29 Jul 5 Ways To Add Value to Your Product and Services
Profitability and long term growth thrive with high margin sales. But how do you increase sales while keeping your price competitive? Adding value to your product and services is a key element to drive potential customers in your direction. Let’s take a look at 5 ways to adding value to your product:
1. Upgrade Design and Packaging
We tend to have a reoccurring conversation with clients about re-branding and updating packaging. Sometimes the client has looked at their own design for so long they have grown tired of it, but that doesn’t necessarily mean their customers have or that the look isn’t working. It’s important to do some research before pulling the trigger on a package overhaul. It’s very costly and takes a good amount of time. But, it also maybe the key to unlocking a new stream of revenue from potential clients that have never noticed you or the look has lost its appeal.Many companies with logos and packaging connected to their story and tradition (i.e. Budweiser, Apple, Ford) won’t budge on re-branding. It works, people know the brand and don’t want to see anything change. But those companies will put a lot of effort into package redesign. Breweries will almost always come out with seasonal packaging and the food industry never ceases to 
change their packaging. We’ve all seen the “Fresh New Look, Same Great Taste” disclaimer.One of the most successful package design marketing strategies was done by Pabst Blue Ribbon and their entry into China’s beverage market. We’ve all seen the red, white and blue cans with the blue ribbon and red slash. Once a low cost beer, popularized by frat houses and hipsters, the price has crept up along with its band value. Parent company, TSG Consumer Partners, chose to enter the Chinese market with a whole new look:Yes, that there is a bottle of PBR. The same PBR you chugged out of a beer bong your sophomore year. Cost? $44.00 a bottle. Great packaging can sell your product and bring more revenue.
2. Frequent Buyer Programs
Consumers want to feel appreciated. Having a reward program is a great way to attract, keep and expand your client base. It personalizes their shopping experience and saves you money. By giving something back to your clients, your retention strategies are often less expensive than attracting new customers. The cost of acquiring new customers is over 25% more expensive than retaining current customers.You also gather valuable data by requiring customers to fill out profiles to join loyalty programs. Now you can utilize that data to create targeted marketing campaigns and implement a referral program.It may take some effort to get a loyalty program up and running, but once it’s in place it becomes very self-sufficient. Your current customers will become aware of their purchases and how the program runs. It also will attract new customers if you offer discounts or points for the initial signup, you can then offer different types of rewards, in other words, your strategy is not stagnant but evolves with your clients’ needs and interactions.
3. Speed of Service and Delivery
Recently, the crew here at Mockingbird Studios went out for lunch and decided to try out a restaurant we had never been to. It would be our first and last time there. The food was fine, but the time it took our order to be taken and served was unacceptable. By the time we received our meal, we had to rush back to work. Two weeks later, we went to another restaurant serving the same type of food. Although the meal wasn’t served as quickly as expected, it was served faster than the other spot. We were happy customers and returned a few weeks later.The goal to faster service isn’t to break world records, but to accomplish the service quicker than your competition.
4. Make it Simple
What is your customers’ journey? From your first interaction until the sale or project is complete, is it simple enough or do your clients have extra, unnecessary steps? It’s amazing how one less “thing” to do can make a customer so much more satisfied. Simplifying each possible interaction your clients can have with you. The formula is not complicated: the more steps in the sales process, the fewer the sales.
5. Push Investments On Valuable Customers
Acquiring a new customer is difficult, making an existing client a return client is easy. Focus your resources on current customers. Keep them happy, they have already proven themselves as loyal customers. All you need to do is remind them you’re still around. No need to give away product or discount prices, market yourself, not a deal. Send out a message on social media that humanizes your company or connects with your demographic.
Do you have an email campaign software? If not, get one, some are even free. Create a list of loyal customers and send them specific emails thanking them for their business and remind them you’re still around. Marketing dollars go a long way with valued customers.
Most people tell me their product is different and these ideas won’t work. But the reality of sales is that all product and services can have added value. Go beyond the price aspect of your product and embrace the value-minded customer.