What do you do when your competitors innovate or launch a new product or when demand for your product slows?
In this week’s training video, we discuss how to create added value to your product/service while overcoming these hurdles. Added value is a marketing tactic that is added to the original offering for free or as part of a discounted package. It’s just another marketing tool that is designed to attract new customers and retain your existing ones, and it doesn’t have to cost a fortune or take up all of your time to do.
The key to adding value to your product or service is figuring out what your customers and target market finds valuable. You want to understand their needs, wants, troubles, and inconveniences to entice them with solutions. Figuring out what you would like to be the added value to your service/ product will make your customers feel appreciated and taken care of.
Here are a few ways you can offer added value:
Feature Your Expertise: Whether it be an expert corner or DIY tips that you can add to your newsletter and website blog to show off your expertise.
Convenience Services: Customer service when done well can put you ahead of your competition. It can be free delivery or shipping, gift wrapping, etc.
Establish Complementary Partnerships: Build a network of businesses or services that can build your referral business. Customers will feel taken care of by a reputable community of experts.
Packages and Bundles: This is one of the most popular methods of adding value. Customers perceive the bundles as having a higher value than receiving something for free.
Customer Loyalty Program: This has a huge advantage, it helps build a database of customer information and can help you view and analyze purchasing patterns.
If you don’t refresh your offering over time, your customers will get bored and will be drawn to competitors. This can be said about your employees too. Customers and employees will ask for additional value and since they are the backbone of your business, wouldn’t you want to keep them happy? Remember adding value can be affordable and doesn’t have to be time-consuming.