One of the buzz words we hear on a regular basis is Value-Added. One of the questions we hear on a regular basis is – what does that mean?
Basically, Value-Added simply means providing a service or product that current customers will pay money for that is connected in some way to what they are already purchasing from you. For example; a company that provides carpet cleaning services, also sells spot remover or a store selling kitchen utensils and supplies also selling cooking lessons.
Do you have space in your location that could be used for seminars or demonstrations? Do you have employees who have a skill that customers would enjoy seeing or that they could learn from?
Brainstorm with your staff or do a survey of your customers to determine what they might be interested in that you could provide and make profit on. Typically these will be products or services that are related to what you are already selling and that are of interest to current customers. However, these could bring in new customers as well.
Be careful that you price these out so that there is profit and of course you want to make it convenient for your customers. With the busy schedules that we all seem to experience these days, convenience is often the reason for purchases.