 4: Prime Advertising Priorities of Excessive Progress Companies
The Excessive Progress Examine additionally requested members to measure their total advertising effort and influence from the 25 advertising methods they implement at their agency. When it comes particularly to advertising influence, as soon as once more we see some outstanding tendencies from excessive development companies. Determine 5 reveals the highest 6 advertising methods the place excessive development companies report seeing essentially the most influence from their efforts
Determine 5: Prime Most Impactful Excessive Progress Advertising Strategies
Two methods that stand out are key phrase analysis/website positioning and conducting and publishing unique analysis. Within the case of each of those methods, no development companies report considerably much less influence from their efforts—an indicator that one thing just isn’t working.
This yr’s Excessive Progress Examine probed additional on the subject of SEO (website positioning). We discover that key phrase analysis and website positioning methods are greatest utilized by consulting companies when they’re arrange as a software to assist potential purchasers discover their content material. A mistake we encounter very often is when companies describe website positioning efforts as a one-time funding—a set it and overlook it form of mannequin. Sadly, this doesn’t yield nice outcomes. website positioning requires ongoing focus to regulate to Google’s ever-changing algorithm.
And relating to the form of content material that top development companies discover essentially the most influence, unique analysis takes the highest spot. This aligns with the story that the Hinge Analysis Institute’s information has been telling for years—in a world filled with noise, unique analysis is essentially the most highly effective mechanism for growing thought management content material that can’t be discovered wherever else.
Key Benefit 4: Technique
The ultimate benefit loved by excessive development companies is within the realm of technique. The complete report focuses on the position that M&A had on the consulting trade together with the highest anticipated enterprise challenges of excessive development companies. However right here we spotlight what excessive development companies are centered on subsequent. In Determine 6 we present the highest 5 matters and tendencies that top development companies are fascinated by.
Determine 6: What are Excessive Progress Companies Targeted on Subsequent?
The highest response from excessive development companies was workflow and course of automation—which is sensible, contemplating what we talked about above in regards to the struggle for high expertise. Excessive development companies are totally conscious of the continuing battle to seek out and retain proficient crew members. So what position can expertise play in filling the hole? How can present utilization charges be optimized? That is the main target of the excessive development companies—and by a reasonably important margin.
Placing the Knowledge to Work
After a yr of turbulence and uncertainty, the brand new regular is taking form. And the excessive development consulting companies aren’t ready for troublesome market circumstances to go earlier than they implement change. Quite, they’re working to remain forward of the curve and make the most of the facility of expertise and automation instruments to assist them obtain spectacular development charges with out sacrificing profitability.
As we’ve discovered from conducting this research for seven consecutive years, {the marketplace} strikes quick. So maintaining with the perfect advertising and enterprise improvement practices has by no means been extra necessary. You need to use this information to assist your agency navigate the alternatives forward. And when you want some help, you should definitely attain out to us right here at Hinge.
