Added value is an important tactic that small businesses can use to acquire and retain customers, increase brand awareness, and differentiate their position in the market. Not sure where to begin? Here are five ways to create added value that can easily be implemented into your business plan:
1. Always take the perspective of your customers into account
The art of creating added value starts with the ability to see your business through the eyes of your customers.
Think about what is important to your target audience and how your product or service will benefit them. What problem does it solve, how will it help them overcome obstacles or improve their work? Many companies miss the mark by focusing on product features rather than the benefits. By shifting your attention to delivering content that focuses on the needs of your customers, you can start helping and stop selling.
Creating customer personas is helpful in giving you insight into your current and future customers, what is useful to them, and gives you a step-by-step plan of the kind of content you can create and share to provide added value.
2. Consistently working on improving customer satisfaction
Although the debate about whether the customer is right (or not!) remains, the lack of customer satisfaction is a sure way to prevent people from coming back.
Asking for honest feedback through surveys on a regular basis enables you to keep a finger on the pulse regarding the needs of your customers in their journey with your company and offers an opportunity to keep track of your brand identity in the market.
We use SurveyMonkey ourselves, which allows us to collect feedback and create an action plan based on results.
3. Implement marketing models in your strategy
If you are looking for ways to create added value, the use of popular marketing models may help you shape your strategy.
For SMEs, the 4-C model, the Brand Essence Wheel, and the SWOT Analysis help develop the value statement of your brand, determine your unique selling points, and even predict customer needs based on market trends.
4. Develop an unforgettable customer experience
Companies with unforgettable customer experiences are more likely to benefit from word-of-mouth advertising, positive online reviews, and higher customer retention. Once you get started, you need to consider all touchpoints of your business, from the first online chat to the post-sale communication, and how you can best maximise that added value for the customer throughout the entire process.
Building a ‘customer experience’ enables you to develop relationships with your customers, so that you can connect on a level beyond just getting the order.
More importantly, unforgettable customer experience models focus on providing unexpected immaterial value that cannot be packaged or sold. This also applies to personal service, attention to detail, and displaying a sense of urgency when complaints or questions arise.
5. Never underestimate the value of free marketing material
Whether it’s a free guide, a printable PDF, or a business calendar, free marketing material is a great way to create added value and your brand’s ability to offer ‘something extra’ to customers.
Free marketing material can also help small businesses to increase their brand awareness and expose their target audience to different products and services.
Remember, even though you may have something free to offer, it needs to be relevant to your market and must always be in line with the overall purpose of your brand.
These five tips help you think about a few ways in which you can add value for your prospects and customers now and in the future.
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