Want to increase your business’s prices? Add business value. Are you looking to stand out from competitors? Again, value is the answer. Whatever your objective, adding business value can help you get there.
But, adding value to a company is easier said than done. How do you do it? Read on to learn how to add value to your business.
Why adding business value is important
There are millions of small businesses across the United States, with many offering online shopping options to consumers nationwide. With so much competition, you need to make sure your business provides customers with a reason to choose you. That’s where adding business value comes in.
Adding value to a company can do a number of things, such as:
- Drive sales and customer loyalty
- Justify price increases
- Keep your business competitive
- Increase investment and lending opportunities
- Boost your business reputation
In short, adding business value can’t be an afterthought. Whether you’re just starting out or have been in business for decades, it’s never too late to put additional value into your business.
How to add value to your business
So, how can a business add value? First … what exactly is valuable to customers? To answer that, we have to look at what consumers are looking for in a product or service.
Here are a few things consumers may find valuable in a business and its offerings:
- Reasonable price
- Quality products or services
- Outstanding UX for small business (user experience)
- Helpful customer service
- Transparency and authenticity
- Reliable information (e.g., blog or free guides)
Check out the tips below for some ideas on how to add value to business.
1. Gather feedback
Your first step in adding business value is to put the time and energy into finding out what’s valuable to your target audience. You can do this by gathering feedback from current, past, or even potential customers.
One of the best ways to gather actionable feedback from consumers is through tailored surveys. Distribute surveys in-person, via email, on your website, and on your social media profiles.
If you want to add business value, ask open-ended questions like:
- What would you improve?
- How did your experience fall short?
- What can our customer service team do better?
- Could you tell us a little bit about what you’re looking for in a [Product or Service]?
Categorize input from customers and leads based on their responses. For example, put all the responses saying you need to improve customer service together and all the responses saying you need to fix your product together. That way, you know what’s most valuable to the greatest number of consumers.
2. Prioritize quality
One way you can bring more value to your customers is by providing better quality products. To do this, you may need to switch suppliers or spend some extra money. You might also consider buying wholesale for small business to keep costs as low as possible as you up the quality.
Of course, you don’t want to jeopardize your business’s net profit. In some cases, businesses increase product or service quality in conjunction with raising prices. If you do this, explain your decision to raise prices by emphasizing the added value you’re giving customers.
By improving the quality of your products or services, you may find your speed falling sharply. But wait … don’t businesses also add value by speeding things up? So if you prioritize quality, will you also be sacrificing speed? Well, you don’t have to…
3. Bring on new employees
If you want to add value to your business in the form of speed, bring on new employees. Extra hands on deck can help you with all your time-related needs, including:
- Time on hold (phone, chat, etc.)
- Site speed
- Shipping speed
- How long it takes to make a product
- The time it takes to solve a customer dispute
Hiring new employees can help you cut down on the time it takes your business to accomplish tasks. At the same time, you can improve your ability to deliver quality products and services to your customers.
4. Add some personalization
Personalization is one of those things that can really set you apart from your competitors. And, it can stick with customers long after their shopping experience.
Not sure how personalization and value go together? According to one source, 71% of customers get frustrated when a shopping experience isn’t personalized. Not to mention, 91% are more apt to shop at places that provide personalized offers and recommendations.
When looking to add business value, personalize everything you can think of. You can personalize discounts, emails, print marketing materials, and customer service.
5. Establish a customer loyalty program
Another way you can add business value is by giving customers more value—in the form of a customer loyalty program.
A small business loyalty program rewards customers when they spend more or shop more frequently at your company. You might reward customers with free merchandise, discounts, or even advanced access to products or events.
6. Try new things
And last but not least, adding business value boils down to being willing to try new things. Whether it’s switching suppliers, adding convenient shopping options (e.g., shipping or delivery), or unveiling a product or service, be willing to experiment with your business’s formula.
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This is not intended as legal advice; for more information, please click here.
