Increase added value means making the product or service superior to that of the competitor. The new way to differentiate your business, attract new customers and enhance sales.
Relating to Michael Porter, a company’s value-added is definitely shared among two groups: primary actions and support activities. The former involves modifying raw materials into products. These involves providing the after-sales products that ensure that the customer make use of product and improve that.
There are many ways to increase your added value, such as improving the packaging of a merchandise or streamline its technique of use. Apple’s focus on making computers simple to use, for example , converted their marketplace https://equyer.com/2021/12/21/three-benefits-of-business-process-management and created enormous added value. Other ways to add value should be provide personal services, provide discounts, or give back for the community.
Increasing your added value is particularly important in today’s competitive markets exactly where buyers are becoming web-savvy and less loyal to brands. When a products or services is viewed as a commodity, it is difficult to promote it at an increased profit margin.
Customers really want to believe that they’re obtaining their money’s worth, consequently putting added worth before a sale is a necessary strategy for businesses. If you don’t add value on your product or service, your competition will, and you’ll end up being left with nothing. Adding worth to your services or products also helps to generate trust with potential customers and clients. This kind of trust might warm them up to the brand and make it simpler for you to sell to them down the road.