Increase added value is a ability of any company to provide consumers with something more than a simple product or service. Increasing the value increases customer satisfaction, manufacturer recognition and reputation, and can lead to a better bottom line and greater revenue achievement. For example , flight companies used to contend by offering low fares and nothing else, but as customers became accustomed to the advantages of in-flight entertainment and better assistance, many companies started out competing with added value instead of just price.

Offering more value can help businesses increase their target market and potentially raise prices while not alienating existing customers. Due to the fact customers who have feel a business provides more than what they anticipate are willing to pay more for a particular product or service.

There are a number of ways that a small business can create more value, just like by developing the quality or perhaps delivering a lot more extensive product package. It can possibly be through increased convenience and excellent customer service or perhaps by providing to particular consumer requires and preferences.

Other forms of added value include cause-related marketing and philanthropic efforts. In the latter, a business can help build strong interpersonal bonds by adding to community organizations and producing a difference in society. These types of efforts sometimes help to increase awareness for a issue or problem, even though increasing consumer thanks for the business and its goods. This type of added value is generally a longer-term strategy, but can be extremely successful.