Why your data consultancy needs a compelling solutions framework
One of the most valuable steps you can take as a data consultancy founder is to ensure your delivery frameworks are thoroughly detailed.
Here's why – to accelerate your Levers of Growth (LoG).
There are six LoGs to impact the growth and revenue of your data consultancy:
📈 - Increase demand (discovery calls)
📈 - Increase conversion (closed deals)
📈 - Increase margins (cost/price optimisation)
📈 - Increase fees (value optimisation)
📈 - Increase LTV (e.g. with solution 'ladders')
📈 - Increase capacity (proposition, process and provisioning)
The consultancy founder's job is to oversee the optimisation of these levers to increase the growth and profit within your business.
This doesn't just apply to big firms – use the same approach for a one-person firm.
When working with data consultancy founders to produce a predictable inbound flow of clients, I start with a 'Value Vault' exercise to profile and analyse the firm's past projects.
The Value Vault finds patterns in project profiles that allow us to craft a primary proposition in terms of its positioning, packaging and Ideal Client Profile (ICP).
One critical step is to outline the transformation you delivered for each client, e.g. for projects such as data quality, data science, analytics, data governance, data mesh/fabric etc.
Why? Because every one of your clients started with problems they had but didn't want, and goals they wanted but didn't have.
Your delivery processes and frameworks were instrumental in helping the client transform their 'pains into gains'.
Some key insights emerge during these Value Vault sessions:
Many founders are surprised how little they or their firm fully understand these delivery processes and frameworks
Founders often think they don't have a framework or transformation process, but when we analyse the project profiles, there are always repeatable steps and patterns of success
With outside help, optimisation tactics are easier to spot - e.g. ways to speed up delivery, add more value, increase scale, add tech, cut costs
The outcome of the Vault Vault is a primary offer (and solution ladder) that forms the foundation of a lead generation 'engine' for predictably growing the consultancy.
But how?
It's all connected to the earlier LoGs. Once you fully understand your transformation process, you can start pulling each lever...
📈 - Increase demand (discovery calls)
Sharing insights about your process and the problems it solves creates predictable demand for your content and services.
Not convinced?
Well, the Value Vault exercise is one of the 'cogs' in my transformation engine, and here you are, reading all about it!
And yes, you may read and ponder the advice, then do nothing. The majority of your audience will do the same.
But if you produce enough quality content, then a small percentage of your audience will come to know, like, and trust you and your proposition enough to reach out and book a call.
For example, this article will generate around 2-3 discovery calls based on past performance.
Which is quite meta, right?
An article on how to increase demand, which increases demand, simply because I shared insights into my transformation process 😉
📈 - Increase conversion (closed deals)
However, increased demand is a pointless vanity metric if you don't close deals.
Having a clearly defined transformation process optimised for different stakeholders will dramatically improve your conversions.
Here's a data consulting example...
Before myDataBrand, I ran a data consultancy with a 7-step framework for building a data quality business case that I would share in webinars, guides and industry roadshows.
You can actually find an example of this framework in an earlier guide that I produced for one of our clients, Experian:
How to Create a Data Quality Business Case – The Lean Pilot Approach
Organisations would engage with this content (building demand) and select my consultancy over rival firms because of crucial elements within my framework (such as the economic model for data quality improvement).
And I now adopt the same approach with myDataBrand Accelerator Program (MAP).
When prospective MAP clients book a discovery call with me, we start with a review of their goals and challenges. If it makes sense, we walk through the myDataBrand transformation process at whatever level suits them – to help them understand how each transformation step is delivered.
There is zero confusion about the path ahead, so my conversion rates hover around 50% from disco call to closed deal.
I use simple online meeting software and a Miro account to walk through my process and onboard clients in one, or at most, two calls.
And my clients use the same system.
Share insights around their clients' pain and the transformation process to solve it
Weave their data services proposition into the narrative
Create demand for inbound discovery calls
Close a percentage of new accounts
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We've barely scratched the surface here, but suffice to say, the other Levers of Growth are all impacted by introducing a repeatable, differentiated process that your firm can effectively market and promote.
Want to explore the Levers of Growth and see how they transform the revenue and growth of your data consultancy?
Watch Episode 2 of The Data Brand Show, where we'll unpack the Levers of Growth for modern, progressive data consultancies that are keen to scale through thought-leadership marketing.
Click below to attend (or watch the replay):
Want to increase consulting revenue through inbound client attraction and conversion?
The easiest way to see how an effective inbound client attraction system would work for your data firm is to book a discovery call.
We'll talk through your challenges and goals to identify key areas for change.
Then, if it makes sense, I'll walk you through the myDataBrand system so you can see how the program works to plug the gaps in your current approach.
Simply click to book your slot: https://mydatabrand.com/breakthrough