ADDING VALUE TO YOUR PRODUCT/SERVICE

Small business growth requires constant change. One way to give yourself a head start in 2019 is to implement an “Added Value” segment to your business. This will allow you to reach out to your current customer base and to share your new offering. For prospects, this will give you something new to share with your target market.

Let’s start with a definition of “Added Value.”

Added value is something that makes a product or service more appealing to customers. In other words, when a customer purchases a product or service from you, he gets an extra benefit. (Please stay away from “a free gift with a purchase” type concept.)

To determine that added value you have to understand the needs of your customer/target market. Just as your business changes, so do your customer’s “pain points.” How have their needs changed this past year? What would make their job easier?

While “Added Value” will vary from business to business, the following are a few thoughts that may help you develop your own “Added Values.”

➤ Add more resources.
➤ Become the “data source” for what is happening in your target market’s industry.
➤ Your UPS (Unique Selling Proposition) contains the difference between you and your competitors.
    Think along the same lines as you develop added value services.
➤ Create a customer loyalty program
➤ My definition of added value is something that is an ongoing benefit, not a onetime offering.
➤ The direct ask, “How can I help you make your business better?” This is a great question to ask
    and thus you will know exactly what your added value should be.

Like anything else, this is a major part of business growth, and it deserves to be given the time necessary to create a truly worthwhile “Added Value” to introduce to your customers and to market to your prospects.

This should be at least an annual project, semi-annually is even better.

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Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack