Consulting Firm Competitive Landscape and Client Demographics

Part
01
of two
Part
01

Competitive Landscape - Major Consulting Firms (Marketing)

In order to market their products Accenture, Deloitte and McKinsey acquire creative agencies. Bain and BCG marketing its product using promotions.

KEY FINDINGS

  • According to research, Accenture, Deloitte and McKinsey spent $1.2 billion on agency acquisitions.
  • Accenture spent $1.3 billion on its advertising and design space called Accenture Interactive.
  •  Deloitte spent $144 million to acquire creative agencies including Swedish firm Acne.
  • Accenture spent $1,026 million to acquire agencies. McKinsey spent $17 million on agency acquisitions.
  • McKinsey together with other consultancy firms including IBM and KPMG spent a collective $59 million on acquiring advertising and creative agencies.
  • "Bain and company promote itself through relevant corporate media and communications. The company is one of the top consulting companies, with a great track record and illustrious alumni who are leading big MNCs today. Clients of the company have shown up to 10 times increase in profits and growth in their value by 496% within 9 years. Bain has a great reputation which has been made by the value it provides. Word of mouth among top companies and CEOs are the top contributors to its promotion."
  • Bain and Company marketing its product using promotion.
  • BGC spends $69.3 million on promotion.

RESEARCH STRATEGY

We searched through each company's official websites and publications related in order to provide a detailed analysis comparing the top five consulting firms' marketing strategies. We have been able to provide the marketing strategy and money spend on each of the listed companies except Bain and Company. After a thorough research, we found that Bain and Company did not disclose their expenditure on advertisement.












Part
02
of two
Part
02

Competitive Landscape - Major Consulting Firms (Published Insight Articles)

After an exhaustive search through credible sources, it appears that information on how the top five consulting companies leverage video content creation, data, and analytics in their marketing operations is unavailable in the public domain.

USEFUL FINDINGS

Accenture

  • To effectively market themselves among clients and possible new customers, as well as to arouse the executives that usually select them, Accenture Digital set up a 65-foot audiovisual Cube which showcased deeply engaging 360-degree video experiences to 160 politicians and CEOs in attendance at a PR event.
  • It also issues blockchain application marketing videos to alert audience members of how Accenture permits brand-new commerce abilities on smart devices worldwide.
  • In terms of leveraging data and analytics as marketing tools, Accenture markets around its comprehension of analytics tool sets across reporting, cross-channel attribution, implementation, optimization, and data transformation and management.
  • Those who work for Accenture Marketing's analytics team must comprehend the significance of thorough analytical decision-making and the connection of assignments to the entire operation. Also, they should have the capacity to take on projects "in the context of a marketing/retail business performance improvement initiative."

McKinsey

  • In terms of video content creation capabilities, McKinsey has used its YouTube channel to post videos and market its offerings. One such video on the impact of the 'digital disruption wave' is provided has 8,400 views to date.
  • McKinsey also leverages video content to promote its offerings around digital reinvention.
  • In leveraging insight articles on the use of data and analytics in marketing, McKinsey highlights its capabilities relating to "translating data into business value," generation, collection, and refining data through various articles.
  • Digital analytics techniques and technologies used by Digital Marketing Associates at Mckinsey include marketing data marts, attribution platforms, Omniture, etc.

BCG

  • In terms of leveraging video content creation, BCG also uses its YouTube channel to post videos marketing the importance of their services. One such video is titled 'Data-Driven Marketing Approach is Driving Growth for Leading Marketers,' which has garnered 912 views since March 2019.
  • Such video content is also employed by BCG on its corporate website, promoting its services and guaranteeing effective messaging.
  • In terms of leveraging data and analytics capabilities, BCG uses its insight articles to showcase the following:
---How their data scientists work with the experience and expertise to convert "raw data into business insight."
---How they utilize advanced software and tools to facilitate quick data integration, optimization, visualization, discovery, and prediction.
---How they leverage their creative location-based data on customer preferences and purchasing behavior.

Bain

Deloitte


Research Strategy:

Our research began by searching through corporate publications from Accenture, McKinsey, BCG, Bain, and Deloitte, which included their knowledge and article repositories, annual reports, corporate and investor filings, media releases, etc. We aimed to identify their marketing strategies, and how they leveraged their capabilities around video content creation, data, and analytics in their marketing operations. Although practical examples of them utilizing video content explaining their services were available on their sites, no insight articles were divulging their strategies around it. Similarly, these companies are large, multinational consultancies dealing with numerous clients, and the articles on leveraging data and analytics targeted potential clients instead of the company

Since the request asked how the mentioned areas were leveraged in the areas of marketing operations, we looked into marketing case studies, or marketing initiative articles in sources such as Marketing Week, Adweek, Adage, and HBR, as well as case studies and reports published by AdVids, Event Marketer, etc. We aimed to find articles detailing how the companies leveraged video content creation, data, and analytics as part of their marketing strategy. Although we found some event or case-based examples of such leveraging, they were mostly reporting on specific event-based cases, which would not qualify as comprehensive insight articles.

To find insights on the companies instead of their offering or takes on other businesses, we observed interviews of the company executives. For this strategy, we identified C-level executives with titles such as CMO, VP of Marketing, etc., of these companies from sources such as LinkedIn. We then searched for their interviews on CNBC, MSNBC, Business Insider, Forbes, Fortune, WSJ, etc. We wanted to find their take on specifics around video content creation, data, and analytics. However, the interviews we found discussed market trends, end-user requirements, company solutions, etc., rather than combined insights on how they map solutions against each of the end-user specifications.
Sources
Sources

From Part 02
Quotes
  • "An analyst in Accenture Marketing Sciences – Marketing Analytics understands the importance of sound analytical decision-making, relationship of tasks to the overall project, and executes projects in the context of a marketing/ retail business performance improvement initiative."
Quotes
  • "To drive home that difference among clients and potential new customers who often can’t tell one digital consulting company from another, and to influence the executives who typically chose their consultant agency, Accenture Digital determined a p.r. event would be the most effective way to make its message heard. But this was no ordinary p.r. event. With a 65-foot audiovisual Cube used both inside and out as a stage, and immersive 360-degree video experiences, Accenture was able to wow the 160 ceos and politicians in attendance—and win new business in the process."
Quotes
  • "We all know Accenture as a consulting company but how many of us are aware of its cryptocurrency and blockchain solutions. Its solution harnesses blockchain, distributed ledgers and cryptocurrencies to allow new commerce capabilities on smart devices anywhere in the world. The blockchain application marketing video shows how the Accenture allow new commerce capabilities on smart devices anywhere in the world"
Quotes
  • "Experience with digital analytics techniques and technologies (e.g., Omniture, attribution platforms, marketing data marts) would be a plus"
Quotes
  • "By taking a data-driven approach, smart marketers can achieve a whole new level of growth, increasing revenue by 10% or more. BCG helps leading marketers to grow by deploying the right data and cutting-edge tools. Notable success stories include Diageo, L’Oreal, and Starbucks. Learn what success looks like for them—and what it might mean for you."
  • "BCG’s Marketing, Sales & Pricing practice works with companies to transform their commercial strategies and create truly customer-centric platforms for growth. We help our clients embrace revolutionary opportunities that redefine the future of marketing, sales and pricing functions to strengthen customer relationships and meet continually-rising customer expectations."
Quotes
  • "Bain & Company started posting videos on YouTube 9 years ago! That’s a long time, and kudos to them for getting on trend of Video Content Marketing so early on. Most companies, even those that are focusing on marketing have only recently made the jumped in the last few years."
  • "They post around 10 videos every month or more than 2 videos a week. That’s a great number of videos, probably more than the average company has the bandwidth to post in terms of content, but looking at Bain’s channel gives you lots of cool ideas on what type of content you can cover."
  • "One reason companies find Video Content Marketing intimidating is because they don’t think they have enough ideas to produce content regularly. Take a look at Bain’s channel and get inspired! There’s definitely not a shortage of content ideas. They already have more than 700 videos posted and the counter keeps growing fast!"
  • "And each video gets on average about 1,000 views. That’s around 10% of their subscriber base, which is pretty typical to get that many views organically from your subscribers."
  • "The beauty here is that these 1,000 views are from highly qualified and engaged clients or prospects. So you don’t need millions of views to get results. For Bain, if they get 1 call from a client asking them about digital transformation, that can lead to a multi-million dollar engagement."
  • "If you take a look at Bain’s channel, leave a comment below with your thoughts or observations and what you learned about Video Content Marketing."