This is the first in an occasional series on trust in particular industry verticals. This post looks at the consulting industry.
In consulting, some things are changing. And some are not.
The biggest trend is, of course, the digitization of the firm’s service offerings. For example, nearly three quarters of one large consulting firm’s HR practice consists of moving processes into the digital age. Naturally, firms increasingly put more emphasis on technical qualifications of their consultants.
Another change, nearly as big, is the shift in business development practices (this one isn’t unique to consulting). Depending on who you talk to (Marketing Blender, Gartner), something like 50-60% of the buying process is complete before the buyer meets a seller. This number is only going higher. Naturally, firms focus increasingly on managing that non-personal-contact front end of the business development process.
However, the critical role of interpersonal relationships is not going away. Paradoxically, the increasing role of technology and automation does not mean that the role of relationships is decreasing – in fact, it means exactly the opposite. Here’s why.
On the project side, expertise is a commodity. The markets for human capital are efficient, and widely accessible. On the business development side, virtually no client wants to buy a significant project without understanding, and meeting, the people who will staff it.
This is an important fact of human biology. Reducing the time spent on human interaction merely increases the leverage that such time has on final decisions. Those infrequent interactions take on geometrically more importance as their duration declines.
The implication for consultancies? The ability to rapidly and genuinely create trust with clients is more critical than ever. You don’t have the luxury of schmooze time to establish comfortable relationships; it’s got to be done deeply and quickly, and done right.
Trusted Advisor and Trust-Based Selling workshops, are aimed at this need. 60% of our work is done in various professional services clients, with consulting a heavy component.
For a discussion about these issues, drop me (Charles Green, CEO, Trusted Advisor Associates) an email at cgreen-at-trustedadvisor-dot-com. You’ll not go onto an email list; there are no automated follow-ups; no cost, no obligation. Just let’s talk.