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104. 6 Steps to Grow your Business Faster and Make More Money
Bedros Keuilian Podcast Show
Cultivate Community to Escape Commoditization
Creating a community around a product or service provides a significant competitive advantage, as it fosters loyalty and brand identity that transcends mere product quality. For instance, Jeep has built a strong community that makes its vehicles more than just commodities, effectively distinguishing itself from competitors like Toyota and Ford. Businesses must identify and articulate unique differentiators beyond product features to avoid becoming a commodity subject to price competition. This differentiation can stem from celebrity endorsements, guarantees, unique experiences, superior results, or even manufacturing origin. Without clear differentiation, a product risks being viewed as interchangeable, leading to price-driven competition.
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