Increase added value is the ability of the company to provide consumers with something more than a simple product or service. Increasing the value will increase customer satisfaction, company recognition and reputation, and can lead to an improved bottom line and greater revenue achievement. For example , flight companies used to be competitive by offering low fares and nothing else, but as clients became familiar with the conveniences of in-flight entertainment and better product, many companies initiated competing with added worth instead of just price.

Offering more value also helps businesses build up their readership and potentially raise prices with no alienating existing customers. This is because customers who all feel a business provides more than what they anticipate are willing to pay more for a particular goods and services.

There are a number of ways that a small business can create more value, including by increasing the quality or perhaps delivering a more extensive merchandise package. It may also be through increased convenience and excellent customer support or perhaps by catering to specific consumer requirements and choices.

Other forms of added worth include cause-related marketing and philanthropic efforts. In the latter, a firm can help build strong cultural bonds by simply causing community businesses and making a difference in society. These kinds of efforts quite often help to increase awareness for your issue or perhaps problem, even though increasing general public appreciation for the organization and its items. This type of added value is generally a longer-term approach, but can be extremely successful.