You have a successful business, with a great product: what a drag! Don’t fret, with a few changes, we can take your unique, value propositioned product and turn it into the faceless, brandless disappointment you always wished it could be!
We’re going to introduce you to the concept of commodification. When you think of a commodity, you think of a product that is essentially the same no matter who or where you get it from.
Oil is oil, gold is gold, and corn is corn. You can bring your product to this level too, but only if you have what it takes!
Compete on price!
The first thing you need to do is adjust your price. Sure, your product has value, but it doesn’t have to be that way! Overlook the value your product has for now, and lower the price.
There’s no room in commodities to stick out like a sore thumb with your high prices, fall in line!
Watch your competitors!
Watch your competitors with all of your attention. Now is not the time to be innovative. Being unique means only one thing: not being a commodity. I shiver at the thought.
In commodification, there is no room for identity. If your product is too different, or unique, you’ve completely missed the point. It’s much harder to kill your business if you are innovating and creating a unique value proposition.
Apple innovated, and look at what happend to them! Long lines of customers that they have to service! Go ahead, put an iPod next to an x-brand MP3 player and see which one people pick. Apple did a poor job of commodification, and it will only serve to keep their business limping at light-speed for years to come.
Distribute to major retailers
One of the fastest ways to commodify your products is to strike up a distribution agreement with some big box retailers. Once that agreement is in place they’ll tell you:
- How to manufacture
- How much it will cost you
- How much you will charge them
- And how many they want
This removes a lot of the nuisance of maintaining morale, research and development or even having to worry about running the business. Quite honestly, it’s almost like making an agreement to be an employee of the retailer!
If you’re feeling trapped by your successful business or product, there’s no reason to keep running. The answers are right here, commodifying your product is the ideal way to escape the headaches that companies like Apple face each day.
There is a world out there that is hurting for commoditized products, and evil companies like Apple continue to siphon away the hope like a man in the desert with a Capri Sun. If someone wants to purchase your product by the pound, then they should have the option. WHO’S WITH ME?