Whether your company sells a product or a service, you can effectively develop a value-added strategy to increase your positioning and to become unique within the marketplace.
What is a Value-added strategy?
A value-added strategy is a service or product that you add to your current products/services at no additional cost to the buyer. In other words, if a person goes into a shoe store and they get their shoes polished free, this is a value-added strategy with a relatively high perceived value (at the airport, a shoeshine is worth $20 or more). This simple additional service would then most likely motivate the person to come to that store again because the competition does not provide this service.
Here are some other examples that companies can use to add value and to make their company unique by providing extra value-added services.
- if your company sells specialized application software, you could add free training
- if your company specializes in recruiting of salespeople and sales managers, you could include a customized sales training program
- if your company sells advertising specialties, you could offer your customers an integrated 12-month advertising and marketing program
- if your company sells a more expensive product, you could add another smaller product without increasing the price–computers are a good example when they include software programs with the purchase of the computer
Benefits of offering a value-added strategy program include:
- makes your products or services unique – can become the U.S.P.(Unique Selling Proposition)–for your company
- creates a higher perceived value in the customer’s mind (remember, we all buy from a state of mind)
- gives the customer a good feeling about your company so they will want to come back
- the 3:11 Rule states that if you are happy with the service you receive, you will tell 3 people; but if you are unhappy you will tell 11 or more people about it. If you make your customers happy they may actually be your best salespeople