Unpacking The Perceived Value of Marketing
Since inception, Dynamite has always been intrigued by the perceived value (or lack thereof) that customers place on marketing, both digital and traditional. One often wonders if this lack of perceived value has to do with too many choices? Or possibly customers don’t fully understand the value of what’s on offer? Or does it simply have to do with affordability. Our guess is that it’s a combination of all three. Let’s unpack these scenarios.
1. Too Many Choices
Often a reply to a presented marketing proposal has been, “But company B can do this or that service or suggest we go in another direction”. Competition keeps us honest and ensures we are reinventing and fine-tuning our offering.
In our experience the answer to the many choices scenario comes down to client and agency fit. Does the agency understand the client’s vision? Do your values align? This should help both client and agency narrow down the choices.
2. Understanding Whats On Offer
Our most successful projects have been the ones where our understanding of the requirements is crystal clear. The better our understanding, the better we can craft a solution aligned to these requirements. And in turn, the client can fully grasp the value of what’s on offer. Ask the questions. Paint the picture. Fill in the gaps. Get as clear a picture to ensure what’s on offer is understood. We as agencies, need to ensure our clients (or potential clients), grasp the direction we want to take them.
3. Gauging Affordability (ROI)
This is possibly the most common response to our proposals. “We will try doing that service in-house” or “company B can do the same service for cheaper”. Let’s face it, people always want a good deal, although we think it’s important to compare apples with apples. What experience is being brought to the table? What skill-set is on offer? Which of these agencies is best geared to achieve your goals? Which agency will give you the best return on investment? What track record and experience do the agencies come with? When the equation is about value, then affordability is not the only deciding factor.
There is a huge amount of value in marketing, however the key is getting it right. In our experience, the correct mix of traditional and digital marketing can have an exponential effect on a business. Brands are built, and companies grow on the back of successful marketing. Get a good understanding on what’s on offer, find a great fit agency and base your decision on that value rather than purely on cost.