Increase added value is the ability of your company to provide consumers with anything more than a basic product or service. Increasing the value enhances customer satisfaction, company recognition and reputation, and can lead to a higher bottom line and greater revenue achievement. For example , flight companies used to compete by offering low fares and nothing else, but as clients became used to the advantages of in-flight entertainment and better support, many companies began competing with added value instead of just price.

Offering more value also helps businesses build up their projected audience and potentially increase prices not having alienating existing customers. The reason is , customers who have feel a business provides more than what they expect are willing to pay more for a particular goods and services.

There are a number of ways that a company can create more value, including by enhancing the quality or delivering a far more extensive item package. It may also be through increased convenience and excellent customer care or perhaps by catering to particular consumer requirements and personal preferences.

Other forms of added value include cause-related marketing and philanthropic efforts. Inside the latter, a company can help build strong public bonds by simply contributing to community agencies and producing a difference in society. These kinds of efforts quite often help to raise awareness for your issue or perhaps problem, whilst increasing open public gratitude for the organization and its products. This type of added value is commonly a longer-term approach, but can be quite successful.