Ten simple strategies to add value to your product

Value as we discussed in the article Value-pricing strategy: “We’re not the cheapest but…”, is a matter of perception.

Value is complex as there are many criteria on which people assess it. These could be: convenience, visual or auditory appeal, risk management, price versus benefits, peer recognition, etc.

As a starter, try these simple strategies to add value to your product…

1- Benefits

People perceive value in a product that is multi-purposed. Display a comprehensive list of benefits that solve a range of problems.

2- Testimonials

What better proof that your product offers value than customers raving about it! Choose credible sources and vary testimonials to cover the different benefits of your product.

3- Brand

Create and promote your brand. People perceive more value in a branded product such as ‘Nike’ or a seminar with the ‘Guru of Guerrilla Marketing’ than in an unknown brand or identity

4- Packaging

Choose colours and type of package that make your product look more valuable. For example, a simple bottle of salad dressing wrapped in cellophane and with a satin ribbon becomes a gourmet item.

5- Price

Sell your product at a higher price than your competitors. People usually associate higher-priced product with better quality.

6- Bonuses

Add bonus products with their retail recommended prices so customers can calculate the added value of your product.

7- Affiliate program

Offer a financial reward for referrals so people can make money from your product. From an expense, your product becomes a source of income.

8- Guarantees

A strong guarantee such as ‘100% satisfaction guarantee’ increases the perceived value of your product. It eliminates the risk of potential psychological stress caused by post-purchase remorse or dissatisfaction.

9- Alliances

Publicise your association with a well-known personality or your professional organisation. These affiliations increase your credibility and the perceived value of your product.

10- After-sales service

People perceive value in excellent customer support. Provide an online database of FAQs (Frequently Asked Questions) and contact details as samples of your commitment to after-sales service.

Let customers evaluate competing products and discover that you offer more VALUE.

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