Price is what you pay, but value is what you get. Imagine buying a top-notch car worth a lot; paying a high price for it feels right. It's about getting your money's worth – that's real value. See, nowadays, 'value' often gets mistaken for 'cheap' or 'discounted.' But it's not about being cheap; it's about something being totally worth it.
If you compete based on value, you must ensure that all the services you provide for your clients are adding value. Show them how fantastic your offerings are, just as Apple does. This way, you can charge more for your services and boost profitability. As long as your clients believe they're receiving good value for their money, you can charge higher prices. Their perception is what truly matters.
Being 'cheaper' will not guarantee your success in the long run. On the other hand, being 'better' has enormous value when quality is an issue. When it isn’t, price becomes the primary differentiator.
In today's competitive world, advertising agencies need to pinpoint what sets them apart. Articulate how and why your approach, thinking, and perspectives are superior to others'. Highlight how your uniqueness leads to promised success.
Beware. Once you start working below your value, it is always impossible to get back on track.
