What is your value-add?

What is your value-add?

QUICK READ:

  • As a result of the amount of choice available today, businesses must consider how they can add-value to be seen in a busy marketplace.
  • There are five secrets to successfully adding value to your business and the right recipe for success uses a mixture of ingredients.
  • It's not as easy as choosing an approach and running with it. Adding value must show appreciation towards your unique customer, brand and product or service.

People today have an overwhelming amount of choice for every purchase decision they make.

Just think about the last time you purchased a mobile phone and all the options you had to decide between. Prepaid or plan, Android or Apple, and then you have to think about the phone model and provider.

Let’s put ourselves in the mind-set of a potential buyer.

 What do we look for in our purchases? Is it quality, the reputation of the business, a service that goes the extra mile, added TLC, discounts or bundled product or service packages? 

Or is it a combination of many elements that make us feel important and valued?

Every industry faces this competitive environment brought on largely by the access of information provided through technology and therefore the self-informed and more confident customer.

It’s now a necessity for businesses to consider how they can add-value to their products and services to be seen in a busy marketplace, develop a new customer base and retain current customers.

What promise can you make to your customers to add value to their lives?

Here are our 5 secrets to how your business can add-value for your customers.

1. First, have a real understanding of who your customers are.

This is crucial. Adding value to your services or products lacks purpose and strategy without a complete appreciation of your customer’s current desires and needs and future requirements.

Invest the time and resources into market research and focus groups so you can choose a value-add method that matches your brand, product/service and customer need.

2. Be a white rose amongst a bouquet of red through strong branding.

We’re not talking about The Bachelor here.

Businesses that have strong branding add value to a product or service simply through their logo. BMW can charge a premium price for their vehicles because their brand has built a reputation for high performance and robust mechanics. Nike have secured a powerful brand in the fitness industry and have become the go-to source for athletic footwear and clothing…and customer’s are willing to pay the premium price for that level of prestige that is believed to make them train better.

Becoming a familiar face to potential customers and developing the strength of your voice in the industry as a leader, innovator or doer is a powerful way to add to the value of your products or services.

3. Talk less; listen and grow more!

Consistently working to improve your customer service, the partnership you share with customers over the buying journey and the trust they have for your business is critical.

Listening to what your customer’s say about you is invaluable. The takeaways may not always be positive, but both good and bad equip you with the knowledge you need to make changes to your service approach so it is better or faster and more efficient, enjoyable or memorable.

4. Be smart, specific and a part of your customer’s lives.

Implementing marketing models that connect with your customers at different points of the purchase process is a unique and effective way of making them feel understood, respected and supported.

Finding the right touch points and using these to deliver key messaging in an interesting and engaging way can help lead to long-term buyers and add to the value that you are delivering.

Information is key here and giving it away for free now may seem counterproductive at first, but will be gold for your long-term strategies when your customer’s start placing more and more trust in your brand. 

5. Find new ways to market your products – it’s ok to be different.

It may be frightening at first, but marketing or presenting your products/services in new and exciting ways is an approach that can deliver and deliver for your business.

Product bundles, new packaging, alternative methods to delivering your services or even product partnerships with other businesses outside of your industry that also benefit your core customers are worthy here.

While following the crowd is safe, being different can give that you winning edge every business desires over competitors.

Cracking the code to value-adding.

While each of these value-add secrets offer much potential to businesses, it’s not as simple as picking one and rolling with it. Your approach must blend with your brand’s purpose, your products/services and reflect a true appreciation of your customer’s desires.

That’s where outside eyes, ears and creative beings can really help drive added value in your customer service, products and business to produce a long-term, loyal customer base.

Call our Chief, Xanthe on 0467 9424 08 or email talk@tribehunter.com.au.