Finance:Value-added selling
Value added selling is one of several sales techniques that relies on building on the inherent value of a product or service.[1] By its nature the value add technique is a more flexible and customized selling approach that requires input from a defined range of average customers. This customer feedback helps sales and marketing professionals to outline value propositions that are likely to benefit the largest number of customers.[2]
The value add may not be initially apparent in the sales overview and is often tied to upselling or vertical selling within a specific market segment. The utility of the product or service, ease of integration into the customers' business operations or time saving benefits are just a few areas that may be capitalized on when focusing on value add.[3]
Examples
- Food sold in a plastic box or a glass that can be used after its content is consumed.
- Camera sold with converter to old type of photographic lens.
- An automotive company implemented an after-sales support program that included extended warranties and complimentary maintenance services. This initiative aimed to address customer concerns regarding long-term vehicle reliability and contributed to a reported 25% increase in customer retention.[4]
- A gaming console manufacturer established an online user community designed for sharing experiences, tips, and custom content. This community-building effort enhanced the overall user experience and was associated with a 15% rise in subscriptions to the company’s online services.[5]
References
- ↑ [blogSlug "Value-Added Selling: Why You’re Not Doing It Right". 2019-05-23. https://www.copper.com/resources/[blogSlug.
- ↑ "What are value added selling strategies? – Firstlawcomic". https://firstlawcomic.com/what-are-value-added-selling-strategies/.
- ↑ Porter, Michael E. (1987-05-01). "From Competitive Advantage to Corporate Strategy". Harvard Business Review. ISSN 0017-8012. https://hbr.org/1987/05/from-competitive-advantage-to-corporate-strategy.
- ↑ Jovanovic, Vuk; Price, Thomas (2010-02-02). "Hysterosalpingography - Performance and Interpretation". https://doi.org/10.4016/16001.03.
- ↑ "Value Added Selling: Elevating the Customer Experience with Value Added Selling and Upselling" (in en). https://fastercapital.com/content/Value-Added-Selling--Elevating-the-Customer-Experience-with-Value-Added-Selling-and-Upselling.html.
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