The word disruption seems to be the new norm when discussing just about anything related to technology, ways of working, business models, organisational culture and structures. Despite this, the consulting industry has remained relatively unaffected by disruption. It has, however seen the rise of many niche consulting firms that are looking to compete with the bigger and more established consulting houses.
In this blog article I will explore a few key characteristics of the niche consulting firm and highlight the value of working with one.
1. You matter
A smaller client base means that you get the focus you deserve. Relationships and word of mouth recommendations are very important from a marketing point of view. As a result, they deliver an excellent customer experience and solutions that give rise to valuable business outcomes. As a client, you represent a significant portion of the company’s revenue. This means the entire company knows and understands your needs, and works together to satisfy them. Every single customer matters. You matter!
2. Agile and entrepreneurial
An entrepreneurial mindset gets things done, and decision making is quick. Flexibility and creativity is expected of everyone, meaning that the company can respond to customer needs at short notice. A creative mindset extends beyond simply meeting customer needs to enhanced abilities to surprise and delight clients. The company needs to keep a pulse on the market and cannot afford to rest on their laurels. Delighting existing customers is as crucial as identifying new opportunities for growth. This means that the company is aware of new and emerging market trends, and can share valuable insights with you.
3. Direct contact with owners
The company views client engagements as partnerships and every partnership matters to the owners of the business. As a result, you are not only in contact with the consultants but have direct access to the owners. They focus on achieving your goals and exceeding your expectations, ensuring the whole team is engaged and representing your needs within the internal company context. The consulting team can tap into the knowledge and experience of the owners, as and when required, meaning they have a wealth of knowledge at their fingertips.
4. Expertise and focus
It is not possible to compete with large consulting firms and offer services that span the entire breadth and depth of the consulting spectrum. It is however possible to compete within specific areas, where the expertise and focus of the company means they bring knowledge, experience and best practice within the field. Consultants have a deep understanding of the topics, a focus on the domain and are masters within their area. Being small means that consultants know each other well and can easily and quickly leverage the expertise within the organization.
As digital continues to transform the world at an ever-increasing pace, new business models are emerging where niche players come together to provide compelling end-to-end service offerings to the market. Each sticking to their strengths but providing the customer with a single entity to engage with. This business model allows niche players to start competing with the traditional consulting companies across a wider range of services, while retaining all the benefits of working with a niche consulting company.
We would love to hear what you think and understand your needs further, so let’s begin the conversation today.