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 44,000 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 fewer than 5 workers, and generates about $1 million annually.

    • The marketing consulting services industry consists of about 44,000 firms that employ 310,400 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
                                  Source: Vertical IQ and Inforum

                                  Recent Developments

                                  Mar 15, 2024 - Marketing Consulting Wage Growth Far Exceeds Pricing Gains
                                  • Year-over-year wage growth in the marketing consulting industry in the fourth quarter sharply exceeded that of the industry’s pricing growth, according to the Bureau of Labor Statistics (BLS). If higher wages significantly outpace price increases for marketing consulting work, margins could suffer. In the fourth quarter, employment in the marketing consulting industry was up moderately compared to year-earlier levels, according to the BLS.
                                  • In mid-March, the US House of Representatives passed a bill with significant bipartisan support that would force TikTok’s Chinese owner ByteDance to either divest the social media application or face a US ban, according to The New York Times. However, the bill faces a more challenging path through the Senate, and even if it were to pass, it would likely face legal challenges. TikTok has come under fire amid concerns that its Chinese ownership threatens US national security, including potential interference in US elections. Also citing national security concerns, former President Trump tried to ban TikTok or force a sale in 2020, but the effort was blocked in federal court. In the event of a TikTok ban, EMARKETER estimates Meta’s Facebook would likely benefit the most, capturing between $1.9 billion and $2.4 billion of TikTok’s reallocated advertising revenue. Alphabet’s Google and YouTube would stand to gain between $1.7 billion to $1.9 billion.
                                  • Advertising budgets are shifting amid increased privacy legislation. In a recent survey by IAB, 95% of marketing professionals surveyed said they expect more privacy legislation and signal loss in the future. Signal loss refers to an inability to know how your customers are finding you. States are expected to roll out more consumer privacy protections, which, combined with Google’s ongoing phase-out of third-party cookies, is prompting a shift in marketing budget priorities. About 90% of ad buyers report changing their personalization strategies to channels that easily leverage first-party data, including connected TV (CTV), retail media networks, and social media. According to the IAB survey, 63% of respondents expect more states to pass privacy laws in 2024, and two-thirds expect their ability to deliver personalized ads to weaken in states with privacy laws.
                                  • Ad spending in the 2024 US election cycle is forecast to reach a record $12.32 billion, according to EMARKETER. While digital channels will account for over three-quarters of all media ad spending in 2024, digital will account for less than 30% of political ad spending, as traditional TV is still the preferred channel for reaching voters. However, digital political ads’ 2024 share of 28.1% is nearly double its 14.1% share during the 2022 election cycle. Within digital, connected TV (CTV) holds the largest share and is the fastest growing. In 2024, CTV will account for 45% of all digital political ad spending compared to 38% in 2022. CTV is like a linear TV experience but has better targeting and analytics capabilities, and more than 66% of US consumers now use CTV.
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