I frequently hear my clients say, “Our market is becoming commoditized.” They see the products in their market becoming similar, more competitors jumping in, prices falling, and profits eroding.
As a kid, I loved Sesame Street – especially a game called, “One of these things.” The audience was invited to identify which of the objects in the set of four that was “not like the others.” Sometimes the objects were shapes; other times they were children doing different activities. Either way, the goal was the same— determine which were similar and the one that was different.
Who are your competitors? It’s not as simple as it sounds. How you answer the question can be the difference between a successful or a failed growth strategy.