I’m currently a product manager at a FAANG and my department head recently engaged one of the MBB to help new vertical expansion. My manager and skip have put me as the primary point of contact with the associate and senior consultant - and while I like them as people, it’s clear that this is their first engagement in this vertical and have no understanding of the industry.
How do I navigate this situation and help them help me?

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I would escalate this to your department head immediately, beware of consultants with no relevant experience coming in to just build fancy slide decks filled with jargons as deliverable which won’t add much value to you or your organization

For the rate/hour these consultants charge they better be experts

likesmart

Just to clarify: I'm not saying this is what they are doing, but it happens sometimes

My advice

1. Let the higher ups know the experience of the people they're dealing with and make sure that's consistent with what they expected
2. As part of these interactions, track the insights and record whether they came from your team or theirs. That way you can certify and measure the impact of the people you paid so much for.

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Not uncommon, and likely not a huge issue. It’s not their job to be industry experts, but athletes that can learn quickly and look at issues with new perspective

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The saving grace here is we have a massive deep well of previous case and industry experience via a vast network of specialists. They will surely tap said knowledge assets to formulate a potentially valid hypothesis. In doing so, they will also learn a tonne about the vertical. In short, this is the process. Though I would always push them on their hypothesis to validate the depth of the proposal.

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Tell your department head that to make sure they know

likesmart

Not uncommon. Associates are not expected to specialize or have deep expertise yet. They gather info from client and market research and are (hopefully) guided by the more senior folks who have more experience and expertise in the field to then form recommendations.

Maybe ask the team whether they are engaging other experts from their team and if you can meet them?

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If you’re feeling generous take some time to clear up confusion or give them an opportunity to interface with your team to do so - otherwise best bet is to be clear with your manger that you’ve gotten that impression

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I disagree that this should be escalated. Junior resources aren’t expected to have industry experience. Hopefully they’re being guided by a manager or SM with the relevant industry experience.

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Good luck with SM guidance, SM probably is swamped with sales and multiple engagements to spend enough time guiding

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While the junior consultants won’t be experts (and they nearly never are!), the partners on the case will be. They are who essentially give the recommendation. The junior consultants just make the slides.

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Your manager and skip are relying on you to give them status updates. You should be transparent with them and communicate your concern. You can also communicate to your managers, how you think you can mitigate the consultants' lack of knowledge. That way your bosses can make an informed decision on whether they want to proceed and accept these risks or not.

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Hiring MBB team doesn’t always guarantee deep industry expertise but it nearly guarantees smart people that can learn the ins and outs of the industry and your problem at warp speed. They likely have support / experts they can rely on as well

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Agree with most responses here. One thing to also think about - often times consultants will pass feedback on the client team they’re working with to the lead who engaged them - it’s in your best interest to be friendly, helpful, and work with the consultants - I’ve seen positive feedback from consultants on a team member result in career fast track, the opposite result in passed promotions.

Exactly you don’t want their consulting partners saying so and so was a roadblock to the project your company invested in. I’ve personally seen executives go hunting for middle management that wasn’t helping or doing their due diligence

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