Why Can’t You Charge What You’re Worth?
The Commoditization Trap
by Craig R. Hersch, Florida Bar Board Certified Wills, Trusts & Estates Attorney, CPA
Click below to listen to an informative podcast episode!
Over the past 40 years, the advent of the microchip commoditized many businesses and services. Moore’s Law, defined as the doubling of microchip power every two years, led to the powerful capabilities we find in today’s computers, Internet and Smartphones.
While the microchip fundamentally transformed society, giving us unlimited access to information and the ability to instantaneously communicate like never before, it renders many businesses and services obsolete.
Those of you who are around my age (53 at the time I write this) may remember a time when nearly every neighborhood strip shopping center had a travel agency, video arcade and Blockbuster.
The microchip commoditized those businesses so that they were all replaced by something faster, more convenient and cheaper in the form of travel websites, home gaming systems and online streaming video services. I’m sure you can think of dozens of other businesses that either have gone bankrupt or changed substantially because of commoditization…[Click to Read More]