June 7th, 2010 . 09:51 am
Beating the Commodity Trap - Part II
Posted by Shustir Blog Entries
by Margo Upson
You could also diversify your current offerings. If you only sell ice cream scoops, your customers are only people who do not currently own an ice cream scoop. If you also sold other kitchen supplies, or even just other ice cream supplies, you would increase your base of possible customers.
You could also update your marketing strategy. The benefit of an ice cream scoop is fairly self-explanatory, right? It scoops ice cream. If you want to sell your product, you need to come up with a better reason for consumers to buy from you. Maybe your scoop is designed to get the last bit of ice cream from the sides and bottom of the container, or maybe it has a protective rim that keeps ice cream from dripping down the handle. What do you offer that your competition doesn't? Great customer service? A money back satisfaction guarantee? If you're selling something that other businesses are selling, you need to have something that sets your company apart from the rest.
Look for new ways to reach consumers. If you don't have an online presence, now is the time to build one. Get a website, get started on Facebook and Twitter, and join business communities online. If you operate in a niche market, this is especially essential to avoiding, or busting out of, a commodity trap. You might not have a large customer base in your neighborhood, but there are probably thousands, if not millions, of consumers online who would be interested in your product. If you can start an online marketing program that is better than what your competitors are doing, you are putting your company in the position it needs to be in for continued success.
You could also diversify your current offerings. If you only sell ice cream scoops, your customers are only people who do not currently own an ice cream scoop. If you also sold other kitchen supplies, or even just other ice cream supplies, you would increase your base of possible customers.
You could also update your marketing strategy. The benefit of an ice cream scoop is fairly self-explanatory, right? It scoops ice cream. If you want to sell your product, you need to come up with a better reason for consumers to buy from you. Maybe your scoop is designed to get the last bit of ice cream from the sides and bottom of the container, or maybe it has a protective rim that keeps ice cream from dripping down the handle. What do you offer that your competition doesn't? Great customer service? A money back satisfaction guarantee? If you're selling something that other businesses are selling, you need to have something that sets your company apart from the rest.
Look for new ways to reach consumers. If you don't have an online presence, now is the time to build one. Get a website, get started on Facebook and Twitter, and join business communities online. If you operate in a niche market, this is especially essential to avoiding, or busting out of, a commodity trap. You might not have a large customer base in your neighborhood, but there are probably thousands, if not millions, of consumers online who would be interested in your product. If you can start an online marketing program that is better than what your competitors are doing, you are putting your company in the position it needs to be in for continued success.
