| Press Contact: Renee Maler PhilosophyPR + Marketing for Women in Consulting 925.968.9495 renee@philosophypr.com FOR IMMEDIATE RELEASE 8th Annual Women in Consulting (WIC) Compensation Survey Reveals Consultants Evolve Business Strategy to Meet Economic Downturn35% of consultants anticipate increased revenues; social networking cited as contributing success factor San Jose, CA – June 22, 2009 – Women in Consulting (WIC), a collaborative community of professional consultants and small business owners, today announced results from its eighth annual compensation survey. Responses from 274 consultants nationwide indicate they are taking measures to successfully weather the economic downturn. Thirty-five percent of respondents say they are cautiously optimistic and expect revenues to increase within the next 12 months. Equally noteworthy, nearly all respondents report social networking is a key marketing resource for maintaining relationships, collaborating, and sowing the seeds for their business pipeline. The survey represents individuals who target clients across a broad spectrum, including small-to-medium-sized businesses, large companies, nonprofits, startups, and sole proprietorships, in various sectors. Forty-two percent have 10+ years consulting experience. In spite of the short-term economic impact, consultants are taking steps to evolve their businesses to maintain revenue streams and be optimally positioned for the recovery. For example, many are refocusing on different market segments, introducing new products and services, or ramping up on new tools and technologies. “Consultants are nimble, and this survey validates that,” said WIC President Linda Popky, “When they saw the economic signals, WIC consultants tended to act swiftly to diversify their client base, put increased focus on networking and marketing, and shift business operations. They’ve also added social networking as a tool to help grow their businesses. “This year, we’re also hearing that it’s important to have a positive mindset and think creatively, out-of-the-box,” she said. “Successful consultants are finding new and innovative ways to provide additional value to their clients.” Other key survey findings include:
“As a small business owner, I’ve experienced challenges with decreasing client budgets in the midst of a more competitive marketplace and economic downturn,” said WIC member Laura Lowell, principal of marketing consulting firm Impact Marketing Group. “I've reduced the amount of work I outsource or sub-contract in order to make up for reduced project budgets and retainers. I've built my network of "go-to" resources largely from among my WIC colleagues. I regard the WIC community as part of my extended team and could not dream of being without this network of extremely talented individuals as my everyday resource.” A free summary of the WIC Compensation Survey can be found by clicking here. Detailed findings from WIC compensation surveys are available online exclusively to WIC members. The public is welcome to attend a webinar on July 22 at 11am PDT where key findings of the survey will be summarized. About Women in ConsultingWomen in Consulting (WIC) is a vibrant, diverse, and powerful community of consultants and small business owners working to build strong businesses. Founded in the San Francisco Bay Area in 1998, WIC provides its 400+ members and affiliates a forum to connect and share with like-minded professionals. Established as a nonprofit, collaborative community to foster successful businesses for its members, WIC sponsors programs and activities to help members network, improve their skills, and thrive even in a tumultuous economic climate, and also provides consulting leadership and support to the community at large. For more information
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