What is the Consultant Pricing Benchmarking Tool?
For decades, the market for consultants and external service providers has grown steadily. While it was traditionally large companies that hired consultants as a standard practice. However, this trend has increasingly spread to medium-sized companies. This trend is majorly fueled by the quest to continuously transform and improve organizations, which made it a mission-critical necessity to work with the right external specialists and consultants. With this shift, medium-sized companies must now understand what options exist to work with the best. additionally understand the budgetary allocations required to access these options.
With Consultport’s Consultant Pricing Benchmarking tool, you can analyze different consultant rates based on your project requirements, apply parameters like background, seniority, functional expertise, industry, and country and quickly determine the cost to hire a consultant with just a few clicks. The tool adds more pricing context by enabling you to compare the generated daily rates with the prices of large consulting firms.
How is the data composed?
The Consultant Pricing Benchmarking Tool has been in development for the past two years, over which time we have compiled over 50,000 data points. We feed this data into a proprietary sorting algorithm that normalizes price points, making it possible to map requirements for popular and less frequently requested consulting services.
Our data includes consultant pitches on the Consultport platform as well as external data points.
Independent consultants have submitted thousands of offers on Consultport in response to queries from potential clients. These offers represent real-time pricing data across all the specialties on our platform – data that we feed into our Consultant Pricing Tool.
In addition, we have included external data points from different sources to complement the market data set and extend the benchmarking options. Data that we apply to our Consultant Pricing Tool algorithm.
What can you expect from the consultant pricing benchmarking tool?
Pricing data is crucial in any industry, and also in the independent consulting sector. With the right data, you can quickly determine accurate budgetary requirements for hiring the best consultants. The Consultant Pricing Benchmarking Tool gives you updated pricing data, which translates into three core benefits:
- Avoid Skewed Pricing Data
Quotes from a handful of consultants that you contact directly will give you a skewed indication of consultant market prices. Consultport’s Consultant Pricing Tool gives you access to extensive and accurate consultant pricing data to support your decision-making process.
- Compare Requirement-based Prices
Gathering consultant prices from consultants that meet your requirements is a time-consuming exercise. Consultport’s Consultant Pricing Tool saves you time by making it quick and easy to cross-reference current pricing data with your unique needs.
- Broaden Your View
Limited data leads to poorly informed decisions, and in most cases, lost opportunity. Consultport’s Consultant Pricing Tool broadens your perspective, giving you more data combining consulting options and current market pricing for faster and better-informed decisions (e.g., hiring an independent consultant vs. a management consulting firm).