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How to build a consultancy from the ground up?

 
#1 How to build a consultancy from the ground up?
13/03/2016 02:49

mk85

Hi all,

Off the bat, I know the chances of this succeeding are incredibly low (Leicester to win Prem League Low), and the reason why it won't work are many - but I am not interested in those, so if you wish to impart words of wisdom to save us future heartache, please do it silently..

We are noticing a shift in business culture. Charity is changing - before it was a nuisance, a reputational risk and marketing/commercial teams stayed away like the plague. This was yesterday.

Today, the smartest leaders are seeing it as an opportunity. To strategically align business objectives with their community investments (CSR). Put differently, to build a purposeful brand that has an identity consumers can be proud of.

Microsoft (no identity) vs Apple (purpose)

Black Taxi (no identity) vs Uber (purpose)

Our target market is ASIA (ASEAN) and have already worked with clients like AirAsia, DHL (both small level engagement) and want to attract new clients that seek to gain traction in EMEA and new markets.

The purpose of posting this is to ask if there are any experienced MC's who can give practical advice on how MC's chase new business and what sort of titles ultimately can sign-off on bringing in a MC contract?

We will be cold contacting all clients.

Any help much appreciated,

Mark

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#2 RE: How to build a consultancy from the ground up?
15/03/2016 09:52

mk85 to mk85 (#1)

Silence really is golden - good know to know how to introduce an elephant - 'offer an original thought'

If fear had a face it could be called MC...

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#3 RE: How to build a consultancy from the ground up?
15/03/2016 12:14

Phil to mk85 (#1)

How to chase new business, potential routes to market etc will all depend on the sector / niche you are targeting and expertise you are providing. Could you please clarify what your offering will exactly be?

What you described sounded to me as brand/image building, which is quite a different market to management consulting (it sounds more akin to PR / advertising work). Without revealing anything confidential, could you please give an example of an engagement you recently completed? It would help in understanding exactly in which market you are competing

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#4 RE: How to build a consultancy from the ground up?
15/03/2016 13:35

Mr Cool to mk85 (#2)

So......

You specifically ask us all NOT to offer any negative comments and instead hold our silence because you don't want to hear any negativity.

Now you are calling us chicken for not responding?

I'd say its pretty clear that all those who read you post assumed it to be the random rambling of a 14-year old who's doing a school project on "management consultancy" and took you at your word and simply stayed silent.

Here's all the negative stuff you'd rather not hear (but I'll share rather than be thought of as scared!)

1. Charity is changing - before it was a nuisance. No it wasn't. Corporate's have been sponsoring charities for years and these have almost always had some sort of resonance or positioning with the corporate brand values. You're conflating your personal discovery of something with the idea that it had never previously existed.

2. Microsoft (no identity) vs Apple (purpose) = You're dismissing Microsoft as having no identity?. Uber? Now you're just mentioning trendy unicorns in a way that might suggest you're idea is a future one. What on earth are you actually saying?

3. Our target market is Asia. Er, that's about 60% of the global population. Not sure that counts as a target market.

4. Experienced MC's who have sold new business? Yes, quite a few I suspect (myself included).

5.What sort of titles can sign off bringing on an MC contract? It rather depends on the contract value, the nature and the duration, the brand, the day rates, the company policies - the variations are almost endless. It would be easier to ask which titles generally won't have the authority to sign-off.

Management consultancy is quite possibly one of the hardest things to sell. Many great sales people from software, technology, and other sectors struggle with the ethereal nature of selling a service that is most often in demand when the task has never been done before, and yet the first qualifying question is "what is your firm's experience of this exact task"

Almost NO management consultancy engagements in a corporate environment come about from cold calling. They are almost always as a result of an introduction and years of relationship building.

I think there is significantly more chance that Leicester are going to win the premiership.

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#5 RE: How to build a consultancy from the ground up?
15/03/2016 14:26

marsday to mk85 (#1)

Translation..

Off the bat, I know the chances of this succeeding are incredibly low

...but please invest your time and effort in convincing me that an exercise I myself feel designed to fail will be successful.

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#6 RE: How to build a consultancy from the ground up?
15/03/2016 21:48

Camster to Mr Cool (#4)

Management consultancy is quite possibly one of the hardest things to sell. Many great sales people from software, technology, and other sectors struggle with the ethereal nature of selling a service that is most often in demand when the task has never been done before, and yet the first qualifying question is "what is your firm's experience of this exact task"

Almost NO management consultancy engagements in a corporate environment come about from cold calling. They are almost always as a result of an introduction and years of relationship building.

I think there is significantly more chance that Leicester are going to win the premiership.

+1

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#7 RE: How to build a consultancy from the ground up?
15/03/2016 21:48

Camster to Mr Cool (#4)

Cool,

I wouldn't bother with this person. A waste of time.

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#8 RE: How to build a consultancy from the ground up?
15/03/2016 23:10

Frio to mk85 (#2)

Silence really is golden - good know to know how to introduce an elephant - 'offer an original thought'

If fear had a face it could be called MC...

You certainly have the lack of self awareness and more than enough arrogance for a MC.

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#9 RE: How to build a consultancy from the ground up?
16/03/2016 13:13

Mr Cool to Camster (#7)

Camster,

True, but often my inclination to respond is driven more by my personal boredom level than the value of the question.

Yesterday I was on a global conference call listening to umpteen PMO explaining how to manage a RAID.

Yaaaawnn.

I think this forum needs some sort of boredom outlet for such eventualities...

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#10 RE: How to build a consultancy from the ground up?
21/03/2016 02:14

mk85 to Mr Cool (#9)

now we are talking!

Thank you folks;

Sorry for my silence - I am in Dubai to enlist gulf money for a better world so a little off the radar..

Most comments was very useful (highly appreciated), some amusing and the others, well - we're all troubled in some way and apply serval vices for validation..

First comment - yes, we are looking to offer an integrated communications strategy to corporates. Let us keep on the Football theme, Barclays for example are ahead of the curve;operationally, they are homogenous - a bank. The same as thousands others. Unglamorous and untrusted.

As a brand, they are innovators. They have linked their commercial (premier league) investments with community investments (their CSR is sports for a better world). In Thailand there is TMB - this is cute, even it 100% unauthentic (might want headphones) - https://www.youtube.com/watch?v=jU4oA3kkAWU

Another example of a shift - look at Chevrolet FC. From £600M Man Utd Commercial investment to taking the poorest children to be mascots http://www.chevroletfc.com/

For a more bottom-line example, there is Danone Grameen. It goes like this; Danone is expensive and can't be afforded by poor children in Bangladesh. But Ex CEO loves the idea of business doing good, so, Danone created new product, high nutritional content, low cost. - They increased their market whist tackling malnutrition in poor communities...

Finally for all those who do not see the future before it exists - in 2006, premier league naming rights were worth a total of £3 Million. Today they are worth £80M. Now, for all you Russell Group intellects, I'm sure you can work that out as a percentage..

As for 'little chance of success' - that's the essence of life, to fight even when odds are against you.

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#11 RE: How to build a consultancy from the ground up?
27/05/2016 06:40

ZenDream to mk85 (#10)

Did you just vomit words into the text box?

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#12 RE: How to build a consultancy from the ground up?
02/06/2016 11:35

francescagiles to mk85 (#1)

Starting a successful consultancy takes 3 things: a good idea, the right amount of capital, and the creativity. However, while many entrepreneurs have those tools, they lack the patience and tenacity to actually see the consultancy through to its success. After a few obstacles, account losses, and financial struggles, many entrepreneurs quickly give up in order to avoid catastrophic failure.

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#13 RE: How to build a consultancy from the ground up?
02/06/2016 11:58

marsday to mk85 (#10)

I am in Dubai to enlist gulf money for a better world

Until the Gulf states start acknowledging basic human rights those words don't belong in the same sentence.

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