Increase added value means making your product or service better than that of the competitor. It’s a way to differentiate your business, attract new customers and boost sales.
With respect to Michael Tenir, a company’s value-added is normally shared between two groups: primary activities and support activities. The previous involves changing raw materials in products. The latter involves providing the after-sales solutions that help the customer make use of product and improve that.
There https://equyer.com/2021/12/21/three-benefits-of-business-process-management/ are many methods to increase your added value, including improving their packaging of a item or simplifying its way of use. Apple’s focus on producing computers easy to use, for example , evolved their industry and created substantial added worth. Other ways to add value should be provide personal services, offer discounts, or give back for the community.
Increasing your added value is specially important in today’s competitive markets exactly where buyers became web-savvy and fewer loyal to brands. When a product or service is viewed as a commodity, it is difficult to that at a very high profit margin.
Customers want to believe that they’re getting their money’s worth, thus putting added worth before a customer is a vital strategy for businesses. If you don’t add value to your product or service, your competitors will, and you’ll end up being left with absolutely nothing. Adding worth to your product or service also helps to develop trust with potential customers and clients. This trust can warm all of them up to your brand and make it easier for you to sell to them later on.