Beating the Big Four

And other major consultancies…

Hi guys,

Taking out the incumbent can seem overwhelming, but if you don’t try, you’ll never know.

I’ve led a number of projects either in brand comms or bid sales – to replace the existing supplier to a customer. Often big, hefty organisations that look impossible to shift, the incumbent can seem bulletproof.

But scratch under the surface a little and ask around, you’ll find there are always vulnerabilities to attack. With a little bit of messaging and some neat tactics, you can tip the balance in your favour. But let’s face it, a lot relies on relationships.

Today’s post is the first in a series we’re running over the year on how to beat big consultancies.

Ewan MacLeod, CEO of New Era Digital Partners is our guest editor this week. He has helped to modernize global banks and drive digital transformation for the likes of Nordea and Sohar Bank in the Middle East.

Ewan is now a challenger in this market and now tells us what it takes to win…

Over to Ewan…

I won an RFP against two of the big four last year. Me and my team of three colleagues.

I was delighted, but of course, somewhat curious as to why.

Well, I took a moment to sit with the CEO and CIO to ask them why they’d chosen us:

“You’re practitioners, they’re not.”

This was illuminating.

We are routinely pitted head-to-head against these big consulting brands by banks we’re aiming to support. We try to avoid competing, because it’s incredibly easy to lose.

But this time round, I tried a different approach.

“If you’d like a really good strategy deck, hire our competitors. But if you’d like someone who’s done it before and who has the battle scars – then hire us – the practitioners.”

That message resonated with the executive team.

And that’s what we’ve been saying in every client meeting since. We are practitioners. We are digital transformation experts in financial services.

I now ask the client to compare myself and my team to the actual individuals they’re going to get from the big consultancies. Look at their backgrounds. Ask for CVs. Actual, full-length CVs. It’s only then that you can separate the consulting brand from the people you’re going to be paying thousands to every day.

The big consultancies do offer value – no question – but not for everything. They tend to overreach and land grab.

And for the challenger brands out there reading this, make sure to ask your client if they need a consultant or do you need a practitioner?

Have a great week

Ewan MacLeod

—

Thanks, Ewan.

So three CEO questions for you:

1. Do you truly understand your advantage in being either the challenger or the incumbent and how to win?
2. What’s the story that will beat your fiercest competitors or challengers?
3. When was the last time you assessed your sales team for bid fitness?

Stand by for more guest editorials. If you’d like to contribute to a cohort of trusted business and technology leaders, please reach out.

We have some announcements coming over the next few days about The Executive Summary. (We’re launching research.) Please stand by.

Enjoy the week ahead

Dan