Differentiating “Commodity” Products & Services in B2B Financial Services & FinTech
From asset management & transaction banking to big data & cybersecurity, many times it seems the products & services offered are pretty much the same.
Here are a few ways to genuinely differentiate your “commodity” products & services:
What’s a truly distinct feature? Ideally, something that can be objectively measured: speed, accuracy, security, or cost-efficiency.
Is it seamless? Does it interface more easily with related products & services, whether from your organization or those of your clients?
Was it an industry first? If so, how does it continue to address client needs?
What’s special about the people behind it? Do the product managers have more experience, education, or certifications?
What if none of these apply and your product/service truly is a commodity?
Simply admit that.
Clients and prospects likely would find the honesty refreshing.
One Simple Action Item:
Ask yourself, “What’s one commodity product or service in my mix that could benefit from this approach?”