Offering Value Added Services Can Increase Your Business Growth
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Offering additional benefits to consumers is a trend that has been widely grown in businesses all over the world. This is because businesses have realized that consumers are drawn to extra services and this practice therefore, goes a long way in generating more revenue and publicity to the business. By including a benefit or bonus to a product or service, the business is not only retaining the client, but also using this one client to bring in others, since he or she is bound to spread the word. This approach is great for business growth, given that the incentive leads to more consumers buying the product with added benefits.
Importance of Added Benefits
It is important to always remember that business is all about competition. Your business needs to stand out and you need to convince consumers that you are better option in your area of business. If you are providing the same services or products as other businesses, think about why a customer would chose to come to you. Is it because of the price or is there something extra that they are getting? If you are competing merely on the price level, the only way you can attract more business is by cutting down your prices. However, this is never a good business choice, considering that your profit margins need to be on the increase. Decreasing the cost the consumer has to pay to increase your business leads to a downward spiral and your competitor may also be forced to keep up with you, consequently lowering the prices further. If such an incident were to occur, you are left with minimal choices. The better approach for your business would be to come up with a strategy that not only increases sales, but increases customer satisfaction as well. These added benefits to the consumer do not have to cost your business an arm and a leg and could even be a simple as an extra service, product or reward scheme.
This strategy however, calls for organization and the added benefits need to be integrated seamlessly.
Examples of Popular Added Benefits
The telecommunication industry has fully embraced this practice. You will find that many of these service providers give their consumers bonus schemes based on consumption. This is ingenious, because it not only encourages clients to utilize the services more, but also attracts clientele from other service providers.
Another industry that is embracing this strategy is the food industry. It is not uncommon to see all you can eat or bottomless packages in major fast food outlets. Businesses with such practices tend to attract quite a large crowd of consumers.
Perhaps what your business should think about before offering any additional benefits to consumers is the significance of the value add program. Is it something that the consumer will find useful or is it just a crowd puller? The client must feel as though he or she is actually getting more as opposed to paying more for the extra benefits.
Value added services are great for business and could be the boost that an enterprise needs to stand out from the crowd. However, it is imperative that the business gives an extra service that offers enough value for the customers, as told by Peter Ryan, who has had over 40 Years in Sales and Marketing, Trainer Speaker, Principal of Mr. Results marketing academy, a step by step e learning program for Small Business and Start ups and author of the Highly acclaimed book “Small Business Marketing Secrets Revealed” available on Amazon.
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