5
Practice Segmentation
Defining Your Market
The economic travails of the first few years of the new millennium have set the tone for a sea change in PSFs. The dot-com debacle, the telecom bust, and the market crash that followed forced a number of firms to be clearer than they had been about what they were, who they wanted to serve, what they wanted to deliver, and how they would deliver their product or service.
Gray-hair firms were among the most affected by this tough period. As a result of the weakened economy, utilization rates for professionals dropped around the turn of the century because clients were spending less money on advisory services. Bain, Boston Consulting Group, and McKinsey, three of the top-tier strategy consulting firms, ...
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