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Are you facing a product commoditization trap?
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So, how should you respond to this situation?
Here are the four compelling and proven ways that can successfully minimize the product commoditization in a competitive market.
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- Innovate Your Product Value
You can come up with a new product SKU or even upgrade of the existing product with innovative features,
- Target the right customers
Focus on customer niche rather than focusing on every targeted customers to buy your product or service
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- Offer exceptional supplementary services
Emphasising on selling your product with differentiated and better supplementary services that your competitors
- Have the optimal price structure
Have a sophisticated pricing structure that allows you to optimize how much you charge; you can apply ‘price-paid less cost-to-serve.’
Slide – 5
So, what according to you is the best way you think is to respond to product commoditization?
Do share your thoughts by commenting below.
CAPTION
A major issue which many of business executives are facing today is the fear that their product might or have become commoditized, especially in wake of increasing cut-throat competitive environment.
If you want to escape product commoditization, then start by reconsidering what your customers pain point areas / problems are, and how can you solve them coupled rebuilding your organization’s activities in a fundamentally new manner.
To help you out we have listed out the four proven ways that you can adopt to battle-out the product commoditization trap.
