Product Consultancy Business

Product Consultancy Business Success Stories [2024]

Pat Walls

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Updated: September 26th, 2024

Navigating the complexities of product development and marketing can be daunting. A product consultancy business helps companies strategize, design, and refine products to align with market demands.

This business model involves collaborating with corporate clients to offer insights and recommendations on product viability, user experience, and go-to-market strategies. You’ll work on creating tailored solutions that drive innovation and competitive advantage.

Starting a product consultancy requires a deep understanding of market trends and demands, as well as strong analytical and problem-solving skills. You’ll need to build a network of industry contacts and constantly market your expertise.

The advantage? You help businesses bring compelling products to life while positioning yourself as an indispensable asset to their growth. If you thrive on problem-solving and have a passion for product innovation, a consultancy could be both fulfilling and lucrative.

In this list, you'll find real-world product consultancy business success stories and very profitable examples of starting a product consultancy business that makes money.

1. Innovolo Ltd ($2.4M/year)

Bradley Pallister, co-founder and Head of Innovation at Innovolo, came up with the idea for the business after recognizing the need for an innovation and product development consultancy that could help B2B clients create a culture of innovation. With their flagship product, Unlimited Innovation-as-a-Service, Innovolo offers business owners a cost-effective solution to bring in an external innovation team tailored to their needs, resulting in accelerated product development and a fast turnaround time, as seen with one client's product being expedited from eight months to six weeks. With an impressive revenue forecast of £2.4 million this year, Innovolo is poised to disrupt the remote product development space.

How much money it makes: $2.4M/year
How much did it cost to start: $1K
How many people on the team: 12

How We Started A $200K/Month Company Offering Innovation-As-A-Service

Innovolo, an innovation and product development consultancy, went from offering fixed-sum product development to providing product development chain management with a unique program called Unlimited Innovation-as-a-Service, shortening their client's product expedited time significantly, and increasing revenue astronomically since their launch in 2018.

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