27 February 2024

How Value-Adds Can Make Your Product Even Better

By Ronald Smith

Today, let’s talk about something super important – how you can make your product even more awesome by adding some extra value. I’m going to share some cool ideas with you, so get ready!

You know, sometimes a great product is not enough. Customers are always looking for something special, something that goes above and beyond their expectations. That’s where value-adds come in. A value-add is like a little bonus that you give to your customers to make their experience even better.

So, why should you bother with value-adds? Well, first of all, they can help your product stand out from the competition. When you offer something extra, it shows that you really care about your customers and want to go the extra mile. And guess what? Customers love that!

Value-adds can also help you build stronger relationships with your customers. When you provide them with extra value, they feel appreciated and taken care of. They are more likely to become loyal customers and even spread the word about your amazing product.

Now, let’s get down to business and explore some awesome value-add ideas that you can try. How about offering a free e-book with useful tips and tricks related to your product? Or maybe you could provide a bonus video tutorial that shows customers how to get the most out of your product. These extra resources not only add value, but they also help your customers become experts in using your product.

Another idea is to offer personalized support. You can create a dedicated customer support team that is always there to assist your customers with any issues or questions they may have. This level of support shows that you genuinely care about their success and satisfaction.

Finally, you could consider offering a money-back guarantee. This gives your customers peace of mind and shows that you have full confidence in the quality of your product. It removes any risk they may perceive and makes it easier for them to make a purchase decision.

So, there you have it – some awesome value-add ideas that can take your product to the next level. Remember, adding value is all about going above and beyond for your customers. By doing so, you create an experience that they will truly appreciate and remember.

Now go out there and make your product shine with some awesome value-adds! You’ve got this.

How Value-Adds Can Make Your Product Even Better

I gotta tell you, the internet has really made things tough for businesses. It’s like there’s a bazillion companies out there all trying to get your customers. It can be overwhelming, right?

How the Internet Makes Competition Tougher

Competition is like a game – it’s a game that makes sure the supply and demand for a product or service work together effectively, explained finance expert Bernardo Urrutia. But in order for this game to be fair, we need a playing field with clear rules. This playing field is called the ‘market’ or, more specifically, ‘the relevant market’. It’s defined in a specific area for a particular product or service. The rules of competition, also known as anti-trust principles, make sure the game is played fairly.

The internet is different though. When it comes to the internet, the usual rules of the ‘relevant market’ and ‘competition rules’ don’t always apply in the same way. The internet is not like a physical market where everything is contained in one place. It’s a whole new world with its own set of challenges and opportunities. There are so many external factors and global influences at play, and the barriers to entry are almost non-existent.

When new companies enter the market and start cutting prices, it can be tough for established businesses to keep up. This is because increased competition is great for consumers but not so great for those who have been around for a while.

Why Being Different Matters

When there’s a lot of competition, it’s important for businesses to stand out from the crowd. But here’s the thing – everyone is already trying to stand out by offering the lowest prices. And in a super competitive market, it’s almost impossible to beat those prices. They’re already as low as they can go!

Luckily, there’s more than one way to stand out. Some people, like me, choose to set themselves apart by creating a unique brand. A brand is like a superpower that helps a company succeed. It can be based on things like where the company is located, how well-known it is, or even how loyal its customers are. These special advantages can make a company different from all the others.

But let’s be real, creating a brand takes a lot of time – time that might not be on your side. So while you’re working on that, you need another strategy to use in the meantime. The best and easiest option is to make your products stand out. You can do this by adding something extra special to your main product.

Let me break it down for you. When we talk about value-added, we’re basically saying that a company adds something extra to their product or service, making it more valuable to us customers. It’s like when a company takes a product that’s pretty similar to what other companies offer, but they add a special feature or bonus that sets it apart and gives it more value.

Now, value-added stuff has been around for a while, but it’s become even more important in the world of online shopping. You see, since we can now find pretty much anything we want to buy online, it’s easy for us to compare prices and find the lowest one in just a few seconds. So, businesses need to find ways to make their products stand out and seem more valuable to us.

When you’re thinking about adding extra value to your products, the most important question to ask yourself is, What do your customers really want? It might take some time to figure out the answer, but it’s crucial to know before you invest in things that might not work.

Three Suggestions and Examples of Added Value

While you’ll need to customize the added value to your products and target market, it can be helpful to consider a few suggestions and look at what other successful brands have done.

1. Free Gifts

One popular way to add value to a core product is by offering free gifts with a purchase. I put free in quotes because you can include the cost of the gift in the price of the product.

Hey there, do you love free stuff as much as I do? It always feels like such a great deal, right? Well, the cool thing is, free gifts don’t have to be fancy or pricey. Even a little trinket can make you feel special.

I want to tell you about this awesome website called StarNamer. They’re all about naming stars, how cool is that? And when you buy something from them, they give you some really neat stuff for free! I’m talking about a star with your name and photo sent to space, special software to see stars online, an astronomy ebook, and even the chance to upload a picture to their star registry. These might seem like small things, but they add so much value to what you’re buying. Why? Because StarNamer knows how much you’ll love them.

2. One-of-a-Kind Packaging

When it comes to packaging, some companies see it as a bother and try to find the cheapest option. But in reality, it’s a way to stand out in a crowded market.

Let’s look at the wine and spirits industry as an example. It’s not easy to break into this business. Liquor stores have limited shelf space, and customers usually have specific brands in mind. It’s hard to get noticed among all the other bottles. Even experts in branding have struggled with this challenge. That’s why many liquor brands are using unique packaging to set themselves apart.

Let me tell you about a really cool tequila brand called Buen Suceso. Their bottle is like a work of art! It’s got all these different colors and shapes that make it stand out from all the other boring clear bottles. And you know what? When I see it, it just screams fun! I mean, that’s what tequila is all about, right?

3. The Good Stuff You Can’t Touch

So, there’s this other type of value that’s not so easy to put your hands on. We call it intangible benefits. Basically, these are the things that make you feel good inside, like they fulfill your need to be accepted, appreciated, or important. In the world of online shopping, you might get these benefits by joining a special club or getting some exclusive perks.

Let’s take a look at an interesting example from a gun manufacturer called Taurus. Every now and then, they offer customers a special deal. When you buy a specific firearm, they throw in a free one-year membership to the NRA. This membership is worth $35, but it’s not just about the money. As someone who buys guns, you probably care deeply about your rights and your safety. The NRA understands that and speaks to you on different levels. So when you choose to buy from Taurus, a company that gets this, it adds a lot of value to your purchase. It’s a small detail that makes a big difference.

Stand Out from the Competition by Adding Value

Being online is amazing for businesses. It lets them reach out to new customers without any barriers or problems. But, you know what? It also means that there’s more competition than ever before. Instead of just competing with a couple of companies in your area, now you have to stand out among dozens of competitors who offer pretty much the same things as you do.

This article shows how value-adds can be a great way to set yourself apart in even the most crowded industries. Try to find value-adds that really matter to the people you want to sell to. If you succeed in adding value to your product, it will make a huge difference for you.