What is Value Add or Added Value?
Value Add or Added Value is the extra benefit or improvement that a customer receives from a product or service. This is in addition to the basic features or functions of the product or service. It is an important concept in marketing, and one that is often used to differentiate products and services in a competitive market.
What are some examples of Value Add or Added Value?
Value Add or Added Value can be seen in many different products and services. Here are some examples:
- A computer manufacturer offering free technical support with the purchase of a new computer.
- A restaurant offering free refills on drinks.
- A car dealership offering a free oil change with the purchase of a new car.
- An airline offering discounts on flights for frequent flyers.
- A mobile phone provider offering free minutes for customer loyalty.
Benefits of Value Add or Added Value
Value Add or Added Value can provide many benefits to both the customer and the business. For the customer, it can increase satisfaction with the product or service, as they are receiving something extra for their money. It can also help to build customer loyalty, as customers may be more likely to return if they know they will receive something extra. For the business, Value Add or Added Value can help to differentiate them from competitors, increasing sales and helping to increase their market share. It can also help to build customer loyalty, as customers may be more likely to return if they know they will receive something extra.
Conclusion
Value Add or Added Value is an important concept in marketing, as it can help to differentiate a product or service from competitors and increase customer loyalty. It can also provide many benefits to both the customer and the business, such as increased satisfaction with the product or service, and increased sales and market share. For more information about Value Add or Added Value, please refer to the following links: