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Creating a “minimum viable product” is one thing, but if you want to differentiate yourself from the competition, you need to build something that is world-beating. There are many examples of world-beating products out there on the market already: the Tesla Model 3, the Apple iPhone, and even simple things like WD40. Ideally, you want your company to offer a product akin to this hallowed group so that you can extract extraordinary profits from the market.
So what do you need to do to add value to your products?
Offer Customer Rewards
Many modern products have a steep learning curve: so steep, in fact, that it can put off many customers from using it. Offering rewards and incentives for effective use of a product helps to build knowledge among your customer base and get them using the product more. For instance, you could offer discounts to customers who use your app to “book online” or offer to put clients in your newsletter who show others how a product works.
Be Meticulous In Manufacturing
Customers, whether end-consumers or other businesses, can tell if the quality of a product isn’t up to scratch. It’s usually beneficial, therefore, to invest heavily in your production processes to ensure that products are of the highest quality possible. Laser Light and other companies in the electronics and medical fields, use a range of laser technologies to provide accurate cutting and etching of products that end-users will notice. Always thoroughly vet your suppliers and manufacturing processes to make sure that get something that looks and feels quality.
Guarantee Fast Delivery
When people have a problem, they want it solved right away. But often businesses don’t deliver a resolution to an issue in the time frame that customers want. If possible, look for opportunities to reduce the lag between customer contact and solution implementation. Offer guarantees which clearly state how quickly you intend to solve problems and offer a money-back guarantee if you fail.
Offer Different Service Levels
Not all people who interact with your business want the same level of service. Some may only want a proportion of the services you offer, whereas others may want you to go the extra mile, providing additional support above and beyond all your standard packages.
The great thing about offering service levels is that you can make customers feel like they are getting more from you by spending more with you. For instance, you could offer silver, gold and platinum level “rewards” to customers who keep you on retainer for an extended period, or who exceed various threshold payments every month. These customers could get things like 24-hour service, faster turnaround times, or more features on their product stack.
Offer Service Bundling
Service bundling is an excellent way to incentivize customers to spend more money on services that they may not feel are valuable standalone. Be careful to evaluate your customers’ needs before bundling, and then offer extras at a discount price if you sense that they may not use the additional features all that often. Bundling increases your profitability because of the low cost of additional service provision.
Takis Athanassiou develops strategies and ideas about leadership, marketing, productivity, small business, and personal growth.