When looking for strategies to increase the number of clients, few people think about the worth addition of a product. And you, do you know how it can help your business?
In this post we are going to explain what it consists of and how to calculate it, in addition to showing you some examples so that you can get the most out of it. Read it to the end!
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What is the added value of a product?
This concept refers to the ability to increase the commercial value of a product. If you apply it in your business, you will position yourself better in the market. But it is important that you know the needs of people
With that increase, you will surprise your client and you will be able to determine how willing is to pay for your product or service.
The term of value added It is not only used in marketing, but also in accounting, economics, and marketing. And among the techniques used to achieve this is to include a feature that adds originality to the product.
How to know if your product has added value?
If your business faces a lot of competition, it is important that you know how to identify the value of your products. These questions will help you determine:
1. Shopping experience
Is the shopping experience you offer better than that of your competitors? To be successful, it is essential that you differentiate yourself from the competition. This adds value and optimizes the shopping experience.
2. Perceived value
Is your client able to perceive advantages when purchasing your product or service? If you are not achieving it, your product still does not have enough added value and you need to evaluate your strategy so that the perceived value is greater than the perceived cost of your product.
3. Feasibility
Is your product economically viable? You must not only make it more valuable, but also monetize its value and be sure that it is profitable, since only then will you ensure profits and business growth.
if you’re thinking aboutask yourself the questions above. In addition, we recommend that you constantly evaluate the value of products What do you sell.
Analyzing it regularly will help you Know if you need to rethink your strategies.
Why add value to your product?
When you increase the added value of a product, your business obtains advantages. The main one is that sales are increased and, therefore, you get more. In addition, you demonstrate commitment to the satisfaction of your customers.
Thus, it is easier to create a bond with them and get them to prefer you. To achieve this, it is essential to generate gross value added to your products.
Here are some advantages, in addition to the ones we mentioned before, to help you take into account the value added of your products.
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1. Differentiate your brand
Your product may have many similarities with the competition, but if you are looking for ways to differentiate it, you will be able to attract more customers.
Considering the added value is ideal and generate more income with your sales.
2. You satisfy the needs of your customers
Remember that your customers expect benefits when they decide to buy your product. There are people who are more demanding and it is essential that everyone is satisfied. You can achieve this by increasing the value of what you offer.
3. Your customers recommend you
Currently, people take into account the opinions of others to decide which product to buy and where to buy it. If you want your customers to not hesitate to recommend your business, ensure that it has added value.
In this way, not only the loyalbut you get become ambassadors of your brand.
4. You reduce the impact of the price
Imagine you have a children’s hairdresser. If you have trained professionalsIf you use videos to distract children while they are getting haircuts and offer them small gifts, it will increase the price of your services, but also the value.
And your clients will be willing to pay for your excellent work!
East example of added value of a product proves that people pay more whenever they get something of quality In return.
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Types of added value of a product
To classify the added value of a productyou should consider the transformation applied to it.
Next, we show you the different types that exist:
1. Low added value
In this case, the applied transformation is little, because to add value to the product, complex processes or knowledge were not needed. deep.
2. Medium added value
Unlike the previous one, here requires more advanced production and knowledge specific.
3. High added value
As its name indicates, in this case, to add value you need much more complex productions and more knowledge.
It is important to clarify that this classification is subjective and the indicators used to establish it are:
- Used materials.
- Time spent.
- Business circumstance.
How to generate added value for a product?
Now that you know how value added is calculated and what are the types that existthe time has come to discover how to generate it.
how is there several ways to achieve itbut not all of them are convenient for your business, we show you what points you should analyze to know which one to choose:
- What kind of added value do your customers prefer?
- Does it bring profit to your business?
- How much will it influence the price of your products or services?
After considering the above items, here are the ways you can use to increase the value of your products:
1. Give good advice
When a person is thinking of buying, it is normal for them to have doubts, so professional help will be very useful. If you offer support to your customers in the purchase process and create tutorials, you will be able to add value to your product.
2. Rewards
When we receive rewards for efforts, we feel motivated and that also happens with your customers. Show them appreciation for their purchases or their loyalty with discounts, coupons or other similar options.
3. Free or fast shipping
Many businesses, such as Amazon, often use this way of increasing the added value of a product. If applied to your business, it is an excellent strategy that will help you stand out in the market.
4. Customer service
Some options to serve your customers and clarify your doubts are:
Your customer service agents should strive to respond quickly and efficiently.
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5. Packaging
In the value added Small details are also included, so when preparing your products, remember that it is important to convey a good image.
Take advantage of the packaging to show the identity of your business and how much you care about your customers.
6. Gifts
We are not talking about something big here. To retain your customers and attract others, give them gifts to people who demonstrate loyalty to your business.
7. Be nice
How many times have you walked into a store and you left because you were mistreated? If you don’t want the same thing to happen in your business, always be kind and encourage that behavior among your collaborators.
A) Yes, you will positively influence the purchase decision of your customers and the added value of your products, especially if they are.
Examples of added value of a product
Knowing what other stores are doing to increase their value helps you determine the best strategies for your business. Here we leave you some successful examples:
1. McDonald’s
If you have visited a McDonald’s, surely you have noticed that there are children’s areas. In addition to being a fun space, it is like a nursery open to the consumers.
This adds value to the product because while parents enjoy food in peace, their children can have fun safely. This strategy is also used by other businesses such as Burger King.
2.Walmart
Those who work at Walmart must be nice to improve your customer experience. For example, when the latter acquire a product that needs installationthe store offers useful help: you do not have to pay more for transport and install.
Others, such as Palacio de Hierro and Liverpool, apply similar strategies.
3. International House of Pancakes
The International House of Pancakes is an American store specializing in waffles, pancakes, French tortillas, and French toast. To retain your customers and attract new, offer cups of coffee to those who are waiting your turn To be served.
we know what to expect in a row can be awkwardThat’s why this is initiative it’s excellent.
4. Canon
Choosing a camera is not easy, it is necessary to evaluate its characteristics to make sure that they adapt to the needs of those who buy it.
To facilitate This process, Canon offers free advice to its customers.
Start adding value to your products and stand out!
If you strive to increase the added value of your products, you will retain your customers and attract more people. Also, you will create a lasting fidelity and you will get higher profits on your sales.
Without counting that with the added value, you can enter the list of or in person.
If you want to delve deeper into this topic to have better results, we recommend that you read our post on the, a very relevant feature when creating added value.
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