Many businesses are missing out on building up a good business because they don’t give added value.
What do I mean by added value?
When you sell a product or a service it can usually be compared with all the similar offerings in the market place. A Television can be compared in price as an example. A hair salon can be compared on price. How can you compete without having to compete on price. A hair salon could argue that they give a better hair cut in one way but that is not always so obvious to a customer looking for a hair salon. Stores selling TV’s will often be initially judged on price and on the surface they can’t say that they sell TV’s better than anyone else in the manner that the hair salon could claim for the hair cuts they offer.
Each business though could give added value. Recently my daughter moved to a new area and needed to find a hair salon. The price was much the same as everyone else and they seemed to have a good reputation as did many others. However with every hair cut they gave a free relaxing head massage. Added value to the customer at little cost to the salon.
A TV store could offer free set up and a home demonstration of how to operate the TV. They may be able to even raise the price a little for this service to be built in rather than compete purely on price alone. This again is added value.
There are many ways to give added value in a business. I visited a restaurant recently where you got a free bottle of wine when 4 people booked a table. This is real added value to the customer and of course will create a desire to return as a booking of 4 and not less. If we go back to hair salons for one moment I have come across one that offers the sixth hair cut free which again is added value and also encourages clients to keep coming back to build up to their free hair cut.
Why not think about your business and see how you can give added value to your customers?