The need for agencies to demonstrate value has been a common theme throughout the content I’ve read so far this year as we try to gauge what’s in store for 2021. It’s an extension of an idea we latched onto last year, which is that, as budgets tighten, marketers are looking for “a sure thing” and proof of results — even more than in previous years.
In 2021, agencies must demonstrate value and have a compelling value proposition to be competitive in the current environment. Unfortunately, “value” is one of those terms that is so overused that it's taken for granted. How many people talk about delivering value, believe that they provide value, and therefore fail to see that what they offer is actually not that valuable? More than a few!
I want to address what it means for an agency to deliver value. What does “value” look like in practice?
High-value agencies:
Demonstrate your expertise in a vertical or service. Be specific, targeted, and strategic. There is greater value in being exceptional at one thing than in being average at ten things.
If you provide value, there should be quantifiable proof. Historical data and metrics will go a long way to provide the information a prospect needs to hire you and is the first step in demonstrating value.
Today, speed matters. Marketers are looking for quick solutions that will allow them to keep up with evolving conditions and positively impact their bottom line. Layered decision-making processes and over-staffed teams don’t provide the “value” that clients need or want now. This is why independent agencies have been winning more new business recently.
Remember that they engaged you for your expertise. It’s okay to push back and have an opinion, as long as you have the backup information or thought process to justify it. You can be responsive to clients’ needs without wasting time and energy on requests that you know will not provide real results.
It’s your job to understand the underlying goal or pain point and have a perspective on the best way to address the situation, instead of just agreeing with your client. You might explain that an alternate path will likely yield better results and reduce time and costs. In that case, clients will almost always appreciate the value of your expertise (even while some may still insist on taking the less effective approach).
It takes time to make someone feel comfortable and confident that they can rely on your guidance to grow and drive their business. If you want to become a true partner and trusted advisor for your clients, you must first become an expert they can rely on.
It takes time to create value. In today’s project-based environment, you may only be providing value for one part of your client’s business. But taking ownership of that part, no matter how small, and maintaining a focus on building trust and value is a great way to grow your work into a bigger piece of business.
The benefits of deliberately cultivating your agency’s value are compelling:
What can you do to improve your agency’s agency’s demonstrated value this year?
Image credit: Photo by Sharon McCutcheon on Unsplash