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by Greg Alexander
The value proposition isn’t just changeable; it’s as dynamic as a world currency.
As innovative, novel solutions become tried-and-true commodities, they start to lose their scarcity. And once they become best-practices instead of special add-ons, they begin to fade away into the background.
That is why it is so critical for companies to not only stay on top of the trendiness of their value propositions but also replace ones that have lost their luster.
Founders of marketing agencies—particularly boutique firms serving focused audiences—need to approach value propositions differently than founders of other types of professional products and services.
The reason is simple: Every aspect of marketing has been sped up as a result of digital transformation. The marketing ecosystem is both saturated and evolving. In fact, marketing might be the most transformed of all the sectors in how quickly value propositions change.
Take influencer marketing. By most industry standards, influencer marketing is still in its teen years. It was only “invented” in the 2010s. Yet, despite its youth, it is getting pushed out of the way by the creator economy and losing its value proposition footing.
Recently, Goldman Sachs explained how and why creators were usurping influencers. Because they have so many opportunities to share whatever they want, whenever they want, creators’ user-generated messaging is becoming a powerful contributor toward which brands get the most buzz. By 2027, the creator economy is on track to hit the $480 billion mark—nearly twice what it was in 2022.
What is the takeaway if you are the head of a marketing agency? You need to drive value by moving fast and getting to the market first. Otherwise, your prospects will migrate to one of your competitors based on their changing firm selection criteria.
Chances are good that you are operating in a growth market. Growth markets are won by firms with playbooks designed around innovation, new markets, new products, new processes, and new clients.
Marketing is all about what’s new, which means founders of boutique marketing agencies need to become skilled at migrating the value proposition. In particular, they must learn how to sunset old service lines, launch new ones, and position their firms in growth categories.
There are many examples of other professional service categories adjacent to marketing that have been commoditized and have consequently migrated their value propositions to remain viable.
For advertising agencies, programmatic advertising has become a commodity. All advertising agencies typically rely on some kind of automated, targeted digital bidding.
At the same time, self-service ad platforms are moving toward commoditization. That is because the innovations that enabled the creation of streamlined platforms where it is easy to buy and sell ad space have become simplified.
public relations firms are also experiencing commodification in the areas of on-site and off-site content.
It’s not a matter of whether your service category will be commoditized. It’s a matter of when.
Fortunately, there are strategies for moving away from dying value propositions and embracing—or inventing—up-and-coming ones.
Are your prospects and clients behaving differently? Have they started asking for different things? If so, their requests could signal an emerging, migrating value proposition.
It is essential to ask yourself those questions routinely and teach others on your team to do likewise. That keeps your finger on the pulse of where clients are seeing value in your firm or where they might be looking for other sources of value.
You operate within specific categories. Stay on top of those categories to understand their maturity. A mature category’s value proposition is typically going to migrate.
When you spot a migrating value proposition, focus on where you should go next. Brainstorming allows you to consider how to potentially reposition your firm in a new growth category that is in its earliest stages and not even close to being commodified.
You are already paying attention to your competitors. However, are you looking at how they bring value to the marketplace? Can you beat them by evolving your value proposition before they do?
Founders and teams who have been able to secure themselves as “the” provider for undervalued, scarce resources before anyone else tend to land (and stay) on top.
* * *
Of all the competitive strategies in business you can apply, the migrating value proposition is one to keep in mind. If you take charge and control your value proposition, you will remain on the leading edge.
Are Your Value Propositions Working?
Three B2B Value-Proposition Rules That Create Preference, Not Just Parity
Your Golden Ticket of Marketing (Hint: It’s Not Your Website)
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Your Evolving Value Proposition: How to Recognize It and Get Ahead of Agency Competitors
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ABOUT THE AUTHOR
Greg Alexander is the founder of Collective 54, the first mastermind community dedicated to helping professional services firms grow, scale, and exit.
LinkedIn: Greg Alexander
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