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 Industry Structure, How Firms Opertate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Quarterly Insight, 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
Coronavirus Update
May 15, 2022 - Mid-term Election Ad Spending Under Way
- The Democratic Senatorial Campaign Committee has reserved $33 million to be used this fall ahead of the mid-term elections. The initial reservation of funds is likely to be added to and modified as the election season progresses. The announcement is the first of several expected for the 2022 mid-term elections. The National Republican Senatorial Committee is expected to announce its campaign ad reservations in May. Spending by both groups will be a fraction of what will be spent by Political Action Committees (PACs). Politico says that The Mitch McConnell-aligned Senate Leadership Fund placed $141 million in ads and the Chuck Schumer-aligned Senate Majority PAC reserved spots totaling $106 million.
- Ad spending in the travel and tourism industry has been muted during much of the pandemic and a rebound may be delayed by another coronavirus variant. New COVID-19 case rates increased in late April, with the seven-day rolling average increasing to roughly 90,000 on May 13, up from 85,630 on May 11, 58,000 on May 1 and 30,000 cases per day on April 8, according to a New York Times COVID-19 case tracker. Experts note that the American population has different vaccination rates, levels of previous exposure to the virus, and degrees of underlying health conditions, so the trajectory of new cases could vary. Analysts note that the data regarding new cases are getting less reliable as the public testing infrastructure continues to wind down and home test results are less likely to be reported to officials.
- US ad spending remained mostly resilient during the coronavirus pandemic, buoyed by the agility of digital media formats. Total US ad spending in 2020 declined 1.3% to $227 billion, according to ad firm MAGNA. A 10% rise in digital ad spending was insufficient to offset a 16% drop in linear ads. US ad spending increased 25% in 2021 to $284 billion compared to 2020, according to a revised outlook released in December by MAGNA. US ad spending in 2021 saw broad-based growth across all major industry verticals, led by (technology +29%), retail (+28%), entertainment (+27%), and finance (+25%). Pandemic-related supply chain disruptions – primarily the semiconductor shortage – could affect 2022 marketing and ad spending in some affected verticals, including automotive, consumer electronics, and toys and games. MAGNA expects total North American ad spending for 2022 to rise more than 12% compared to 2021.
- US digital ad spending is expected to see continued growth in 2022 after better-than-expected rises in 2020 and 2021, according to eMarketer. US digital ad spending in 2020 grew 15.3% despite the pressures of the pandemic. US digital ad spending saw unprecedented growth in 2021, rising 38.3% to $211.2 billion, according to eMarketer. US digital ad spending is expected to moderate in 2022 and grow 13.6% to $239.9 billion. Digital is projected to keep gaining share at the expense of other channels due to its audience targeting and measurability benefits.
- Spending on mobile ads has increased because consumers are using mobile devices more during the pandemic. Global mobile ad spending grew 23% year over year in 2021 and reached $295 billion, according to mobile analytics firm App Annie. The trend is expected to continue in 2022 as consumers worldwide shop, work, game, and stream from home. Global spending on mobile ads is forecast to reach $350 billion by the end of 2022.
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