Added Value

November 30, 2006

Have you ever considered how to provide your customers with additional value beyond the value offered by your product or service?   Obviously, your product or service provides your customers with certain “expected” benefits.  If you are a soft drink, your product “refreshes.”   If you sell autos, your car gets your  customers from one place to another.  Same if you are an airline. 

Product differentiation can be achieved any number of ways.  But, in addition to your product’s point of difference, have you considered providing your customers with additional added value?   Let’s look at some examples.  Starbucks sells coffee… but they also provide a comfortable and friendly atmosphere including web access.  Jet Blue provides airline seats…but they also provide in-flight TV and movies as well as a “fun” atmosphere.  BMW sells cars…. but they also give you free service.   And, Lexus will pick up your car when you need service.

Added value can also include on-going information regarding how to enhance the product you have already purchased as well as “unexpected gifts” as I have mentioned in a previous post.

So, let your imagination run wild… what added value things can you provide your customers that they would really appreciate and will help you build loyalty?

Rich

Bizvice:  Strategy, Marketing & Entrepreneurship

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