Market Strategy
Some consulting services have longer periods between resales than others. For example, if your business is tax preparation, your service is longer term and you'll be helping the majority of your clients annually. If your consulting business advises homebuyers, the life cycle may be three to five years before your current client buys another house.
The repurchase term of your service and related products is important to your marketing strategy. It will help you develop a business design that will ensure your clients have what you offer when they need it.
Sustaining Sales
Many businesses ensure themselves against erratic selling cycles by offering secondary products or services that help maintain income during the “off-season.” Tax preparers offer year-round recordkeeping services. Real estate agents develop referral business to supplement repeat client sales. Product-based businesses offer related services that clients need.
What strategy should your consulting business use to sustain sales? Will you develop an automatic service renewal system? Will you contact existing clients during slower seasons and seek additional or referral sales? Your consulting business design should include the specific goals and steps needed to ensure that what you sell is being offered to the greatest number of prospective clients.
Strategizing SWOT
As you design your consulting business, you should review this analysis and develop specific strategies for taking advantage of these internal and external business factors. The following is an example of strategizing a time management consulting service around its strengths, weaknesses, opportunities, and threats.
STRENGTHS
Owner's varied organizational experience in corporate and residential environments
Owner's acquaintance with many individuals in the local corporate world
Office strategically located in the geographic market
Low operating overhead
Competitive pricing structure
WEAKNESSES
Start-up company with no track record
No individuals, as yet, identified to fill positions requiring specific organizational skills
OPPORTUNITIES
Professional organizers are a relatively new professional in the targeted geographic market
The Internet is increasingly becoming a primary source for seeking goods and services
Population and economic census data indicate existence and continued growth of the specific types of office and residential clients we will target
THREATS
Some competition may react with lower price ranges
Competitors will promote existing client base and experience
Continued recession in the region may cut into total potential client base for all competitors
Make sure your market analysis considers the SWOTs of your business and those of your competitors. With it, you can proactively prepare for your business's marketplace.
