How do you add value to a product that has commodity status?
No, it’s not a riddle or opener of a joke.
Let’s start by defining what a commodity is. According to our friends at Dictionary.com provide us with this explanation. Friend and colleague Mike Kallenberger touches on beer and commodity in this article.
I’d say that adding value equals making sure your branding is solid and true and your marketing is strategic and wise, suited to the brand to develop it long-term. Marketing – honest and straight forward, fitting of the vision and executed ala the mission – adds a tremendous amount of value to brands, commodity and all the rest.
“Make it interesting again,” stated Tom Ryan of Smashburger at the 2015 NRA convention. He was telling the audience that interest, intrigue, and giving people a reason to engage most certainly adds value. I’d agree.
Value is a moving target. It’s one of only 3 Universal Truths I’ve learned in my research as well. (Read more on that here.)
Adding value should start with having value to begin with. If your goods have value, then market them appropriately. Dedicate and execute worthy marketing and branding. If you’re in business – no matter what kind or tax status – it deserves your best effort.
I doubt people start businesses to want to see them stop.