How to Make Your Agency Stand Out as a Valued Strategic Partner to Clients… and Not Be Just Another Fish in the Sea. (Part 2)
BE DIFFERENT. Agency differentiation and proving your value proposition to clients will separate you from competition… and are the keys to achieving premium pricing and higher profitability.
This is the second of two pieces on this vitally important subject.
In Part 1, we summarized the chronic struggle and challenges which so many agencies endure in their quest for higher profits. We then shared our thinking on:
Achieving higher profits begins with strict adherence to an effective pricing model.
The most profitable agencies have built and sustained a powerful sense of “Mission”. They’re committed to a higher calling.
These agencies fully understand what they’re selling… and to whom. They’re built around knowledge and experience for a specific set of clients.
To prove their expertise, they develop and seriously invest in the core drivers of differentiation - deep IP, productization and thought leadership.
They also relentlessly nurture and leverage their brand positioning (USP) in all they do.
Taking these actions will put your agency into a position for a premium pricing model. However, as detailed in Part 1, you must also adhere to specific processes designed to protect that model in order to fully enjoy its benefits.
Review the complete piece for Part 1, here.
Today, in Part 2, we’ll provide additional recommendations for how you can make this happen.
Understand that your HOW is what makes you different.
What you do is generic. Writing press releases. Developing copy for ads. Planning and placing media. The list goes on. And just about every agency does the same things.
It’s what you know… and HOW you apply that knowledge… that differentiate your firm.
To be meaningfully different and distinctive in the eyes of prospects, you need to capture your HOW in a branded process. It must demonstrate your deep understanding of their business and issues and support your ability to command premium pricing for your contributions.
Your HOW explains how your agency achieves consistently superior results for clients compared to your competition. It is core to your other intellectual property and fundamental to your long-term success. Products, concepts, sub-methodologies and marketing platforms are then connected to your overall HOW process.
We find that virtually every agency has a hidden HOW and other high-potential IP that has unfortunately been buried and forgotten in both old and current pitch decks. Senior leaders can also too easily take their experience and learning for granted as it’s instinctual to them.
The result? The organization as a whole misses out on highly valuable information and powerful insights that can help to build your client roster, new business pipeline and better train the next generation of agency leaders.
Developing your HOW and related IP will prove your depth of thinking and value to clients. Here are several ways to make that happen:
Codify your overall client service delivery methodology (data, insight, landscape, strategy, narrative, content, execution and analytics).
Productize selected high-value services and processes.
Codify proprietary methodologies.
Train your team on how you do what you do for consistency of client and staff experience.
Break the client service delivery process into specific, premium-priced offerings.
Develop branded menus of tactics designed to solve a client problem.
You can also create specific sub-offerings within your overall HOW methodology such as media training, visual branding, narrative/positioning and more.
Your HOW flows from your Experience Reservoir.
Your agency’s Experience Reservoir holds all of the insights and knowledge not found at other firms. It makes everything you do more focused and superior (both in actual application and, perhaps especially, in the minds of your prospects).
Many important benefits to clients will flow from your reservoir.:
Quicker and uncommon insights.
Stronger strategies and fresher approaches.
Distinctive tactical programs.
Better channel optimization and amplification.
Trusted media relations.
Audience cultivation and engagement.
Understanding of issue-specific coalitions, strategic partners and influencers.
And it does even more than differentiate you.
By reflecting your firm’s deepest knowledge and experiences, your HOW just doesn’t differentiate you from competition. It paints a convincing picture that clients will be in good hands with you. Since they’re essentially searching for salvation, what could be more reassuring?
Further, it’s also the key to achieving consistency of process and thinking across the agency. Augmented by IP and productization of selected offerings and methodologies, your HOW then becomes the root of “Our Agency Way”.
An example of creating a HOW which will drive more impact for clients.
To help stimulate your thinking, here’s a prototype HOW comprised of ten steps:
Data discovery/gathering the evidence.
Strategy Summit to identify uncommon insights.
Landscape assessment.
Stakeholder roadmap (for possible allies and partnerships).
Core messaging platform.
Inclusive movement (audience analytics).
Surround Sound approach (for flawless program execution).
Measurement/analytics/results.
Adjustments and ongoing improvement.
Seeking input from clients to find the most authentic, client-focused language.
And why will this HOW matter to clients? It provides ongoing strategic counsel and thorough planning delivered with increased speed, flexibility and efficiency. And then? Refined execution and higher levels of success. You become an indispensable part of the client’s team.
The stronger and more distinctive your HOW, the higher your profits will be.
Based on our deep experience in helping a wide range of marketing and communications agencies overcome challenges, grow their businesses and increase market value, we know that what we’ve shared here with you today works.
Please feel free to contact us at any time to learn more.
For an in-depth look at how to manage your agency for premium profit, click here.
We’re here to help you prosper.
Prosper Group exists to help the owners of independent marketing and communications agencies achieve their ambitions and maximize the value of their life's work.
Our team of former agency leaders and owners focus their deep experience on implementing proven proprietary methodologies across our three practices of agency performance, owner exit planning and M&A transactions in order to drive owner and agency success.
To learn more about us, please visit our Services page.
