Consulting vice president at NTT Data and teacher at Cornell University.
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Consulting organizations face many challenges today, not the least of which is the age-old question of how to spotlight their menu of services. For any consulting organization to sell its capabilities and products, it must create a multi-sensory "showroom floor" experience for its customers and consumers.
Most consumers are decision-making-rich but time-poor. Executive consumers, especially, have the authority to determine if they will buy from you, but their schedules typically do not allow them time to figure out your capabilities. It's vital to get these people's interest quickly.
To increase your sales, you must respect your consumers' time by getting your abilities to where your customers can interact with your capabilities and products; doing so can also be a perfect way to build a customer experience that will lead to brand loyalty. More than satisfaction with a product is required to guarantee sales or a continued commitment to your organization, your company needs loyal customers to see long-term growth.
So, where do you begin? Start with deciding what capabilities and products you want to showcase. Car manufacturers have brilliantly situated a superior automobile in the showroom with the marketing thought that makes the consumer believe that if that Chevrolet Corvette has all that slick design, performance and technology, the Chevrolet Malibu I am thinking about purchasing must have a lot of those things, too. The better product creates a brand association that makes one feel better about other lessor products.
Think about your healthcare. Wouldn't you feel better about a healthcare system with an operational AI clinical component or a well-established genomics service line? If they can address the most complicated items or have the most current technologies, you'll have more confidence that they can handle your episode of care.
From an operational standpoint, you need a solid capability to go to market. There are several questions you must be able to answer. For example:
• Is your capability or product tested, has it gone through quality assurance, and can it be used?
• Remember, this takes a holistic approach. Is your entire organization—executives, marketing, sales, customer support, development, manufacturing, accounting, HR, compliance, etc.—aware of the product launch and ready to handle questions or requests from customers or the general public?
• What support is available after the sale that will impress the consumer?
• Do you need any partner or co-opetition support to sustain your product?
You will need to conduct a market analysis to ensure that customers' needs and what they consider value are addressed. Ask yourself: Is your capability or product meeting marketing dynamics and trends? Can you define what makes what you have unique? Is your organization promoting or growing your brand's image positively? Are your capabilities and products creating a better future for the consumer? How do your capabilities and products make customers feel better about things and promote their image?
You will need to be careful with your marketing selection. A standard item companies often overlook is defining their ideal customer profile (ICP). Your company's ideal customer profile defines the perfect customer for what your organization's capabilities and products solve. It would be best if your organization had a clear understanding of your customer's buying history, what they are saying about specific items, what they are currently interested in and what they are trying to build.
Additionally, understanding your marketing mix will allow you to ensure that product pricing is aligned well with your capabilities and products' value. Your company must also understand the geographically hot areas from which your customers hail. You must create sales and marketing materials to promote your brand and the customer's image.
To align your capabilities and products to your ideal customer profile, your organization must understand what it takes for customer acquisition and retention. Here are a few recommended metrics:
• What is your annual recurring revenue (ARR)?
• What is the customer acquisition cost (CAC)?
• What is the lifetime value of your customers?
• Are new quarterly customers and new annual recurring revenue accelerating month over month?
• Is the company growing efficiently?
• What is your churn rate, and what is the root cause?
• What is your customer retention rate, and what is the trend analysis?
• What is your customer acquisition cost payback period?
A final thought: Does your organization have innovation centers, media showcases, an avenue such as a store or live website that allows for live interactions (think about how interactive sites such as eBay, Reverb or Esty are with customers), executive briefing centers or the ability to have a roadshow? Roadshows have proven an outstanding way to bring your brand to the consumer, especially when they cannot reach you.
This article is the first in a two-part series. I'll include information on customer growth, staffing, publicity and marketing, sales responsibility, and additional metrics in a future article.
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