Consultants’ #1 Growth Blocker is Measuring and Proving Return on Investment (ROI), According to the 2019 Annual Consultant Report
The Predictive Index Uncovers That Consultants Feel Most Challenged to Win New Business and Build their Consulting Networks
BOSTON, Mass – June 10, 2019 – The 2019 Annual Consultant Report by The Predictive Index (PI)—leader in talent optimization—finds no two consulting offerings are the same, but uncovers the main challenge keeping consultants up a night: measuring and proving immediate ROI. Clients without a clear understanding of the potential value are less likely to hire or retain consulting services, making future consulting growth challenging.
“The findings of the Annual Consultant Report echo what we hear from our network of over 200 talent optimization firms: everyone wants to grow their business, and pairing strategy and people consulting are essential to driving business success,” said Rabih Shanshiry, Vice President of Partner Success for The Predictive Index. “To be successful, our partner consultants find that grounding proposals with measurable outcomes ensures clients feel confident they will see ROI—which increases growth and retention.”
1. Strategy and people consulting are king. Nearly 75% of respondents offer business strategy consulting, with people strategy consulting coming in at a close second at just over 60%.
2. Consultants spend over 50% of their time on business development, which cuts down on time spent interfacing with clients. On the high end, consultants spend 80% of their time focused on winning new business, with the low end of business development at 30%.
3. The biggest growth blocker for consultants is measuring and proving ROI to clients.
More than a quarter of respondents believe the main reason why clients choose not to hire consulting services is that ROI is too hard to measure.
4. Most consultants agree they can improve upon winning new business and building their networks. They are confident in their abilities and expertise, but nearly a third still feel challenged to win new business and build their consulting networks.
5. Edging out the competition and increasing revenue are the primary objectives. Nearly one third of consultants agreed that improving their competitive advantage in the market was a priority, with another third focused on increasing revenue growth.
In April 2019, The Predictive Index conducted a survey of 152 consulting firm owners, senior managers, middle managers, and individual contributors.
A copy of the Annual Consulting Report 2019, including charts, is available at: https://go1.predictiveindex.com/l/492541/2019-05-29/2xx3rg
About The Predictive Index
The Predictive Index (PI) is an award-winning talent optimization platform that aligns business strategy with people strategy for optimal business results. Sixty years of proven science, software, and a robust curriculum of insightful management workshops make PI the solution for any company looking to design great teams and culture, make objective hiring decisions, and inspire greatness in their people anywhere in the world. More than 7,000 clients use PI—including Nissan, Citizens Bank, DocuSign, Subway, 47 Brand, Blue Cross Blue Shield, and Omni Hotels—across 142+ countries. Learn more at http://www.predictiveindex.com/.
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