The analysis of the consulting companies under consideration took place in a three-stage process: first, potential hidden champions were identified by a panel of experts. Following a preliminary study on the general suitability of the identified candidates, the main study was carried out to evaluate the finalists in detail.
The most important criteria for the Hidden Champion Award were analysed with the help of a preliminary survey: In addition to industry and methodological knowledge or analytical skills, thought leadership, ability to implement, communication skills, as well as teamwork and price level were evaluated in particular. The ability to implement replaced analytical skills as the most important criterion when choosing a consultant; thought leadership returned to the top 3.
The results of the award show what a challenge it is to compete successfully in the top segment of the market. This year, 30 consulting firms have asserted themselves as hidden champions in various thematic and industry-related segments of the consulting market.
Overall, consulting firms in Germany could once again increase their turnover in 2023 compared to the previous year: the industry expects growth of around twelve per cent to EUR 48.8 million.
Idea development necessary for a variety of specific topics
As a conclusion of the surveys conducted as part of the study, it can be said that in today's world, good advice alone is no longer enough; proposals need to be put into practice together with the client. The top managers surveyed also attribute a great deal of expertise to consultancies that are not generalists. In view of the large number of specific topics that require in-depth expertise, the development of ideas in the corporate field takes centre stage.
The Hidden Champions Study 2024/25 is available for download here: