I posted this in several FB groups and no one seems to see the amazing power behind this. So Internet don’t let me down now! The whole space of digital marketing is on a huge pivot point. So if you’re a White Labeled Digital Marketing or Digital marketing reseller. Listen up because I’m laying it all out for you below!
White Labeled Digital Marketing. (The Problem)
So I can just open a White Labeled Digital Marketing Agency and sell other people’s services as my own! Nice I know a few businesses that I could reach out to see if they need a new website or marketing services! SEO, Lead Gen!
The possibilities are endless!!!
White Labeled Marketing Agencies might go the way of Blockbusters.
And Here’s why…
You have your “larger than life influencers” that are branded and differentiated from the competition on one side. You also have your low-cost operators that build a website for pennies and run marketing campaigns for “exposure.” (Old joke but I’m going for them being cheap…)
Smack dab in the middle is probably as high as 75% of the rest of the agencies.
They get customers either because their either a local business with a great rapport or they’re good marketers.
The problem is the Neil Patels & Gary Vees offer the same services as your twitter DM “marketer.” They just happen to be so much better at the business side.
The amount of value they bring to the table sets them apart as they know the hard work needed to get & keep customers happy. The newer marketers only see the content they put out and not the hours behind the scenes that has set up the channels and make people want to hear from Neil or Gary.
(TL;DR) Everything “marketing” falls underpricing and differentiation. Choose to be different or cheap. Never stuck in the middle.
When markets are flooded with “Low Cost” options the businesses that have a higher level of differentiation will enjoy most of the profits.
The opposite is also true, when most are priced higher without much difference between the products the lowest cost option will be the best option.
As Supply increases Demand for the services decrease. Taking the market accepted price with it. Down.
This is the problem, if you find yourself in a market with some businesses are higher priced than you but make up for it with greater benefits than you offer.
While others still are lower priced than you, that are similar enough to be accepted and succeed.
You’re in the middle and a shift most happens.
Without either a Price or Differentiation strategy you will find it very hard to compete sustainably with your competition.
The Prize; if you make it.
This is something that changed how I see the marketplace for digital and traditional marketing. Those that see this fact and do it right have great positioning for the next new social behemoth. Those that can’t see this are doomed to repeat the past of so many businesses.
The Solution; If you can see it.
Start your own Agency. Offer something new to the marketplace and do the work.
Trying to find a consistent and profitable way of getting and retaining customers. Below is how we at TMV get customers. Making a service more available to businesses is like a product getting into more retail stores. Be on every street corner.
Consider adding more profitable channels of getting customers.
Cost vs. Differentiation
Based on Michael Porter’s study on business competition. Here is my take and it helped me.
Branding, features, ease & benefits =Differentiation.
Low cost & different pricing strategies =Price.
Find what service is your true breadwinner.
That is what service makes your business the most profitable revenue.
Research your competition for more than just the keywords they rank for. Find out what product are their breadwinners and if it makes sense double down on the services that you are better at but they don’t promote as much.
Consider dropping your prices for the services that don’t do as well.
These will be your “profitable loss leaders” products that get people in the door.
Work on Different Pricing Structures.
Cost strategies don’t always have to be “lower your prices.” Once you understand you don’t have to hit a home run on every pitch to win a ball game. You can increase your chances at-bat and get on base more. Ask your customers what they want and create packages that your customer wants. Make them feel proud they have the “Platinum Package.”
Become Larger Than Life. The superstars of marketing are people too.
I want to be the first today to say, I believe in you and this is an option. Stars put their pants every morning the same way we do. You can even be like me, rather be seen but not heard. But when you step up to the microphone say something people will never forget, or just be the most real person in the room. Connect and be transparent, people will love you.
Double Down on Yourself (Branding) Consider why people would want to do business with you and build on that.
People now want to feel good about who they’re doing business with, that’s why people donate per product.(Besides them being good people of course.)
Benefits of Doing Business with You.
Have you ever heard someone say, I’d probably switch companies but I get XYZ from them and would have to replace it. First, don’t try to lock your customers in because you’d be a jerk and they won’t like you. Also, I will come to be a nice guy and come steal your customers… jk
Offer them something they would be crazy to lose, be a nice person and make your customer’s life better.
Whatever You Do, Just Know.
The Big Guys at Marketing are Faster, Stronger and have more money to compete with. This isn’t a losing battle but for the sake of your money and livelihood!*Wake Up and Smell the coffee!*IT’S TIME TO WN!!
What're your thoughts? Am I crazy? Am I right? Will You Win?
P.S. The first time I heard a talk like this it blew me away, but not enough to change my business model. 1 year later I see the need, but I don’t need to tell you the extra I could have made if I committed to changing sooner.