What’s an Idea Worth?

The old saying, “Beauty is in the eye of the beholder,” is equally applicable to communications programs by substituting the word “value” for “beauty.” While there are many metrics to measure the ultimate results of an advertising, marketing or public relations campaign, there is often a gray area at the start of any client agency/relationship when discussing appropriate compensation for the creation of the program.

Often, this occurs because it’s hard to figure out what an idea is worth. A marketing campaign deals with abstract concepts, nuanced claims and creative impressions. The genius of a good marketing program is blending these elements in a way that attracts the customer’s attention and effectively communicates your solution to a problem. The end result may only be an arresting headline, striking visual and a few lines of crisp copy.

This may lead some purchasers of marketing services to jump to the wrong conclusion about the cost of creative marketing elements. The purchaser may think, “How long could it take to write a few words for a headline and a paragraph of copy.” Manufacturing organizations are probably more prone to this reasoning because they deal with specific units of production and can accurately track costs of materials, labor and machine operating expenses.

Some similar elements are present in the final development of an ad, brochure, website or similar materials. You can measure the amount of time it takes to find or create artwork, lay out the design and complete production.

What can’t be measured is the industry knowledge, intellectual capital and imagination that helps clients achieve marketing success. These factors are the most important considerations when choosing a marketing partner and putting a value on their work. Establishing a business relationship that capitalizes on the intangible skills of the marketing communications company will be rewarding for both the client and the agency.

To learn more about our industry experience and the ideas we bring to B2B clients, call us at 847.657.6011 or e-mail us.