A Rising Tide Won't Float All Boats
Over the last couple of years, the advice business has been on a tear. Many consulting firms are enjoying double-digit revenue growth and client demand is showing no signs of cooling off, at least in the near term.
Isn't this a problem we want to have?
But a surging market, like a falling one, has its challenges. In a previous growth spurt, some firms became mere order takers and let their investments in marketing wither. Landing new work was as simple as it ever gets in the consulting business. When the tide eventually turned and clients reined in spending, those order takers were left with little new work in the pipeline.
No matter how strong demand seems, do not let up on your marketing efforts. Instead, consider ratcheting up your marketing initiatives to help you gain new, profitable clients and prevail over competitors.
For some consulting firms, a strong market encourages risk-taking. So don't be surprised to see new, well-financed competitors entering your market. These new entrants may not last long, but they can wreak havoc in the short term.
Making a strong marketing push, particularly if it's focused on growing your important client relationships, is a winning strategy to protect your market as demand grows.

