Michael Field was recently interviewed by The Profitalist for their Entrepreneur Insider Series. He shares his views on the future of marketing consulting industry, entrepreneurship and growing the businesses.
Below is an excerpt. The full article can be found at: http://www.profitalist.com/entrepreneur-insider-series-michael-field-michael-field-strategic-marketing-consultants/
Q: Where do you see your industry heading in the next 5 years?
A: The marketing industry is benefitting enormously from technology and globalisation. One positive impact is that we can now source talent from a global talent pool and increase our productivity by optimising workflow across time zones.
I see an ever-increasing reliance on technology, increased in-house marketing capabilities and talent development (especially in business development, account and relationship management) as key drivers for success in the future.
Q: What do you plan on doing/changing in order to keep growing in this time period?
A: Our business has evolved from a single person consultancy to a fully integrated strategic marketing consultancy, advertising agency, and PR, media and communications consultancy.
To remain competitive, we need to be at the forefront of these changes, ensuring that we are taking our clients with us on the journey. We are more focused on developing our client attraction and retention strategies while simultaneously developing global reach and expertise in our talent pool.
Q: What one piece of advice would you give to someone just starting out in your industry and wanting to make it to the top?
A: The one piece of advice I would offer is this: Ask yourself if you are truly committed to doing this for the long haul.
This is not a ‘get-rich-quick’ industry. It is built on long-term, mutually beneficial trust relationships. Relationships take time to build, cultivate and harvest. If you are going to set up a marketing or strategy consulting business, it is a lifestyle choice, which has multiple demands on you and your time. The rewards are not all financial. Much of the rewards for the first several years are simply surviving, winning the next deal, building strong relationships and delivering high quality work. Ask yourself if you are really up for it!