Are you facing a product commoditization trap?

 Here are the four compelling and proven ways that can successfully minimize the product commoditization in a competitive market.

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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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1.     Innovate Your Product Value

You can come up with a new product SKU or even upgrade of the existing product with innovative features,

2.     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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3.     Offer exceptional supplementary services

Emphasising on selling your product with differentiated and better supplementary services that your competitors

4.     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.’

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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.