When we and our competitors offer a very similar product, from the customers’ point-of-view, the lines are blurred and nothing stands out to them. In other words our product or service has become a commodity.
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In that situation we must come up with something that differentiates us from the competition.
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Frank Patrick gives an excellent example of how we can stand out in our customers’ minds.
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“…we can create new offerings to augment or wrap-around our core product/service. If that new aspect of an offering addresses prospects' constraints, it can provide them with high value. For example, some customers prize reliability and on-time delivery far more than price. Figuring out what will solve the customer's/market's problems will then drives a look back into your own organization to see what it needs to address internally to provide these new solutions for our customers.”
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We can become so focused on our core product or service that we fail to see that it has become commoditized. If that does become the case, then that product or service eventually will not be the core anymore, but the new offerings or wrap-around enhancements, in the customers’ mind, will become the key reason they do business with you.
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Once they know that you are looking out for their best interests through your add-on offerings, this will give them the ‘sizzle’ that most of your competitors won’t be able to match.
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