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Value added service……necessary for growth and survival..

In today’s economy the consumer is more value-conscious. In addition to the specific benefits of the product or service, the consumer is looking for value-added services from the relationship.

A definition for value-added service is:” the enhancement added to a product or service by the company before the product is offered to the consumer”.

When I mentioned the term “value-added”  to several businesses their definition was “things they can add to a service or product to increase their profits”. My definition is “things that enhance the value of a product or service without adding additional cost to the consumer.”

The key word in determining added value is the word relationship. In determining what you can add to your base product or service, make a list of what enhances a relationship between to people. Please don’t include price as the added value; create your list without discounting your price. As an example, consider the following words:

  • Quality
  • Timing
  • Knowledge
  • Communications
  • After purchase follow-up
  • Product/service delivery process
  • Personalized service
  • Innovation
  • Additional products/services  included

These words should help you start the thought process to determine what value-added services are the best for your product or service. These added- value items should be part of the package you offer the consumer; it should not appear to be a “gimmick” to make a sale. In most cases, your competition does not have these added-value items as part of their product or service package.

You never “close” a sale, you open a long-term relationship.

Dennis Waitley

Nick J. Petra CFP          Growing your business is our only business©

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