Increase added value is a ability of a company to provide consumers with a thing more than a standard product or service. Adding more value increases customer satisfaction, brand recognition and reputation, and may lead to a better bottom line and greater revenue achievement. For example , flight companies used to contend by offering low fares and nothing else, but as consumers became familiar with the advantages of in-flight entertainment and better support, many companies started out competing with added benefit instead of just price.
Providing more value can help businesses extend their target market home and potentially increase prices without alienating existing customers. The reason is customers who have feel a company provides much more than what they anticipate are willing to pay more for a particular services or products.
There are a number of ways that a business can set up more value, including by restoring the quality or delivering an even more extensive product package. It may also be through increased convenience and excellent customer care or perhaps by providing to certain consumer requirements and preferences.
Other forms of added value include cause-related marketing and philanthropic efforts. Inside the latter, a business can help build strong cultural bonds by simply leading to community corporations and producing a difference in society. These kinds of efforts quite often help to raise awareness for a particular issue or problem, although increasing community admiration for the company and its goods. This type of added value could be a longer-term technique, but can be very successful.