Market Data, Not Product Data, Makes or Breaks Our Upcoming Consulting Deals
Not all data is created equal. We must find those giving us maximum leverage.
1-Man consultants are expected to be at the forefront of our industry niche, right?
Maybe, you do not think so. That is fine. But do your clients expect that from you?
If so, you must. Access to market, economic, and product data allows us to stay up to date.
I must add that fresh data, especially those only you have, will tilt the decision needle towards you.
Take, for instance, the following.
- How the industry we are consulting is performing today
- The upcoming trends shaping the industry for the next 5 years
- Identifying products and services that were once good to have, are now in hot demand
I can go on and on about different categories, genres, and data types necessary for our work. But this is the problem.
We are suffering from an exponential data explosion. Digital transformation across the board has enabled machines, sensors, software, hardware, and human beings to contribute to data creation at an unprecedented level.
Don’t believe me? Just type a query into Uncle Google.
This is the critical question for 1-Man consultants. What types of data help us grow our 1-Man consulting practice?
Why Product Data Alone Does Not Influence Our Clients to Buy Our Consulting Services
The answer is obvious.
Because we know the data is skewed to our advantage. That is why we spend time constructing it in the first place.
Your consulting client knows it too. That is why they will listen and not sign a contract with us, no matter how convincing we sound.
And I have one question for you.
What is your download rate for your Thought Leadership pieces, product whitepapers, articles, market leadership reports, and market competition analysis?
Next question.
What is your sales conversion rate like?
5%? 8%? 10%? 15%? Or 25%?
If that happens to be you… do one thing. Take a chill pill.
Allow me to explain further.
Product data tells people the following.
- How good the product is
- How much better is our product when compared to others
- What we promise to deliver in our consulting service package
It is subjective. And it can be selfish.
Because we are focusing on ourselves. We are telling the world the following.
- I am darn good. Hire me!
- My services are brilliant. Hire me!
- My digital products are top-notch. Subscribe!
One critical ingredient is missing. Any idea what that is?
Market Data Frames the Context of the Consulting Sale
Life is pain, highness. Anyone who tells you differently is selling something.
Everyone sells for a living. Do not allow anyone to tell you anything different.
The key is selling effectiveness. Data supercharges our ability to close the deal. But some genres of data work way better than others.
In this regard, market data works 100x better than product data. These are the high-level reasons.
- You are reflecting the reality of the market
- You present the macro-trend that the prospect is subjected to
- You can show the degree of connection between your prospects, their market segment, and their customers
The final point is critical. Your prospects have to sell. Show how they can sell better. You will secure the next appointment.
Example — Focus on Operational Constraints, Not the Software.
I conduct software training workshops and consultations on operations in my service package. I slap that on top of a product affiliate offer.
That means I help sell software licenses for an affiliate fee and then price up for consulting services.
Market data allows me to get budget holders' attention, such as the Chief Operating Officer (C.O.O.).
Every C.O.O. is concerned about operational excellence. They are always seeking to improve the following areas of their domains.
- Unit cost savings
- Productivity
- Efficiency
Many 1-Man consultants focus on how their digital products and consulting services achieve that. You know the results.
Market data, on the other hand, focuses on the following.
- What is the average unit cost of production across the industry?
- What is the highest possible level of productivity in the industry today?
- What is the lowest count of operators, machines, and fastest turnaround time to produce 1 unit?
The market context is framed to your advantage. Now, you can discuss high-level strategy with your C-level prospects.
It includes benchmarking, market segment analysis, and long-term profitability.
Once you have done so, show them how they can close the gap. Today.
What is the best way to do that? Case studies.
You want to show them how you have taken existing clients in your 1-Man consulting practice at the far end of the market, using your product and services, and bring them near the front.
Be confident in your pitch if you have done good work.
Of course, do not end your pitch there. You want to benchmark what you can do against the consulting market midpoint.
Show that you can deliver faster than your consulting peers by X%. Do it discreetly in your case study presentation.
Parting Keynote
Market data trumps product data in terms of consulting sales positioning.
I relate market data to the global economy and product data to the businesses we run. A strong global economy is a tide that lifts all businesses.
The reverse is true.
1-Man consultants need to conduct more research to provide market data to clients. Everyone wants to know how they can outperform the market and where they are today.
It sets a good context for subsequent discussions. Clients know you are the right person to work with.
Today.
As a content contributor, I write my observations from daily life and my business exposure. Because our life experience is the bedrock of our unique perspectives.
Get full access to Medium using this link and read gazillion exciting articles.
