Not too many years ago flat panel televisions were just being released to the public, some of them running as much as $11,000+ for a 50”! These sets were extremely profitable and the level of exclusivity in owning them was high. Now, it is easy for grandma to run to Target and pick one up for hundreds of dollars – flat panel TVs are quickly becoming a commodity. Does this sound familiar to you in your business? Here are what TV manufacturers are doing about it – going BIG and going small.
Yesterday we witnessed a Panasonic 150” plasma that made a 6’3” gentleman look small in comparison. At the same time they were showcasing ultra thin plasmas next to them. Has your offering become generic? Do you need to bundle your products and services with other items to reflect new value in your offerings? Maybe you need to break your offerings into pieces and charge more for each part, while making it personal for your buyer. Your offering is the tip of the iceberg, reconsider your packaging and start breaking free from looking like everyone else. As Seth puts it, small is the new big.