| Wellesley Hills Group and RainToday.com Release New Fees and Pricing Benchmark Report: Consulting Industry 2008 FRAMINGHAM, MA - March, 31, 2008 - The newly released research study from Wellesley Hills Group and RainToday.com titled Fees and Pricing Benchmark Report: Consulting Industry 2008 finds that while brand leaders (27% of responding consulting firms) and “not very well-known” firms (73% of responding consulting firms) have similar standard or published rates, the actual hourly rates realized by brand leaders were always higher than their counterparts. The increase by level of professional is as follows: 
“It’s logical to assume that brand and reputation have a strong impact on a firm’s ability to charge higher fees. Now we know by how much,” said Mike Schultz, Co-President of Wellesley Hills Group and Publisher of RainToday.com. “Firm leaders need to know this data as they build strategy for growing their revenue and maintaining healthy margins, and marketers need to know this data as they work to implement marketing and branding strategies that will have the greatest impact.”
With 645 respondents in the consulting industry, Fees and Pricing Benchmark Report: Consulting Industry 2008 provides the actual hourly dollar fees brand leaders realize vs. lesser known firms, and includes actual fee data from 4 consulting specialties: operations, IT, strategy and management, and HR/OD and training). Other major findings from the report include: - What the "premium price" firms do differently than "mid price" and "lower price" firms regarding their pricing structures
- How often firms discount their fees and prices, and by how much
- How firms find out what their competitors’ prices are
- How often firms use pricing strategies such as fixed fee engagements, retainers, hourly rates, value pricing, and other strategies
- Key factors consulting firms mention as the reasons why they are able to increase their fees
“People want to know about how they compare to others regarding fee structures, pricing approaches and strategies, discounting, and overall pricing challenges,” said John Doerr, Co-President of Wellesley Hills Group. “Knowing how competitors in the industry are pricing their services will help firms be more competitive and more confident in their pricing.” Fees and Pricing Benchmark Report: Consulting Industry 2008 is the first of five industry reports to be released. Forthcoming Fees and Pricing Benchmark Reports will be released for the following industries: Marketing, PR, and Advertising; Accounting and Financial Services; Law; and Architecture, Engineering, and Construction. For additional report details and to view a complete table of contents of the Fees and Pricing Benchmark Report: Consulting Industry 2008 report, please visit www.raintoday.com. This research report is sponsored by Deltek http://www.deltek.com.
About RainToday.com RainToday.com (http://www.RainToday.com) is the premier online source for insight, advice, and tools for service business rainmakers, marketers and leaders. Based in Framingham, Massachusetts, RainToday.com features the most up-to-date resources including articles by industry experts, how-to guides and tools, sales and marketing research reports, webinars and events, and a free weekly newsletter, the Rainmaker Report. About Wellesley Hills Group The Wellesley Hills Group (http://www.WHillsGroup.com) is a management consulting, marketing, and lead generation firm focused on helping professional services firms grow. Wellesley Hills Group specializes in working with consulting, accounting, A/E/C, technology, legal, financial, and other services firms to increase revenue and generate higher profits. Wellesley Hills Group publishes RainToday.com (http://www.RainToday.com) to provide a premium source of information for professional services firms and service practitioners to help them market and sell their services.
Contact Information
Karina Duran
Associate
Wellesley Hills Group
kduran@whillsgroup.com
p. 508-626-9991 ext. 212
f. 508-848-3082 |