I participated in a volley of comments over at Church of the Customer earlier this week on the dimnishing returns of traditional advertising. Ben McConnell made this statement:

…advertising isn’t dead; it’s been commoditized. That renders a lot of its value obsolete.

That’s a powerful statement. Is it an overstatement? Probably, well maybe… I guess it depends on how you look at it. Advertising can be a commodity. Are you buying advertising on a TV station just because of it’s mass reach, then it’s a commodity. Are you buying advertising during a specific television program that reaches the market segment you’re targeting with an ad that includes a message they want to hear? Is that TV ad part of a holistic marketing plan? (Which Ben recommends, implying he hasn’t lost total faith in advertising.) If that is the case, then I do not believe it is a commodity.

Anything can be a commodity. Some people undersell their offerings because they believe they’re selling a commodity. In fact, there are probably an incredible number of opportunities to buy “commodities” and turn right around and sell them as valuables. Many people have become rich this way. The experts on Antiques Roadshow could probably find many fortunes in flea markets and garage sales.

If you’re a baker, you take the commodities of sugar and flour and create a valuable wedding cake. If you’re a manufacturer, you take the commodities of raw materials and create a valuable product.

My point is (as I sit here and try to remind myself of my point) that if you want to buy advertising, you need to become an expert appraiser of media spots (or hire one). Otherwise, you may end up paying a premium for a poor imitation, AKA… a commodity.