The recently released Wellesley Hills Group and RainToday.com research
Fees and Pricing Benchmark Report: Consulting Industry, 2008, focused on the consulting industry, will be the first of five industry reports to launch. The other industries of focus are:
- Marketing, Advertising, and PR
- Architecture and Engineering
- Legal Services
- Accounting and Financial Services
Over the course of the coming weeks, I'll be posting various pieces of data and commentary from the research here on the Services Insider Blog.
Regarding pricing, we wanted to know what brand leader firms do differently than the rest of the pack. Do they have different challenges? Use different pricing strategies? Do brand leaders grow faster? Are they more profitable? Have higher fees? Do they consider different factors when pricing?
While both brand leaders and less well-known firms have similar standard rates, the median actual rates realized by the brand leader firms were always higher than the not-very-well-known firms – by up to 35% for entry level professionals.
Hourly Billable Rates
Brand Leaders vs. Less-Well-Known Firms
% Increase in Fees Realized by Level of Professional
The next time someone says that brand doesn't make a business and financial difference, show them the data.
Nice work Mike I totally agree there is premium to be had with better brandingalso another important stat is 43.8% of all IT decisions makers will strongly consider a purchase with high brand recognition versus 18.6% who would consider buying a brand they never heard of more evidence that brand is more important today than ever before