Today it’s not enough to be the world’s best if no one realizes you’re there. In a crowded market, your talents and skills won’t even be noticed unless we find a way to truly fascinate our listeners.
Meet your arch-enemies, the three threats to fascination: distraction, competition, and commoditization.
- Distraction threatens your connection with others.
- Competition threatens your ability to stand out and win.
- Commoditization threatens your relationships and loyalty.
Today I want to focus on commoditization.
If you become a commodity in the eyes of your customers, you’re in a truly vulnerable spot.
You can be easily replaced.
As business gets busier, it’s no longer enough to keep current customers happy by maintaining the status quo.
You have to fight commoditization by infusing every ongoing communication and interaction with the qualities that make you most different… and valuable. You battle commoditization by leveraging what makes you most fascinating!
- You become a commodity once you cease to remember why the customer chose you in the first place.
- You can’t reserve what you’ve learned about your Fascination Advantage® for winning the next big deal, and allow your existing customer base to gather dust in the closet.
- Your clients deserve—no, demand—that you continue to fascinate them on an ongoing basis.
Your personality is your natural weapon against distraction, competition, and commoditization. The more value you add, the less you have to compete on price, and the less likely you are to become a commodity. If you don’t have the biggest marketing budget, or if you’re not the most famous, you can compete only by being more fascinating.
For some professionals, “adding value” means literally adding dollars to a customer’s bottom line, or to a client’s account. There is an ever-growing number of industries in which the battle to maintain customers is hard fought because these industries have become largely commoditized.
Consider the financial services sector. Many financial advisors are selling the same products and services as everyone else; financial products and services on the surface are pretty much the same, and to the untrained eye, advisors are, too.
As a result, financial advisors face the daunting challenge of setting themselves apart to build loyalty among current clients, despite the fact that they are selling largely the same product as their competitor.
How can a financial services advisor keep his customers loyal? By emphasizing his personality Advantages with every touch.
A financial advisor who can lead with his Trust Advantage each time he communicates by providing accurate and essential details will never become a commodity in the eyes of his clients.
A financial advisor who demonstrates his Innovation Advantage by consistently presenting unique and well-researched options that coincide with his client’s individual interests will never be perceived as replaceable. And so forth.
The fact is, a financial advisor, or even an insurance, travel or ticket-booking agent must find ways to distinguish themselves beyond the service they provide….not just during the initial sales process, but equally importantly on an ongoing basis to keep their clients from going elsewhere.
Here’s what it comes down to...
- You must either have the biggest marketing budget, or be the most fascinating.
- If others perceive you as a commodity, you’re replaceable, and increasingly vulnerable.
- Avoid commoditization by focusing on the ways your personality is ideally suited to solve problems, and create opportunities.