The majority of small businesses, like yours, are established in response to market demand for a product or service. Many build their businesses by serving that demand and enjoy growing profits without putting much effort into long-term planning or marketing.
However, what happens when that demand slows or stops? What happens when the competition sets up shop with a “new and improved” version of your product down the road? How do you keep your offering fresh, while growing and maintaining your client base? The answer is by adding value to your product or service.
Added value is a marketing or customer relations strategy that can take the form of a product, service, which is added to the original offering for free, or as part of a discounted package. It, like all other elements in your marketing toolkit, is designed to attract new customers and retain existing ones. A simple example of added value would be if you owned a gift shop, and offered complimentary gift wrapping with every purchase.
If you don’t refresh and renew your offering over time, your customers will get bored and be drawn to your competitor. Your employees, too, may become disinterested, and find work elsewhere. Ultimately, both clients and employees will demand additional value to remain loyal – and aren’t they the keystones for your business growth?
Can You Add Value to Your Business?
Everyone can add value to their business. Better yet, everyone can afford to add value to their business. Adding value doesn’t have to blow your marketing budget or take up hours of your time. There are many ways – big and small – to enhance your business in the eyes of your clients.
The key to adding value is determining what your customers and target market perceive as valuable. You must understand their needs, wants, troubles and inconveniences in order to entice them with solutions through added value products or services. Adding value will add to your profits, but if you don’t focus on genuinely helping your clients, you’ll have a difficult time attracting them.
Added value works for both product- and service-based businesses. If you offer a service, like hairstyling, try treating your customers with products like a latte while they wait, shampoo samples, or a free conditioning treatment with every sixth visit. If you sell a product, consider offering convenience services – like free shipping or delivery – to make the customer’s experience a seamless one. The customer will feel appreciated and their needs will have been taken care of.
Ways to Add Value to Your Business
There are many ways to enhance your offer, depending on your budget and the resources you have access to. You may wish to hold a brainstorming session with your staff to come up with ideas for your business; if your employees are on the front lines, they’ll likely have firsthand information about what clients would like to see more of.
Feature Your Expertise
Your intellectual property is a free resource that you have at your disposal to share with your clients. This will make them feel as though they have an inside track. You might want to consider adding it to your business, making it a value-added service.
Expert corner: Supplement your website and newsletter with columns on topics of interest to your customers and of relevance to your service. This will position you as an expert in the marketplace, and give your clients helpful information they won’t receive from the competition.
Do It Yourself Tips: This is a great tool for seasonal marketing. Provide your clients with this information on your website, in your newsletters, or on take away note cards in your store or office. Ideas include recipes, craft ideas, gift ideas – all of which are branded with your company logo and contact information, and include your product as an ingredient.
What to Expect Tips: Take your customer through what they should expect in the first few days (weeks) of using your service or product, and how they can make the most of it. This can include assembly instructions, product care and cleaning, or service results (like a 25% increase in business – guaranteed!).
Related + Community Events: Own a store that sells athletic equipment? Post information on your website, in store, and in your newsletter about upcoming races, games, or consumer trade shows. Or simply keep a bulletin in your office of community events and offers that will draw your clients in, and establish itself as a hub in the neighborhood for information.
Offer Convenience Services
Customer service is a dying practice in our high paced culture – use it to your advantage. When done well, it can be the difference between you and the competition, or the deciding factor for a potential repeat client.
Envision the steps involved for a customer to arrive at your store, purchase your offering, and use your product or service. Can you eliminate any of those steps for them? Can you shorten waiting times, or make them more pleasurable? Stepping into your clients’ shoes will allow you to determine the most powerful value add for your company. Here are a few ideas:
Free Delivery + Shipping: With clearly established parameters (will you ship your product free to India?), this is a solid value added service that many businesses offer. Free delivery (usually with a purchase over a set amount) is a huge convenience for many people who do not have access to a vehicle, or need help moving large items.
Follow up Services: This works great for computers, appliances and other mechanical or technology-based products. Offer maintenance and service contracts for three time periods; instead of dealing with the manufacturer, customers will rely on you for assistance which brings them back into the store and establishes a relationship of trust.
Gift-Wrapping: A great service to provide – especially for seasonal gifts. This service costs very little, and can have a big impact on your customer’s experience.
“While You Wait” Amenities: If you could make your customer feel like a VIP for minimal cost, why wouldn’t you? Offering amenities like coffee and treats, free samples and services (wireless internet is a big one) will go a long way.
Comparison-Shopping Tools: Show your customers that you are so sure your product will measure up against the competition, that you’ll help them compare.
Gain access to 5 more strategies to add value inside my new book 1 + 1 Can Equal 3, Step Into Possibility.
This is only a sample of one of the chapters inside.
When I put pen to paper or keyboard to word document, I found myself with an enormous amount of useful marketing material I’ve used over the last two decades. 10 chapters of business growth practices.
This experience is drawn from many different business entities including 17 years in Financial Services where I was a Bank Manager and responsible for all of the Professional Development of the senior advisors across Canada in a Financial Firm. As well as the owner of my own Coaching and Consulting practice for the last 5 + years. The strategies I talk about in this book are proven and used daily by myself and my clients across North America.
Even though I truly believe we are all 1 or 2 great marketing ideas away from more sales opportunities than we can fully imagine, I believe the first two chapters are as important as the following eight.
Grab a copy today of my new book today, click the link and start putting the ideas into action. At the bottom of my home page, you will see this image.
Step into possibility
Work Smart Not Hard
The strategies I talk about in this book are proven and used daily by myself and my clients across North America.
Even though I truly believe we are all 1 or 2 great marketing ideas away from more sales opportunities than we can fully imagine, I believe the first two chapters are as important as the following eight.
Grab a copy today and start putting the ideas into action for only $11.29 CAD.
Are you ready to implement marketing and business growth ideas today? Purchase this eBook to shift from struggle to solution in your business right now.
