Marketing Consulting Services
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 39,000 marketing consulting services in the US provide advice and assistance on marketing related issues. Services include marketing strategy and market development consulting and implementation; sales management and development consulting and implementation; and strategic management consulting and implementation. Most marketing consulting firms are small, independent operators.
Variable Demand
Demand for marketing consulting services can vary depending on client needs.
Increasingly Complex Environment
Shifting demographics and the advent of digital technology have fundamentally changed the discipline of marketing and created a more complex and fragmented environment for clients and consultants.
Industry size & Structure
The average marketing consulting firm operates out of a single location, employs 6-7 workers, and generates about $1 million annually.
- The marketing consulting services industry consists of about 39,000 establishments that employ 262,400 workers and generate about $43 billion annually.
- The industry is fragmented; the top 50 companies account for about 24% of industry revenue.
- Large management consulting firms that provide marketing consulting services include Bain, Boston Consulting Group, and McKinsey. ZS Associates is a management consulting firm that specializes in sales and marketing. Most marketing consulting firms are small, independent operators.
Industry Forecast
Marketing Consulting Services Industry Growth
Recent Developments
Mar 7, 2023 - Some Marketers Shift Focus to Customer Loyalty
- Anticipating smaller marketing budgets, some marketers are pivoting their focus from acquiring new customers to fostering loyalty in the ones they already have, according to a recent survey report by Advertiser Perceptions. Fewer than one-third of marketers expect their 2023 budgets to grow compared to 2022, and 55% say inflation is having an impact on their business. About 45% of marketers say that rising interest rates and supply chain issues are impacting them. Amid these challenges, 38% of marketers plan to prioritize customer loyalty over customer acquisition.
- Led by some of the biggest consumer brands, marketing industry insiders suggest more firms might consider bringing some media planning activities in-house, according to Marketing Dive. Procter & Gamble and Kraft Heinz have in-housed much of their media planning in recent years. Some industry watchers believe other, smaller companies could follow suit. In addition to simply saving money, a key motivation for in-housing includes the need to acquire and safely manage first-party data ahead of Google’s plan to end support of third-party cookies at the end of 2024. Apple’s changes to iOS that allow users to opt out of in-app tracking, and a rising tide of platforms marketers need to master, are also prompting more discussions around in-housing.
- As the economy shows signs of slowing and consumers pull back on spending, some brands and marketers are looking to leverage insert media to reach people who are still spending, according to Marketing Brew. Insert media are fliers inserted into packages or products consumers have already bought. While insert media isn’t new, it’s enjoying a resurgence as paid search campaigns have gotten more expensive, and social media conversions aren’t what they once were. Insert strategies are popular for emerging brands targeting younger, affluent shoppers. Such brands can strike deals with firms like Hello Fresh and Fanatics to reach people they know are still spending. Inserts in magazines effectively reach older consumers for products like medical devices.
- As concerns about a possible recession drive a pull-back in ad spending, more advertisers may rely more on retail media networks. The increase in online shopping during the pandemic boosted spending on retail media networks, which enable brands to push their products to the top of search results. There are thousands of retail media networks, but large ones include Amazon Ads, Walmart Connect, and Instacart Advertising. According to the Association of National Advertisers (ANA), 58% of ANA marketers used retail media networks in 2023. Retail media network spending is forecast to rise 20.5% in 2023, according to eMarketer. Because retail media networks tend to provide ad buyers with more bang for their buck in terms of driving sales, they tend to be a safe bet during economic downturns, according to eMarketer.
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