Value is defined by the market not our passion, commitment or excitement over “it”. The “it” here is your product.
Value Defined?
I was reminded of this simple reality when reading Seth Godin’s blog post, “Accept All Substitutes” this morning.
“The internet has dramatically widened the number of available substitutes. You don’t have to like it, but it’s true. That means you have to work far harder to create work that can’t easily be replaced.”
Even if you are not marketing a product on the Internet, the axiom still is valid. The marketplace is highly competitive and there are businesses and individuals actively offering products and services that have value. The test of that value is found in your market’s interest in it and their willingness to pay for it.
Whether your competitor’s cheaper product is of value or not, is not defined by your opinions, it is defined by the market’s actions. If it sells, it is of relative value. Your challenge to is to discover what your customers are not valuing in your product or, what they value enough in a cheaper substitute.
Once you understand the market, you are in a position to develop a product “that can’t easily be replaced.” Just remember, value is defined by the market not our passion, commitment or excitement.
photo credit: Mr-Wild
