There are numerous ways to create products and services and create a business around it. It can be that you are about to meet an existing demand, or creating one. If your product or service is highly innovative, chances are that you are creating a whole new demand.
It is difficult enough to reach out to consumers ready to buy your product or service, because of tough competition, innovation stagnation in the specific market, or may be you just want a piece of the existing market pie. As a result, creating demand and catering to supply to it is a gargantuan task for any business.
If we don’t improve on the existing products on the market, then why should consumers buy from us? What is the differentiating factor between us and our competition? These questions should ideally lead businesses to innovate products and processes to achieve success.
Even though there are billions being poured into new-age innovative products and services through VC, Crowdsourcing, etc, it doesn’t take too long for us to notice that most of the money is being poured into similar business ideas to meet the same consumer demand. This breeds healthy competition and again, ideally breeds innovation (this is more gradual).
However, what this obsession of putting money into similar businesses does is create SAMENESS, from the consumer perspective.
Look at the current ecommerce market in India, too many marketplace platforms want a share of the market. Amazon, Flipkart, Shopclues, Snapdeal, Paytm, AskMeBazaar, all are pretty much the same, offer products from the same brands, at the same price. So, how do consumers stick to one brand, where is the loyalty? Discount and price strategies can buy consumer loyalty until these brands run out of money. The government of India has put a stop to the discounting war. Now, the real game begins.
Amidst all the noise, big platforms with deep pockets can throw cash and survive, but what about up and coming small and medium businesses? They don’t have deep pockets, so how can they survive and sustain? May be the answer is to drive more value to potential consumers. Offer them information necessary to make a smart buying decisions. Your newspaper, TV, radio, and banner adverts can’t achieve this.
This is where CONTENT can help give businesses of any size a platform (like a blog) to offer value to people. Remember, before businesses seek consumer loyalty, they should offer the same to the consumer. It’s a give and take world. This is the only way to build trust, and trust lasts longer than discounts.