Business, Tech

5 Effective Principles To Add Value To Your Products

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In business, the end goal is always the same – sell more products and services. A steady stream of customers means that your revenues will be healthy, and the company will have enough money to grow and expand. It’s a simple concept, but it’s one of the most challenging to conquer.

The best way to skyrocket your sales is to stand out from the crowd. Unfortunately, even that isn’t a walk in the park now that the internet has made launching a startup more accessible than ever. Thankfully, adding value should ensure that consumers notice your offerings and invest in the brand.

All you have to do now is think of ways to increase value. Small and medium-sized businesses have a money-shaped hole in their budget, something that makes the thought of adding value tough. How can you do it without the necessary resources? The truth is, the resources you require aren’t always financially-based.

Some of the most effective principles are either free of charge or very affordable. A word of warning, though – they don’t guarantee success. Adding value is a handy tool, yet you still need to work hard and hope for a little bit of luck along your journey.

Gain Influence

One method that is more powerful than money is influence. Yes, the former can impact the latter, but it’s not a given that a person is influential because they’re wealthy or broke. Gaining influence is about proving to customers that you can give them something they require, even if they didn’t realize it at first.

Content is a prime example. Blogs worldwide have secured sponsorship from brands due to their increase in traffic. How did they get more visitors to their platforms? They developed written and visual content that audiences love to read and watch to this day. They have credibility.

You can build credibility in many ways, from releasing high-quality products and services to solving problems. However, the simplest method is to do rather than say. Words are catchy anecdotes, yet they don’t usually change anything as they can lose their meaning. Instead, Seth Godin, an incredibly influential digital marketer, points out that actions transform businesses from “brittle organizations” into “resilient organizations”.

Of course, it’s wrong to talk about influence without mentioning influencers. Utilizing social media accounts with huge followings can add value to your brand. However, paying for the privilege isn’t cheap, so it might blow your budget.

Create An Experience

Shoppers aren’t in it only for the rush of buying a new product or service. Sure, the endorphin boost makes them feel good, but it’s only a small part of the exchange. Plus, it’s not something you can control. What you can impact is the experience. How they feel when they receive small features that they didn’t account for is a powerful aphrodisiac.

The good news is, you don’t have to follow the lead of luxury brands. They have the cash to provide gifts and white-glove service, two expensive features. Instead, you can rely on the power of the internet, specifically social media.

The likes of Facebook, Twitter, and Instagram bring informality to the table. Whereas customers could never interact with their favorite brands in the past, they can message them directly with tweets and Insta posts. It’s something you should encourage since 52% of people purchase a product after seeing it on Twitter.

More importantly, an even bigger 77% felt more positive towards a brand when they received a reply to their Tweet. By engaging with your base, you can empower them to feel loved and wanted and garner loyalty that won’t go away lightly. All it takes is 280 characters.

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Highlight Savings/Earnings

Money matters to consumers, which is why you need to focus on it without going overboard. Although it sounds like a tough balance to strike, it’s not too challenging when you use money within the context of saving and earnings. After all, people are more likely to buy when they understand how much extra money they’ll have in their pockets.

Sales and discounts are age-old methods that won’t go out of fashion because they work. Offering “2 for the price of 1” is a simple and effective way of showing how you’re adding value by giving shoppers more bang for their buck. Sadly, these promos are so common they are played out and appear cliche.

Numbers aren’t everyone’s strong suit, so you can’t complicate matters. However, you can highlight the difference in the price of a product before and after the promotion. For instance, if an item was $20 and is now $10 in the sale, it’s a saving of 50%, which is massive. A percentage change calculator will work out more complicated figures.

By showcasing in black and white what people stand to gain from buying a discounted product or service, you can add value with the pull of a pricing gun.

Use Features To Sell Benefits

If you assume that features and benefits are the same, you’re mistaken. The latter is the reason why people want to invest in your brand. The pros add value by doing things such as solving problems, sometimes that consumers didn’t even know they had in the first place. Features are the shiny properties that catch the eye.

There’s no doubt that the benefits are superior, and you must focus on them if you’re going to shift more units, yet you shouldn’t run before you can walk. Firstly, it’s imperative to highlight the product’s best features as they grab people’s attention and make them curious. Then, once you have their interest, you can use it as your conversion foundation.

Take at-home exercise equipment as an example. The demand has skyrocketed during the pandemic, with millions of people taking care of their minds and bodies without leaving their house. However, people don’t buy treadmills and elliptical machines because of their “easy-glide motion” or “adjustable intensity settings”.

They are features users can use to exploit the benefit of investing in workout gear – getting fit at home as easily as doing it at the gym.

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Don’t Shy Away From The Backlash

Sorry to be the bearer of bad news, but haters are inevitable when you are successful. As soon as you add value, there will be people who want to criticize you and the company for the steps you took. Some go as far as calling it a fad or a cult without any evidence whatsoever as they make judgments based on a first impression.

Like most people, you’ll feel your stomach drop when the first complaint reaches your desk. And, it’s not unusual for people to shy away from the controversy. After all, you might not enjoy confrontation, not when you believe it will drag your brand name through the mud. There’s a time and place for being passive and apologetic, yet only when you have made a mistake.

If you haven’t, or if the error was genuine and incredibly insignificant, you shouldn’t let your haters discourage you from carving out a lane within the industry. Switching your core beliefs due to a handful of people will hurt you more in the long run when you recognize what you’ve done for the sake of keeping the peace.

Anyway, your base will have your back, and their loyalty means everything as it automatically replaces the value others try to degrade with unfounded attacks.

By gaining influence, creating an experience, focusing on the benefits, and standing your ground, you should add enough value to make your brand stand out from the crowd.

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