Adding Value to Your Business/Product
By Murad Ali
Sales success requires that businesses understand exactly what customers desire and what they appreciate. Before a business can determine what product/service will add the most value to an organization, market research needs to be completed. This market research can be conducted using currently available data or surveying/researching customers for new information. The types of information collected should tell you what products customers' desire, what price they are willing to pay, and where they would like to purchase these products. The variation on the type of information collected is almost endless if a plan is developed beforehand.
Companies that are expected to succeed are ones that go beyond selling a product to selling an experience (Eden, 2006). One of the most effective ways of adding value to your product and increasing its worth to customers is to develop an experience for the customer that ranges from the image of the product to customer service. Consider using a businesses current product offerings and enhancing its image through a change of design, additional features, or new marketing methods.
Many companies are simply adding features and believe that they are adding value. These companies often fail to do something very well and instead water down their products with every available feature (Rust, Thompson & Hamilton, 2006). Many customers are not interested in using products they don't understand but would be satisfied with a product that has better quality and gives them that one or two features they really desire. The goal is not to add many features but give the customer what he/she wants.
Knowing how to add value to your products is the same thing as knowing what your customer wants and comparing this against what your business can do. For example, a website could polled its customers to determine what products it wants, what features on the site they liked the best, and the experience they have after visiting the site. Then the business would be in a good position to determine what product/service needs improvement. If customers are having a difficult time with the functionality of the site then it would add value to make the site easy to use. Compare what the customer wants with what the business can offer.
Once you are offering what the customer wants and what the business can offer, then it is time to get your message out. Include the new value added products or service on all of your promotional materials, discuss it with potential customers, and design a marketing campaign to draw in customers that are interested in what your business has to offer. Adding value to a business or product is about aligning business offerings to customer needs. Sales is about letting customers know about it.
Murad Ali is a three time business author, a Ph.D. candidate and a human resource manager. http://www.thenewbusinessworld.blogspot.com http://www.onlinebusinessconcepts.blogspot.com
About the Author
Murad Ali is a three time published book author, a human resource manager, and a Ph.D. candidate. For more articles visit the following:http://www.thenewbusinessworld.blogspot.com http://www.onlinebusinessconcepts.blogspot.com
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