Exceptional thought leadership is valued by clients…but consulting firms should be wary of publishing material that falls short of the mark…
A report published by Sourceforconsulting.com today (4th April 2012) found that during the second half of 2011, a two-tier thought leadership market started to develop, with a growing divide between those consulting firms taking greater risks, investing more and using new channels and tools effectively, and those who aren’t.
Although this is the case, the report found that the majority of consulting firms are increasing the time and effort they put into creating thought leadership – with the average firm’s score rising by 15 per cent on the first half of the year.
Fiona Czerniawska joint Managing Director of Sourceforconsulting.com said:
“The distance between the merely good and exceptional thought leadership is growing, but some firms seem to be better at researching an issue and owning it. The best material we read is always the most focused, but the real step change in performance will come when firms can finally stop themselves publishing material which they know falls short of the mark.”
Topping the list
Previously top of list, Booz & Company has slipped into second place, being replaced by the Boston Consulting Group (BCG), whose dedicated thought leadership website; www.bcgperspectives.com, puts it a step ahead of the way in which most other consulting firms publish their material online. BCG has also succeeded in disproving one of White Space’s long cherished theories – that it’s impossible to improve both design and formatting, and quality of content, at the same time.
A resurgent Accenture’s thought leadership made a robust recovery in 2011, with their score rising 10 per cent in the second half of the year. The firm’s best material continues to be exceptional, typified by its report arguing for a reversal in manufacturing strategy: Made in America: Rethinking the Future of US Manufacturing.
The ‘Big Four’
PwC’s thorough approach to research saw them come top of the Big Four firms and rank in sixth place overall. Ernst & Young also benefitted from focus, and their jump in score to ninth in the rankings is evidence of that. In 10th place KPMG continues to outpace most of the firms in the study in terms of volume of material, but, as a result, thought leadership is sometimes under researched. However, the latest material shows the firm experimenting with a better, more engaging, presentation style. Deloitte’s thought leadership showed no major changes, in terms of its overall approach or in the quality of output and came 19th in the rankings.
The great divide
A central component of most consulting firms’ marketing strategies, thought leadership is considered by clients to be of value, but only if it is timely and relevant. The philosophy of ‘less is more’ is being advocated by firms such as Roland Berger and IBM, which has continued its strategy of reducing the volume of extraneous thought leadership in favour of a small number of tightly-controlled flagship reports.
By comparison, the Sourceforconsulting.com report found that some thought leadership remains fragmented, short on data, poorly designed and ending with predictable conclusions. In 2012, the focus will need to be on producing well-researched, thought-provoking suites of reports which are designed to be relevant to different audiences. In short, the overall quality is improving, but not fast enough.