Added Value as a Marketing Strategy

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Added value does not necessarily mean monetary value, though it can. Added value in marketing means customers receive something that has value to them. This can be true even if it is no cost to you or the company. Added value can mean repeat customers, brand loyalty and choosing your product over the competition. Understanding your customer base and what is important to them is key to deciding what you can give to them that they will regard as a value.

Free Shipping

  • Free shipping is something that can be extremely appealing to customers and could make the difference between whether they buy from you or from your competitor. Companies often receive highly discounted shipping rates, so it is not very much loss of revenue to provide customers with free shipping, especially if you set a benchmark of a certain purchase price point to receive the free shipping. Many big-box stores offer free shipping to their retail store locations. This makes sense in that they already have shipments and trucks scheduled, so the cost to them is minimal, while the convenience factor is huge for the consumer.

Discounts and Referral Rewards

  • Another added value option is to offer customers discounts on their next order as a part of their order receipt. Although this technically does cause some loss of revenue, it could lead to future orders when there would not have been otherwise and gives you the opportunity to foster brand loyalty. In addition, offering a discount or coupon to those who refer a customer to you helps to expand your customer base. In the long run, this can prove much more financially beneficial than losing a little bit of revenue in the short term.

Packaging and Presentation

  • A professional packaging and presentation of your product can lead to added sales. Customers may compare your product packaging to others on the store shelf and opt to buy your product over the competitors if the packaging is more visually appealing. A polished product presentation can indicate a high-quality product as well, motivating customers to choose your items.

Collateral Materials

  • Customers can find immense value in collateral materials accompanying your products. This could include in-depth instructions on how to use the products, tips and tricks for use, clean-up and prep, and suggestions for other uses of your product that the customer might not have thought of. You could also include pamphlets with customer testimonials, photos of how to set up the product and even recipes, if applicable. The printing would be of minimal cost to you and could be the added value necessary to create loyal customers.

References

  • Photo Credit Aaron P. Bernstein/Getty Images News/Getty Images
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