This completely changed how I see working with a client. I am still a student but am a project lead for a consulting engagement with a start up, and I have not been enjoying the experience because I've been using them as a data source and constantly feeling like I'm working for someone else while delivering little value. But if I collaborate and co-create the solution with them, I can actually deliver value to them while not bearing all the uncertainty/responsibility.
Great work! I would really appreciate it if you could make a video about „ Question technique „ at the client. What questions to ask, how ask them the best way and how to go deep in asking questions to get valuable information from the customers. Thanks 🙏
good information but there's more. I started my career with BCG and moved to McKinsey. #1 clients are delighted when you provide truly insightful information (killer analyses). many clients are skeptical why their CEO is spending millions of dollars on one consulting project. however, if you deliver a killer analysis, they understand why the CEO hired McKinsey (or BCG or Bain)
I was watching your videos to prepare for my interviews Now I got in and watch your videos to get some advice on performing as a fist-year consultant Thank you💫
Hey, just an idea for maybe interesting topic which you could cover --- what is the dress code in consultancy and how does it differ between in office work time and meetings with clients?
Great tips!! I've joined a t2 firm this year as a Junior Analyst. I agree that my colleagues and I often behave as the client was our source of information regarding co-creating with them. I think this type of approach comes with the idea that "the is the trusted advisor so I need to be this trusted advisor even as a junior". The problem is that we don't have the expertise to be a trusted advisor, so we gather the data and validate the analysis with our internal team before go to the client. This way we sound like an expert. This situation I see very common in my level because we've afraid to show to the client that we don't know something and we believe that they expect us to know all (We build this idea that the consultant must be the person who has all the answers all the time)
1:15 3 stages of a consultant. First stage: data gatherer, treat people as source of data, this relationship is transactional 4:25 Second stage: co-creation that they have some insights and buy-in. 6:20 also internal problem solving meeting. 7:20 also create their visibility in the firm. 8:00 Third stage: when you're a senior project lead/ partner. then you become a trusted advisor. position yourself as a person to add value for any business discussion. 9:35 insights from expert networks. then maybe invitation to the dinner and lunch. 9:00 project sponsor. 11:15 be able to co-create is a very important point to get evaluated and promoted for you.
Currently doing an internship in consulting, quite interesting to compare my current project team members to the stages! I‘m wondering whether you can really influence what stage you are in early on if you are only tasked with certain (menial) tasks (crunching excel models etc.)?
It is important to try and show your manager(s) that you are ready for more advanced tasks by demonstrating competency and eagerness! Thanks for watching!
I think many clients get intimated when a McKinsey consultant walks in. Hence, I always suggest to LISTEN LISTEN LISTEN when you first meet a new client, to find out if he/she is ready to collaborate. I remember at my McKinsey basic readiness bootcamp they taught the mantra "release your agenda", they probably taught you the same. "Release your agenda" makes you develop from a data gatherer into a more mature consultant.
Nah, i think people get intimidated by the fact that McKinsey had role to paly in the Opioid crisis which resulted in the death of half a million people.
Your concepts hold in non consulting scenarios also. We are a fintech with a product for banks to manage AI driven decision for compliance. We take the 'trusted advisor' approach there as we solution sell our software and tell them best practices they should be adopting using our tech and our deep domain knowledge. Great lecture series.
Hi Aditya, yes agree that this approach works quite well in solution selling. Big fan of the Challenger Sales approach :) All the best and lots of success to you! Heinrich
I have over 10 years of experience as a senior consultant in Strategy and Marketing in China. During this time, I led a team of consultants and worked with Kotler Marketing Group for more than 8 years. Recently, my family and I relocated to Canada at the end of last year. I am eager to continue my career in North America, ideally working as a consultant or in a related role within companies. Can you offer me some advice on how to break into this market?
Great lecture! As an incoming associate at MBB who is about to graduate, insights like these are extremely helpful. What other advise would you offer to students who want to prepare ahead of time to move up the stages 1,2,3?
Hi Toshiki, great to hear the video is helpful! Believe in the beginning most important to move from stage 1 to stage 2. Try to do this in little steps. At the beginning of your project, decide for yourself what your top 1-2 clients are that you want to build a strong relationship with. Then indeed do this by investing extra time, going to lunch with them, think about inclusive problem solving formats with them etc. Once you start deliberately making an effort to get to stage 2, often lots of ideas come to mind what you can do! Best, Heinrich
Hi Heinrich, Great video as always. What if you were asked to gather data as your task and you want to move to the second stage? Is it a conversation to have with the project lead or how it can be done? Thanks again for uploading this great content
Great insight and knowledge! it's really helpful! btw refferring to 9:27, I understand that we, as a partner/consultant, can give more value than what is stated in the engagement letter for marketing and value creation purposes, but did you add the value as a cherry on top of the cake, or there will be another amendment on the engagement letter and fee? -- which might be a hindrance for some clients. Anyway great contents and I do hope you continue sharing the amazing thought! :D
Thanks very much for the amazing feedback and for supporting the channel! The answer to your questions is unfortunately specific to the firm, consultant, project etc. Apologies I could not be clearer! :)
🎯 Key Takeaways for quick navigation: 00:00 ☕ *Introduction and Background* - Heinrich introduces the topic and shares his experience as a consultant at McKinsey, - Explains the video's conversational style and solicits feedback from viewers. 00:56 🧗♂️ *Three Stages of a Consultant's Development* - Mentors at McKinsey advised three key stages in a consultant's career, - The initial stage is being a data gatherer, which is not sufficient for success. 02:22 📊 *Data Gatherer Stage* - Discusses the limitations of being just a data gatherer, - Emphasizes the transactional nature of client relationships in this stage. 04:17 🤝 *Co-creation Stage* - Transition from data gatherer to co-creator with clients, - The importance of involving clients in the problem-solving process. 06:37 🌟 *The Trusted Advisor Stage* - Describes the highest stage of being a consultant: becoming a trusted advisor, - Focuses on forming deeper, more strategic relationships with clients. 10:28 🚀 *Conclusion and Key Advice* - Summarizes the three stages and advises new consultants on progression, - Encourages viewer interaction and concludes the video with channel information. Made with HARPA AI
