Andrew Semple, Bradenton says that value-added services are a great way for companies to make more money by providing the customer with related services. These can be free or cost very little, but they allow the company to reach new customers.
What is a Value Added Service?
Value-added services service customers get besides the merchandise or service they buy. Some examples of this include:
- Renting out your home
- Repairing your car
- Hotel room service
- Medical services
- Digital technology (such as telecom add-one, and free apps)
What is a Digital Marketplace?
A marketplace is an online platform for buying and selling. Marketplaces can be one of the most exciting opportunities for entrepreneurs. Amazon is one of the best online marketplaces because it can sell products to anyone in the world. In the same way, you can offer a digital marketplace for products and services your existing and potential clientele are looking for.
How to Create and Implement a Value Added Service
Most value-added services are free because most customers don’t want to spend money to get them. That’s why a business needs to do some market research before launching its value-added service.
These are the best launch after researching trends in your industry and then making changes accordingly.
A conversion free will often decrease the number of people who don’t want to be a customer at all. There’s a tendency to assume that people only want to buy value-added services. But business expert Andrew Semple from Brandenton says that’s not necessarily true. Many times, customers will pay for value-added services that they can’t use.
Value-Added Services in Action
There are many ways that value-added services work. Sometimes, the value-added services are connected to the main product. Some examples include:
- Tax return filing software
- Store coupons
- Utility bill management
How Much More Does Your Company Stand to Make from Value Added Service?
A study by Cornell University found tremendous growth opportunities for companies that invest in providing value-added services. The study found that 40 percent of customers had a service relationship with their businesses. According to the survey, companies have two choices when it comes to creating value-added services. The first choice is to create a service completely separate from the product. The second choice is to align the service with the product.
The Future of Value-Added Technologies
Innovation is a powerful driver of sustained economic development during the fourth industrial revolution we are experiencing. It is crucial for creating value, driving productivity, and remaining competitive in manufacturing industries. It can be expressed in different ways, but it’s always important.
Conclusion
Andrew Semple Bradenton says that when looking at future opportunities that can grow a business and make an impression on customers, start looking at your company. What services do you provide to your customers? What kind of benefits are they receiving that make them stay longer with you? What value can they add to your company in other ways?
These are some of the questions you can explore in the long term to develop more business and get you closer to your goals and dreams.
