Case Competition Slides
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Case Competition Slides
- 1. Management Consulting (again): Marketing Kelsie Flanigan, Xinlin Li, Ryan Riccordella & Connor Spencer
- 3. So what’s the difference?
- 5. M.S. Commerce students should consider careers as marketing consultants. Hypothesis
- 6. Agenda 1. Aspirations 2. Assets 3. Market Realities 4. Risk/Mitigation 5. Next Steps 6. Conclusion
- 7. Aspirations Where you might like to go in the future. Source: The Startup of YOU
- 8. Marketing consultants receive competitive compensation… Source: Payscale.com; Time.com/Money
- 9. Welcome to your new office…
- 10. “Marketing at its core is about telling a story…” -Caroline Kim Oh, Former Brand Strategy Consultant at Prophet
- 11. Exit Opportunities: You’ve got options… In addition to these career paths, 23% of marketing consultants go on to become self-employed. Graphic: Payscale.com Source: Vault.com
- 12. If you get excited about… Variety Using storytelling to communicate quantitative insights Working with and assisting other people …you may find a career in marketing consulting rewarding Source: Vault.com; Caroline Kim Oh
- 13. Assets We’ve got the goods.
- 14. Marketing requires both analytical and creative thinking. Consulting requires you to be able to collect data, extract insights, frame the insights to solve a problem, create a story and the presence and communication skills to influence/persuade. Marketing Consulting requires the combination of these skills, often in environments with imperfect information, political tension and a significant amount of ambiguity. -Brad White, Prophet
- 15. Communication Approach Execution • Interpersonal Skills • Listening • Flexibility • Creativity • Curiosity • Knowledge • Problem Solving • Analytical Skills • Research …a very particular set of skills…
- 16. Engineering Linear Marketing Complex/Nonlinear Marketing Consulting Analytical approach Holistic perspective This makes marketing consulting, in many ways, more of a challenge. -Brad White
- 18. Throwing it back to 2013… “Over the next 12 months, 82 percent of the U.S. clients surveyed …say they won’t cut the amount they spend on outside help. And nearly half, 42 percent, plan to bring in even more consultants… ….The U.S. market for management consulting grew 8.5 percent last year, to $39.3 billion. The fastest-growing areas: marketing and sales (25.6 percent), operational improvement (11.3 percent), and technology (10.1 percent).” Source: BloomburgBusiness
- 19. 11% Source: CNNMoney; Bureau of Labor Statistics
- 20. 32% 11% Source: CNNMoney; Bureau of Labor Statistics
- 21. 32% > 11% Source: CNNMoney; Bureau of Labor Statistics
- 22. Risks & Mitigation Don’t worry…be happy.
- 23. Markets are always changing!
- 24. Social Media Trends Digital Development Customer Research Long-term View Plan A, B, Z The Five Keys to Risk Mitigation… Source: Leslie Parker
- 26. Some clients demand more flexibility than you’re comfortable with.
- 27. YES, WE CAN.
- 29. Preparation • Network! Network! Network! • Brush up on those case interview skills (yay.) • Get your story down • Do your research • Take advantage on McIntire’s resources
- 30. Recruiting Vault’s Top Consulting Firms Boutique McKinsey Prophet Bain & Co. MarketBridge BCG FullSurge Deloitte Kelton Global PWC Simon-Kucher & Partners Source: Vault
- 31. Recruiting Vault’s Top Consulting Firms Boutique McKinsey Prophet Bain & Co. MarketBridge BCG FullSurge Deloitte Kelton Global PWC Simon-Kucher & Partners Source: Vault
- 32. Conclusion Tying it all together.
- 33. Fin. Questions?
- 34. Image Credits United/American: https://www.flickr.com/photos/52810288@N05/8547401068 Airplane: http://www.dl.mehrad-co.com/src/Gallery/PritablePhoto/Photo/Airplane/Airplane-09-www.mehrad-co.com(L).jpg Storytelling: http://dzftds8z9s83c.cloudfront.net/wordpress_images/images/production/2854/show/start-a-presentation-071114.jpg?1405083428 Desert Sign: http://modernwanderlust.s3.amazonaws.com/posts/Valley%20of%20Fire/20120829%20squiggles.jpg Career Ladder: http://i.huffpost.com/gen/1580297/thumbs/o-CORPORATE-LADDER-facebook.jpg Gymnast: http://cache1.asset-cache.net/gc/107157645-gymnast-bending-backwards-on-trophy gettyimages.jpg?v=1&c=IWSAsset&k=2&d=6OIEWfcRNRiidRdBqX89LeXag4cS2z6WqtmWQLXe5i4%3d
Editor's Notes
- Hi everyone, thank you all for coming to our mandatory presentation. We’re MM4 and we’ll be covering management consulting as well, but with a specific focus on marketing. Before we get started, some brief introductions…and we’ll be guiding you through some considerations with regard to a career in marketing consulting.
- Before we dive in, we’d like to provide you with a little bit of context. Specifically, what exactly do marketing consultants do and how is it different than management consulting. What’s cool about marketing consulting that it is hard to pin down an exact job description. There is so much variety in the types of tasks you might encounter. In a nutshell, marketing consultants help clients come up with solutions to problems as they relate to marketing initiatives. It is a much more customer-centric approach. The problems they solve and the methodologies they employ are concerned more with people and how a companies activities and messaging can appeal to their needs and preferences. A marketing consultants job is to help a client leverage the channels they have available to effectively reach the right customer.
- To give a brief example, one case study we read involved a firm who helped United Airlines differentiate itself from its competitors, namely American, by focusing on what made United unique…the quality of its service. United beat out American in customer experience ratings.
- With this in mind, the rest of our presentation will work to support our recommendation that…
- I’ll speak about what a career in marketing consulting might look like, Kelsie will speak to what you’ll need to be successful in the field, Connor will talk about the current state of the industry with regard to employment prospects and Xinlin will talk about risks and mitigation. We’ll then wrap up with some action steps for those of you who are convinced by what you have to say.
- http://www.gcgi.info/index.php/kamran-s-blog/697-what-is-this-so-called-aspiration Alright, so to start…aspirations. That’s me. What I’d like to accomplish in this section is to help you all understand what a career marketing consulting offers. As we go through this section, I’d like for you to think about what your career values are and how well they align with what we’ve found.
- So I’ll just cut to the chase, marketing consultants make more out of college than the average graduate. It is important to note that compensation in this field, and really marketing in general, are pretty variable. They are impacted by experience, but also the skills that you have. That’s good news for you because that means you can do things to make yourself more valuable and thus boost your earnings potential. Skills that are associated with increased compensation in this field are Strategic marketing Marketing management Marketing communications Web marketing Branding
- Just like management consulting, travel is a big component of marketing consulting. You should see travel as an opportunity. LinkedIn is great, but going to see people in person in different parts of the country (and the world) is an excellent opportunity to expand your professional network and to learn. Something about variety. http://www.dl.mehrad-co.com/src/Gallery/PritablePhoto/Photo/Airplane/Airplane-09-www.mehrad-co.com(L).jpg
- It’s also a great opportunity to practice your storytelling skills! I big theme throughout these presentations has been the ability to use the left brain and the right brain. Marketing consulting is all about communicating data driven insights in a way that makes sense in terms of people and that can be easily implemented by the client. http://dzftds8z9s83c.cloudfront.net/wordpress_images/images/production/2854/show/start-a-presentation-071114.jpg?1405083428
- You’re also well equipped to function in a variety of other roles because of the tools you pick up as a marketing consultant. These are all industries which are common for marketing consultants to enter. And…quote.
- To wrap… So we’ve discussed what marketing consulting offers. Now Kelsie will talk to you about what you need.
- Data from quote one is from Source Information Systems survey
- http://modernwanderlust.s3.amazonaws.com/posts/Valley%20of%20Fire/20120829%20squiggles.jpg
- http://i.huffpost.com/gen/1580297/thumbs/o-CORPORATE-LADDER-facebook.jpg
- http://cache1.asset-cache.net/gc/107157645-gymnast-bending-backwards-on-trophy-gettyimages.jpg?v=1&c=IWSAsset&k=2&d=6OIEWfcRNRiidRdBqX89LeXag4cS2z6WqtmWQLXe5i4%3d
- Network: Informational interviews Commerce career day McIntire Resources CCS Alumni HoosOnline