Increase added value means making your product or service better than that of the competitor. The new way to differentiate your company, attract new customers and increase sales.
As per to Michael Tenir, a company’s value-added is certainly shared between two different types: primary activities and support activities. The former involves changing raw materials in to products. These involves providing the after-sales solutions that ensure that the customer use the product and improve it.
There are many strategies to increase your added value, just like improving the labeling of a product or simplifying its way of use. Apple’s focus on producing computers convenient to use, for example , changed their market like it and created tremendous added benefit. Other ways to incorporate value should be provide personal services, offer discounts, or give back towards the community.
Boosting your added value is specially important in today’s competitive markets exactly where buyers became web-savvy and less loyal to brands. When a goods and services is viewed as a commodity, it is difficult to that at a high profit margin.
Customers wish to feel that they’re obtaining their money’s worth, consequently putting added value before a sale is a necessary strategy for businesses. If you don’t put value on your product or service, your competitors will, and you’ll end up being left with practically nothing. Adding benefit to your products or services also helps to make trust with potential customers and clients. This trust can warm all of them up to your brand and make this easier for you to sell to them later on.
