{"id":8037,"date":"2023-07-17T17:57:00","date_gmt":"2023-07-17T12:27:00","guid":{"rendered":"http:\/\/www.tactyqal.com\/blog\/?p=8037"},"modified":"2023-07-17T14:05:27","modified_gmt":"2023-07-17T08:35:27","slug":"is-your-startup-a-commodity-how-to-stand-out","status":"publish","type":"post","link":"https:\/\/tactyqal.com\/blog\/is-your-startup-a-commodity-how-to-stand-out\/","title":{"rendered":"Is Your Startup a Commodity? How to Stand Out?"},"content":{"rendered":"\n

When hearing the word commodity, people often think of things like oil, grains, or coffee. However, they don’t think of themselves or their businesses in the same way. Not realizing you’re a commodity is the first step into obscurity, but it doesn’t have to be that way.<\/p>\n\n\n\n

Investopedia<\/a> describes a commodity this way:<\/p>\n\n\n\n

A commodity is a basic good used in commerce that is interchangeable with other goods of the same type. Commodities are most often used as inputs in the production of other goods or services. The quality of a given commodity may differ slightly, but it is essentially uniform across producers. In essence, any business can be a commodity if there’s enough competition.<\/p>\n\n\n\n

When there are many options in the market with little to no differentiation between services, customers view all vendors as the same. The perceived value of your service becomes marginalized by customers who lack the education to tell the difference. <\/p>\n\n\n\n

When customers don’t know the difference, they tend to default to price as the only variable between options. This is a bad position to be in and one that many small businesses find themselves in daily.<\/p>\n\n\n\n

Is Your Startup a Unicorn or Oatmeal?<\/h3>\n\n\n\n

Unicorns are unique and stand out from all other creatures. Oatmeal, on the other hand, is bland, boring, and tasteless. Sure, you can put some cinnamon and sugar on it, and that’s how most businesses try to define their uniqueness. However, the oatmeal is still oatmeal, no matter how much you dress it up.<\/p>\n\n\n\n

Every business is as unique as the founder and team that supports them. So why do we fall into the trap of becoming another “me too” business? Here are 3 areas to consider:<\/p>\n\n\n\n

  1. Lack of Vision<\/strong><\/li><\/ol>\n\n\n\n

    When a company has a lack of vision, they tend to be aimless in their pursuit. Many businesses start because the owner had the talent and skill set to create a business that would support them. There wasn’t a thought about where the company was going because most days are just about providing service and surviving the ups and downs of entrepreneurial life.<\/p>\n\n\n\n

    1. Ease of Entry into the Marketplace<\/strong><\/li><\/ol>\n\n\n\n

      Ease of Entry refers to how easy it is for new competition to enter the marketplace. Got a computer and access to the internet? Great, now you’re a web designer or marketer. Have a truck and are handy with tools? Excellent, now you’re a roofer, plumber, contractor, or handyman. Luckily the trades have a little bit of protection through licensing and certification. On the digital side, it’s sort of like the wild west. Anything goes.<\/p>\n\n\n\n

      1. Lack of Differentiation<\/strong><\/li><\/ol>\n\n\n\n

        When you offer the same services, advertise, and sell in the same way as your competition, you won’t stand out in the crowd. Your customer has to have a clear view of what makes you better than your competitor. Years of experience, award-winning, and excellent service aren’t the clear differentiators you might think. Yet your customers expect these types of promises, as frankly, the bear (RAWR!) minimum.<\/p>\n\n\n\n

        What’s that saying, “Once you realize you have a problem, only then can you begin to fix it?” Mark Twain also said: \u201cIt Ain\u2019t What You Don\u2019t Know That Gets You Into Trouble. It\u2019s What You Know for Sure That Just Ain\u2019t So.\u201d<\/p>\n\n\n\n

        Take some time today to look at the 3 areas above. Do you have a vision, is there a lower small barrier to entry into your industry, and are you differentiating your services so that customers can tell exactly why you’re different?<\/p>\n\n\n\n

        Standing Out from the Crowd<\/h3>\n\n\n\n

        If you want to stand out from the commodity crowd, there are a few things you can do:<\/p>\n\n\n\n

        1. Create a Strong Vision<\/strong><\/li><\/ol>\n\n\n\n

          A clear vision for where you want to take your company gives you focus and helps guide your decisions. Communicate that vision consistently in your messaging so customers understand what you’re building towards.<\/p>\n\n\n\n

          1. Specialize Your Offering<\/strong><\/li><\/ol>\n\n\n\n

            Rather than trying to be everything for everyone, narrow your focus to a niche audience or underserved need. Become known as the expert in that specialty.<\/p>\n\n\n\n

            1. Tell Your Origin Story<\/strong><\/li><\/ol>\n\n\n\n

              Help customers relate to you on a personal level by sharing your founding story and reasons for starting the business. Stories build connections.<\/p>\n\n\n\n

              1. Invest in Your Team<\/strong><\/li><\/ol>\n\n\n\n

                A strong, talented team that embodies your values will outperform a commodity business with disengaged workers. Give them training, autonomy, and room to innovate.<\/p>\n\n\n\n

                1. Create a Referral Culture<\/strong><\/li><\/ol>\n\n\n\n

                  Turn your customers into raving fans who refer others. Word-of-mouth marketing is more powerful than any ad. Deliver exceptional service that makes people want to talk about you.<\/p>\n\n\n\n

                  1. Build a Community<\/strong><\/li><\/ol>\n\n\n\n

                    Bring together your tribe of customers, partners and fans. Foster personal connections and conversations. A community delivers value beyond your core offerings.<\/p>\n\n\n\n

                    1. Develop a Unique Voice<\/strong><\/li><\/ol>\n\n\n\n

                      From branding to content, infuse your business with a distinct personality. Don’t sound like every other business in your industry. Break expectations.<\/p>\n\n\n\n

                      Standing out takes work, but the long-term rewards are worth it. You’ll attract the right customers, command higher pricing, and build a sustainable competitive advantage. <\/p>\n\n\n\n

                      The choice is yours: will you be a unicorn or a bowl of oatmeal?<\/p>\n\n\n

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