How to add value to your products and services, without it costing a cent

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January 2022

Selling products and services at the lowest possible price in order to attract customers is one way to make a profit, but because it is heavily reliant on a high volume of transactions it is a course that is fraught with danger.

On the other hand, if you supply items that cost so much to produce that you price yourself out of the market, you may rapidly go out of business.

But what if there were a way to add value and make your goods and services more appealing, without lifting your production or delivery costs?

Here’s how.

Focus on customer service

Not just meeting, but exceeding customer expectations around service is a winner when it comes to adding value. Going the extra mile is likely to contribute to your bottom line without adding to your costs. Consider offering special service levels – silver, gold, platinum, with dedicated phone numbers or account managers – to your largest and most loyal customers, to make them feel cherished.

Use free survey tools – such as SurveyMonkey or KwikSurveys – to get honest feedback from your customers and find out what they are looking for when it comes to service. Then, give it to them.

Offer expert advice

If you can position yourself as an authority on what you are selling, you will gain repeat customers and win new customers via word-of-mouth recommendations. It may require you to dedicate time to research and study, plus involvement in your industry association, but will pay dividends if you can demonstrate a higher level of knowledge than your competitors.

Consider adding ‘How to’ YouTube videos to your website, featuring your in-house experts demonstrating your products and explaining how to maintain and care for them.

Increase your delivery speed

Differentiate yourself from the competition with faster delivery times. Review your logistics to remove bottlenecks and improve efficiency. Include achievable delivery promises in your marketing and create a reputation for reliability.

Create free resources

Free guides give your customer something for nothing, improve your brand awareness and needn’t cost you anything if you provide them as downloadable resources online. For example, encourage potential customers to sign up to hear more about your products by offering them an eBook you have created in PDF, providing useful information on a specific topic related to the industry in which you operate.

Work with a cause

Help your customers to identify with you by aligning with a charity or worthwhile cause that you and they feel drawn to, and that fits in with the services you offer. Businesses in the food and hospitality arena, for example, could support a cause aiming to reduce food waste or feed the hungry, simply by diverting end-of-line products or excess production, instead of sending them to landfill. Incorporating charity into your business model can also help to increase job satisfaction for your employees.

Added value needn’t mean added costs

It’s not difficult to add value to your products, and increase customer satisfaction and resulting sales, without increasing your costs. Simply focus on what customers want in terms of service, advice, reliable fast delivery and useful free resources, preferably associated with a purpose they can feel good about.

The information in this post is provided for general information only and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from financial, legal and taxation advisors. Although every effort has been made to verify the accuracy of the information as at the date of publication, Geared Finance, its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy, or omission from the information for any reason, including due to the passage of time, or any loss or damage suffered by any person directly or indirectly through relying on this information.

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