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
Nov 1, 2022 - Advertising Budget Cuts Expected
- Marketing executives will be asked to cut budgets in the next few months, according to Bob Liodice, chief executive officer of the Association of National Advertisers. Companies frequently reduce their ad and marketing budgets when the economy slows. Companies will also need to adjust the type of marketing that they do, according to Marla Kaplowitz, president and chief executive of the 4A’s advertising agency trade organization. Companies should be wary of offering extensive price promotions to generate short-term sales as “it can have a negative long-term effect on both the brand and customer experience,” she said. One-third of consulting firm Analytic Partners' customers, many of them Fortune 500 companies, have already been asked to cut their budgets for 2023, according to the firm’s chief marketing officer. Pressure to re-examine budgets is coming from C-level executives, financial leaders, and company boards.
- Advertising expenditures for the 2022 midterm elections are expected to have hit an all-time high of $9.7 billion. Broadcasters are expected to have taken in nearly $5 billion, roughly 51% of the total. Tight Senate races in large states helped boost spending, along with hot-button issues including abortion, guns and gambling, according to advertising tracking firm AdImpact. Older audiences -- the ones reached on TV news programs and other broadcast shows -- tend to vote at higher rates than younger cohorts who may be more easily reached online.
- Holiday sales and marketing are expanding well beyond Black Friday and Christmas, according to Forbes Agency Council. Holiday sales and promotions now start in early fall and run through the New Year. Shopping events and the saving opportunities they bring will be more important than ever. Consumers are reducing spending and will be looking for events where they can save on their purchases due to the current global economic downturn and high inflation.
- Magna, a unit of Interpublic Group of Companies' Mediabrands, cut its forecast for nonpolitical ad spending for the second half of this year and its total advertising spending growth forecast for 2023. Company analysts say that a weaker economic environment is likely to cut into consumer spending. Items like food, drinks, personal care, and household goods ‘are especially at risk as firms are forced to increase product prices and face the possibility of consumers trading down in favor of cheaper brands.’ Advertising expenditures will decrease as a result. Ad spending growth for all of 2022 will come in at 9.8%, Magna said, less than the 11.1% forecast in June. The growth forecast for 2023 was cut to 4.8% from the June prediction of 5.8% growth.
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