Over the past few years, we’ve seen an increasing number of products and services become more or less commoditized in their respective marketplaces. It may be happening in yours?
Products and services become commoditized (from a pricing standpoint) when consumers can buy the same, basic items or services from a variety of different business outlets – both large and small.
When commoditization occurs, the paying public sees price as the primary distinguishing factor between brands. In other words, quality and dependability are barely distinguishable from one service provider to the next.
This makes it difficult for companies to increase their prices because competitors are offering the same or similar products at lower prices.
In today’s podcast, we’ll talk about how businesses have traditionally handled this kind of challenge as well as how you can do the same.