Episode 28 - There's No Such Thing as a Commodity

G.K. Chesterton once wrote, "Competition is a furious plagiarism." Yet the fact of the matter is there is no such thing as a commodity. Anything can be differentiated, which is precisely the marketer's job. Believing that your company—and the products and services it offers—is a commodity is a self-fulfilling prophecy. If you think you are a commodity, so will your customers. How could they believe otherwise? This notion of selling a commodity is one of the most pernicious beliefs, which leads to price wars, incessant copying of competitor's offerings, and lack of innovation, creativity, and dynamism, not to mention suboptimal pricing strategies. The potential for competitive differentiation is only limited by your company's imagination. Many business leaders lament that since their industries are mature, commoditization is inevitable, despite all the empirical evidence surrounding them that this is simply not so. Ed and I will attempt to dispel the myth of commoditization.