Competing for Business in a Commodity Marketplace: Why Do Alternatives Exist?
Posted Oct 01, 2020 in Management
Alternatives exist in commodity spaces, but we don’t look for them. We don’t look for them because we don’t value them. And we don’t value them because they are not based on our exclusive wants but our habitual needs.
Commodities do exactly what they’re supposed to do for the price we pay; the price-for-value trade is fair. The reason we leave one product for another is that we believe value is being created for us; in this case: the cheaper ‘good enough’ wins, and makes the one we leave, forgotten.
There’s a lot of talk about loyalty these days…and in particular, the lack of it. With customer attrition at an all-time high in many industries, where is the glue that holds us together?
Customer retention statistics tell us that 75% of customers we lose actually deem themselves ‘satisfied’ with the quality of our products, our customer service and our price points. So, if they’re satisfied, why...
