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Hourly rates in management consulting

08/31/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Hourly rates in management consulting can vary widely depending on experience, area of expertise, industry, location, company size and type of consulting services. Management consulting encompasses a wide range of services, from strategy consulting to process optimization to organizational development. Here are rough benchmarks for hourly rates in management consulting in different regions:

Europe:

Entry or junior consultants: 80 € - 150 € per hour

Experienced consultants: 150 € - 250 € per hour

Senior consultants or subject matter experts: €250 and more per hour

USA:

Emerging or junior consultants: $100 - $200 per hour

Experienced consultants: $200 - $350 per hour

Senior consultants or subject matter experts: $350 and up per hour

These estimates are general and may vary depending on the specific area of expertise (e.g., management, finance, IT), the reputation of the consulting firm, the type of service, and the complexity of the project.

Since management consulting is diverse, it is important to research current market data and rates in your region and industry. Setting hourly rates should be based on a thorough analysis of market trends, your own experience and expertise, and the value you can add to clients. Also consider the competition and the target customers' willingness to pay.

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What does a managing director earn?

08/31/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

The salary of a general manager can vary widely depending on a number of factors such as company size, industry, location, experience, area of responsibility and individual factors. General managers are senior executives who are responsible for the strategic direction and operations of a company. Here are rough benchmarks for managing director salaries in different regions:

Europe:

Smaller companies: €60,000 - €120,000 per year

Medium-sized companies: €120,000 - €250,000 per year

Larger companies or corporations: €250,000 and more per year

USA:

Smaller companies: $80,000 - $150,000 per year

Medium-sized companies: $150,000 - $300,000 per year

Larger businesses or corporations: $300,000 and up per year

These estimates are general guidelines and may vary based on industry, company performance, area of responsibility (e.g., finance, marketing, operations), management level, and individual performance.

Executive directors often have a high level of responsibility for the success of the company, implementing corporate strategy, and managing teams. Therefore, the salary also reflects the expanded responsibilities and pressures that come with the position.

Exact salaries for general managers can vary widely, and it is advisable to research current market data in your industry and region to develop competitive salary expectations. Trusted salary surveys, job portals and professional associations can help you develop realistic expectations.

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What does a marketing manager earn?

08/31/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

The salary of a marketing manager can vary widely depending on company size, industry, location, experience, area of responsibility and individual factors. Marketing managers are executives responsible for planning, implementing and monitoring marketing strategies and activities. Here are rough benchmarks for marketing manager salaries in different regions:

Europe:

Entry or junior marketing manager: €30,000 - €50,000 per year

Experienced marketing manager: €50,000 - €80,000 per year

Senior marketing manager or subject matter expert: €80,000 and up per year

USA:

Entry or junior marketing manager: $40,000 - $60,000 per year

Experienced marketing manager: $60,000 - $100,000 per year

Senior marketing manager or subject matter expert: $100,000 and up per year

These estimates are general guidelines and may vary based on industry, company size, area of responsibility (e.g., social media, digital marketing, product marketing), management level, and individual skill set.

Marketing managers carry an important role in driving company success and brand awareness. Salary often reflects the responsibility of developing marketing strategies, leading teams, and coordinating marketing campaigns.

To get accurate and up-to-date information about marketing manager salaries in your region and industry, it's a good idea to consult trusted salary surveys, job portals, or professional associations.

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B2B agencies' challenges in using online advertising and alternative approaches

08/31/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

In today's digital era, online advertising has become a powerful tool to attract customers and drive business. But while some companies in the business-to-business (B2B) industry are successfully using online advertising, many agencies are struggling to get the desired value from this marketing strategy. This article explores the challenges B2B agencies face when using online advertising and highlights alternative approaches available to them.

Challenges in using online advertising in B2B

Complex products and services: In the B2B sector, the products and services offered are often more complex and require more explanation than in the B2C sector. Online advertising often offers limited space for detailed explanations, making it difficult to adequately convey the benefits and value of complex offerings.

Long sales cycles: B2B sales cycles are often longer and involve multiple decision makers. Online advertising may not always be able to provide the compelling arguments needed to influence these complex buying decisions.

Targeting: B2B agencies must target highly specialized audiences. Accurately identifying and reaching these niches can be challenging in the vastness of the Internet.

Building trust: In B2B, trust and credibility are critical. Building that trust through online advertising alone can be a challenging task, as potential customers are often looking for detailed information, testimonials, and recommendations.

Alternative approaches to B2B marketing

Content marketing: one alternative to direct online advertising is content marketing. By creating high-quality content such as blog posts, white papers, and case studies, agencies can demonstrate their expertise and gain the trust of their target audience

Social Selling: Through the targeted use of social media platforms, B2B agencies can build personal relationships and expand their network. Instead of pure advertising, this is about building relationships and sharing relevant expertise.

Account-based marketing (ABM): ABM focuses on individual target companies and tailors the marketing strategy to their specific needs. This allows for a more personalized approach and a more targeted approach.

Events and Conferences: Attending industry events, conferences and webinars can be a great way to meet potential customers face-to-face and showcase your offerings.

Email marketing: Well-targeted email campaigns that provide relevant and useful information can be an effective way to build long-term relationships in the B2B space.

In an era of ever-increasing digital competition, B2B agencies may need to look beyond the traditional approach of online-only advertising. By adopting alternative approaches that are better tailored to the specifics of the B2B market, they can achieve more effective customer engagement and increase their visibility in the industry.

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How important is the regular review and adjustment of the PR strategy?

08/31/2023 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

Regularly reviewing and adjusting PR strategy is extremely important to ensure the success of a PR campaign. Here are some reasons why this matters:

Changing target audiences: Target audiences can change over time, whether due to demographic shifts, new trends or technological advances. It's important to regularly review your target audience and adjust your PR strategy accordingly to ensure messages and channels remain relevant.

Dynamic media environment: the media landscape is constantly changing, especially with the rapid development of digital media. New platforms, social media trends and communication channels are continuously emerging. It's important to adapt your PR strategy to reflect these changes and keep your communications with the media up to date.

Measure success and ROI: A regular review of the PR strategy makes it possible to measure the success of PR activities and evaluate the return on investment (ROI). By analyzing the effectiveness of various activities, it is possible to find out what is working and what is not. Based on this, adjustments can be made to increase the effectiveness of the PR campaign.

Adjustment to current events: The PR strategy should also be able to respond to current events and trends. Companies and organizations need to be able to be flexible and adjust their messages and actions accordingly to meet changing conditions.

Competitive Analysis:A regular review of PR strategy also allows companies to keep an eye on the competition. By analyzing competitors' PR activities, you can gain insight and ensure that your strategy remains competitive.

Competitive Analysis.

In summary, regularly reviewing and adjusting PR strategy is critical to ensuring that PR efforts are having the desired effect. By remaining flexible, responding to change and continually measuring success, you can maintain an effective and efficient PR campaign.

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