Those are the words of Dr. Arnoldo Hax, one of the nicest and most amazing professors at MIT Sloan. Many of us think that our products are in danger of becoming commodities. Certainly, the internet has changed the playing field and you can only pursue greater technical product specifications to a point of “who cares”? When a product becomes a commodity, the only differentiator becomes price and that leads to price wars. That will happen only when you let it happen. Customers do not all use your products in the same manner or for the same purpose. That means that you have to understand your customers, their applications, buying channels, support needs, “hot buttons”, etc. and then differentiate your products and customize the customer buying propositions accordingly.
Frank Lio is a Product Manager, Strategist, and Change Agent in the Hi-Tech industry. His growing track record of successes include creating 3 winning software products, leading nationwide seminars, and turning around a failing business unit. He is currently serving a dual role as Product Manager and Business Team Support Manager at Instron ITW.
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