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Pricing in the consulting industry: How do you compare?
A key element of growing your consulting firm is keeping ever-vigilant watch over your competition...who are they? What space do they occupy? Why do they attract – and retain – the same clients you aggressively pursue? What marketing and sales strategies do you need to put in place to guard against competitive inroads and help secure a profitable, leadership position?
The bedrock of competitive analysis includes having a solid grasp of competitor sales and marketing practices - especially the fee structures, discounting guidelines, pricing approaches, and overall pricing models that can spell the difference between champion players and the also-rans.
With the Fees and Pricing Benchmark Report, you will learn exactly what the pricing landscape looks like in the consulting field, including:
- Common pricing challenges that threaten your ability to get the fees you deserve
- Discounting norms, including how often consulting firms discount their rates and by how much
- Critical factors that have influenced pricing increases and decreases over the past two years
- What consulting firms see happening in the next two years regarding their fees and prices
- The distinctive differences between premium and bargain price consulting firms
- Consulting firms' profitability levels and analysis of the most profitable firms
- Pricing strategies premium-price firms, brand leaders, and profit leaders employ, including details of what they do differently than their competitors
Plus, this research provides a median hourly rate index by consulting specialty:
- IT Services and Consulting
- Management and Strategy Consulting
- Operations Consulting
- Human Resources and Organizational Development Consulting and Training
And, by level of professional:
- Highest-level professionals (principal, senior partners, C-level managers, etc.)
- Upper-level professionals (VPs, newer partner, etc.)
- Advanced-level professionals (directors, experienced professionals)
- Mid-level professionals (managers, several years of experience, post-MBA, etc.)
- Entry-level professionals (new associates)
The Fees and Pricing Benchmark Report will allow you to measure your pricing strategies against the competition and determine if and where you may be leaving money on the table.
It will also provide keen insight into what the leaders in your industry are doing differently to stay ahead in a crowded market space.
The report includes special attention, analysis, and commentary for the following subsets of firms:
- Premium-price firms: Those firms who charge higher fees than the rest
- Profit leaders: Those firms who report higher profits than the rest
- Brand leaders: Those firms who are better known
- Price increasers: Those firms who have increased their prices over the last two years
Table of Contents
Section 1: Introduction
Research Highlights
Recommendations
Section 2: Pricing Strategies
Introductory Service Pricing
Going Rates Pricing
Value-Based Pricing
Cost-Plus Pricing
Fixed-Fee Pricing
Hourly or Daily Fees
Contingent or Incentive Fees
Retainer Fees
Section 3: Pricing Tactics
Challenges in Pricing Decisions
Average (Median) Hourly Billing Rates
Discounting
Competitive Pricing
Service Guarantees
Section 4: Premium-Price Firms
Competitive Positioning
Pricing Challenges and Decision Factors
Pricing Strategies
Hourly (Median) Billing Rates
Change in Annual Revenue in the Past Two Years
Discounting
Profitability
Reputation Reach
Section 5: Profit Leaders
Which Firms are Earning a Profit?
Pricing Challenges
Pricing Strategies
Discounting
Future Change in Pricing
Competitive Pricing
Annual Revenue and Profitability
Reputation Reach
Section 6: Brand Leaders
Pricing Strategies
Hourly (Median) Billing Rates
Annual Revenue Growth
Profitability
Section 7: Price Increasers
Changes in Fees and Pricing
Pricing Challenges and Decision Factors
Section 8: Larger and Smaller Firms
Pricing Challenges and Decision Factors
Pricing Strategies
Section 9: Firm Demographics
Industries Represented
Role Within Company
Regional Location of Office
Portion of Revenue Coming from New Clients
Section 10: Methodology
Data Collection
Analysis
About RainToday.com
About Wellesley Hills Group
About the Authors
About the Report Sponsor - Deltek
This report is sponsored by:
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