Value added refers to "extra" feature(s) of an item of interest (product, service, person etc.) that go beyond the standard expectations and provide something "more" while adding little or nothing to its cost. Value-added features give competitive edges to companies with otherwise more expensive products.
Value-added is used in several ways to indicate an enhancement to a product or an entity. By one definition, value-added is the difference between the cost of materials purchased by a firm and the price at which it sells the goods that use those materials.
As a starter, try these simple strategies to add value to your product: 1. Benefits
People perceive value in a product that is multi-purposed. Display a comprehensive list of benefits that solve a range of problems. 2. Testimonials
What better proof that your product offers value than customers raving about it! Choose credible sources and vary testimonials to cover the different benefits of your product. 3. Brand
Create and promote your brand. People perceive more value in a branded product such as ‘Nike’ or a seminar with the 'Guru of Guerrilla Marketing' than in an unknown brand or identity 4. Packaging
Choose colours and type of package that make your product look more valuable. For example, a simple bottle of salad dressing wrapped in cellophane and with a satin ribbon becomes a gourmet item. 5. Price
Sell your product at a higher price than your competitors. People usually associate higher-priced product with better quality. 6. Bonuses
Add bonus products with their retail recommended prices so customers can calculate the added value of your product. 7. Affiliate program
Offer a financial reward for referrals so people can make money from your product. From an expense, your product becomes a source of income. 8. Guarantees
A strong guarantee such as ‘100% satisfaction guarantee’ increases the perceived value of your...
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