Increase added value is a ability of any company to supply consumers with anything more than a fundamental product or service. Increasing the value boosts customer satisfaction, brand recognition and reputation, and can lead to a better bottom line and greater revenue achievement. For example , airlines used to remain competitive by offering low fares and nothing else, but as consumers became acquainted with the conveniences of in-flight entertainment and better provider, many companies began competing with added value instead of just price.

Rendering more value can help businesses increase their customers and potentially raise prices with no alienating existing customers. The reason is customers who feel a business provides much more than what they anticipate are willing to pay more for a particular products or services.

There are a number of ways that an enterprise can develop more value, such as by increasing the quality or perhaps delivering a far more extensive product package. It may also be through increased convenience and excellent customer care or by wedding caterers to specific consumer requirements and tastes.

Other forms of added value include cause-related marketing and philanthropic efforts. In the latter, a firm can help build strong cultural bonds by contributing to community establishments and making a difference in society. These types of efforts frequently help to increase awareness for a issue or perhaps problem, even though increasing open public gratitude for the company and its goods. This type of added value could be a longer-term strategy, but can be extremely successful.