business plan value added services

How To Write a Business Plan for Value-Added Services in 9 Steps: Checklist

By alex ryzhkov, resources on value-added services.

• Financial Model
• Business Plan
• Value Proposition
• One-Page Business Plan
• SWOT Analysis
• Business Model
• Marketing Plan

Are you considering starting a business that offers value-added services? Look no further than the consulting model, one of the most popular and sought-after business models in the United States. With the ability to provide expert knowledge and advice to businesses and individuals, consultants play a vital role in helping clients improve operations and achieve their goals.

To give you a deeper understanding of how to create a successful business plan for value-added services, we've created a comprehensive checklist of nine crucial steps. But first, let's take a look at some recent statistics on the consulting industry's growth.

• Statistics: The consulting industry in the US has experienced significant growth over the past few years. In 2020, the market size was estimated to be $161 billion, with a compound annual growth rate (CAGR) of 4.1% from 2015 to 2020. This growth is expected to continue, projecting a market size of $196 billion by 2025.
• Industry Trends: With businesses constantly seeking ways to stay competitive, the demand for consulting services remains strong. Consulting firms are adapting to changing client needs by offering specialized services in areas like technology integration, digital transformation, and sustainability.

Now that we've established the immense potential in the consulting industry, let's delve into our nine-step checklist for creating a successful business plan for your value-added services. Following these steps will help ensure that your business is well-prepared and positioned to make a significant impact in today's competitive business environment.

Define Business Goals And Objectives

In order to create a successful business plan for value-added services, it is crucial to first define your business goals and objectives. These goals and objectives will serve as the guiding principles for your entire plan, helping you make informed decisions and stay focused on what truly matters.

When defining your business goals and objectives, it is important to be specific and clear. What do you want to achieve with your value-added services? Are you looking to increase revenue, expand your customer base, or improve operational efficiency? By clearly articulating your goals, you can align all your efforts towards achieving them.

Here are some key points to consider when defining your business goals and objectives:

• Be realistic: Set goals that are achievable within a given timeframe considering your resources and capabilities.
• Make them measurable: Establish specific metrics that will help you track your progress and determine whether you have achieved your objectives.
• Align with your mission and vision: Ensure that your goals are in line with your company's overall mission and long-term vision.
• Consider market trends: Take into account the current market trends and future outlook to ensure your goals are relevant and timely.

Tips for defining your business goals and objectives:

• Involve key stakeholders: Get input from key team members and stakeholders to ensure that your goals are comprehensive and reflective of the overall organizational objectives.
• Break them down: Divide your long-term goals into smaller, manageable objectives that can be achieved step by step.
• Regularly review and revise: Keep your goals under review and be open to revising them as needed to adapt to changing market conditions or organizational priorities.

By clearly defining your business goals and objectives, you lay a solid foundation for your value-added services business and set yourself up for success. This step not only helps you stay focused but also provides a clear roadmap for the rest of your business plan.

Conduct Market Research And Analysis

Market research and analysis are crucial steps in developing a successful business plan for value-added services. Through thorough research and analysis, you can gain a deep understanding of your target market, industry trends, and competitive landscape. This valuable information will enable you to make informed decisions and develop strategies that align with market demands.

Here are some important steps to consider when conducting market research and analysis:

Identify your target market:

Analyze industry trends:, evaluate the competitive landscape:, understand customer demands:, explore market gaps and opportunities:.

By conducting comprehensive market research and analysis, you will gain a competitive advantage by aligning your value-added services with market demands and positioning your business effectively to attract and serve your target customers.

Identify Target Market and Demographics

Identifying the target market and understanding their demographics is crucial for the success of your value-added services business. By clearly defining your target market, you can tailor your offerings and marketing strategies to effectively reach and engage potential customers.

• Research: Conduct thorough market research to gain insights into the needs, preferences, and behaviors of your target market. This will help you determine if there is a demand for your value-added services and identify any gaps or opportunities in the market.
• Segmentation: Divide your target market into specific segments based on relevant factors such as demographics (age, gender, income), psychographics (values, beliefs, lifestyles), and geographic location. This segmentation allows you to create targeted marketing messages and develop customized services to better meet the unique needs of each segment.
• Customer Profiles: Create detailed customer profiles that represent your ideal customers within each segment. Include information such as their job titles, company sizes, pain points, and motivations. These profiles will guide your marketing efforts and help you tailor your value-added services to resonate with your target audience.
• Use online surveys, interviews, and focus groups to gather valuable insights directly from your target market.
• Stay updated with industry trends and changes in consumer behavior to ensure your target market remains relevant.
• Regularly review and refine your target market based on feedback and market dynamics.

Evaluate Competition And Industry Trends

When developing a business plan for value-added services, it is crucial to assess the competitive landscape and industry trends. This information will help you understand the market you are entering and make informed decisions about how to position your services.

Competition Analysis: Begin by identifying your direct and indirect competitors. Direct competitors are those who offer similar services to your target market, while indirect competitors may offer alternative solutions. Evaluate their strengths, weaknesses, and strategies to determine how you can differentiate yourself and provide unique value.

Industry Trends: Stay up-to-date with the latest trends and developments in your industry. This includes changes in technology, regulations, consumer preferences, and emerging markets. Understanding these trends will help you identify opportunities and potential threats that could impact your business.

Tips for Evaluating Competition And Industry Trends:

• Conduct thorough research using industry reports, market analysis, and competitor websites to gather information about the competitive landscape.
• Stay informed through industry publications, conferences, and networking events to keep track of the latest industry trends.
• Consider conducting a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis to assess your competitors and identify areas for differentiation.
• Identify any gaps or unmet needs in the market that your value-added services can address.
• Regularly monitor and update your analysis to stay ahead of changes in the competitive landscape and industry trends.

By evaluating competition and industry trends, you can make informed decisions about your value-added services and better position your business for success in the market.

Determine The Value-Added Services To Offer

Once you have identified your business goals and objectives, conducted market research and analyzed your target market and competition, it's time to determine the value-added services you will offer to your clients. These services should align with your expertise and the needs of your target market.

Start by identifying the pain points and challenges that your target market faces. What are the common problems they encounter in their operations or goals that they struggle to overcome? Understanding these pain points will help you determine the services that will add the most value to their businesses or personal lives.

Consider your specialization and expertise. What specific skills or knowledge do you possess that can benefit your clients? For example, if you have experience in finance, you may offer services such as financial analysis, budgeting, or investment advice. If your expertise lies in marketing, you could provide services like market research, brand development, or social media strategy.

Research your competitors and analyze the services they offer. Look for gaps or areas where you can provide additional value that they may not be addressing. This will help you differentiate yourself and stand out in the market.

When determining the value-added services to offer, it's important to consider scalability and the potential for recurring revenue. Aim for services that can be easily replicated and delivered to multiple clients simultaneously, maximizing your time and resources.

• Survey your target market to understand their specific needs and preferences.
• Consider bundling services to create packages that offer comprehensive solutions.
• Stay updated with industry trends and emerging technologies to identify areas of opportunity.
• Regularly assess and review the effectiveness of your value-added services to ensure they remain relevant and valuable to your clients.

Develop A Pricing Strategy

Developing a pricing strategy is crucial for the success of your value-added services business. Your pricing should reflect the value you provide to your clients while also remaining competitive in the market. Here are key steps to developing a pricing strategy:

• 1. Understand your costs: Before setting your prices, it's essential to have a clear understanding of your costs. Consider both direct costs, such as materials and labor, as well as indirect costs, such as overhead expenses and marketing.
• 2. Consider your target market: Research your target market to understand what they are willing to pay for the value-added services you offer. Analyze their budget and the prices of similar services in the industry to ensure your pricing is attractive and competitive.
• 3. Determine your desired profit margin: Set a target profit margin that aligns with your business goals and industry standards. This will help you gauge whether your pricing is sufficient to cover your costs and generate the desired profit.
• 4. Choose a pricing model: There are various pricing models to consider, such as hourly rates, fixed project fees, retainer fees, or performance-based pricing. Each model has its advantages and considerations, so choose the one that best aligns with your business and target market.

Developing a pricing strategy requires careful consideration of your costs, target market, desired profit margin, and pricing models. By aligning your pricing strategy with your business goals and market demand, you can effectively position your value-added services and attract customers while achieving profitability.

Create A Marketing And Advertising Plan

Once you have identified your target market and determined the value-added services you will offer, it is crucial to create a well-thought-out marketing and advertising plan to effectively reach your audience and promote your services. Without a solid plan in place, your business may struggle to attract clients and generate revenue.

1. Define your marketing goals: Begin by clearly defining your marketing goals - what do you want to achieve through your marketing efforts? Do you want to increase brand awareness, attract new clients, or promote a specific service? Clearly articulating your goals will help guide your marketing plan.

2. Understand your target audience: Gain a deep understanding of your target market and their needs. What challenges do they face, and how can your value-added services address those challenges? Tailor your marketing messages and strategies to resonate with your target audience.

3. Choose the right marketing channels: Consider the most effective channels to reach your target market. This may include digital platforms such as social media, search engine marketing, and email marketing, as well as traditional channels like print advertising or networking events. Focus your efforts on channels that will yield the highest return on investment.

4. Develop a compelling message: Craft a compelling and unique message that sets your value-added services apart from your competitors. Clearly communicate the benefits and value that clients can expect when they choose to work with you.

5. Create a budget: Establish a budget for your marketing and advertising activities. Determine how much you are willing to invest in various channels and tactics. This will help you allocate your resources effectively and monitor the success of your marketing efforts.

• Consider utilizing online marketing tools and platforms to target specific demographics and track the performance of your campaigns.
• Utilize content marketing to showcase your expertise and build trust with potential clients.
• Collaborate with complementary businesses or influencers in your industry to expand your reach and gain credibility.
• Regularly analyze and assess the effectiveness of your marketing and advertising strategies, and make adjustments as needed.

6. Implement and track your marketing campaigns: Put your marketing plan into action by executing your campaigns and closely monitoring their performance. Use analytics and metrics to measure the success of your efforts and make data-driven decisions.

7. Continuously refine and optimize: As your business evolves and grows, your marketing and advertising plan should also evolve. Stay up-to-date with industry trends and changes in your target market's behavior, and continually refine and optimize your marketing strategies to stay ahead of the competition.

By creating a comprehensive marketing and advertising plan, you can effectively promote your value-added services and attract the right clients to support the growth and success of your business.

Assess Resource And Financial Requirements

Assessing the resource and financial requirements is a crucial step in developing a business plan for value-added services. This will help you determine the necessary resources and funding needed to successfully offer your services and achieve your business goals.

To assess resource requirements, consider the following:

• Staffing: Determine the number and expertise of employees or contractors needed to deliver the services effectively.
• Equipment and technology: Identify the necessary tools, software, and equipment needed to provide the value-added services.
• Facilities: Assess if you require a physical location, office space, or if remote work is feasible for your business model.
• Training and development: Determine the training and development needs for your staff to ensure they have the necessary skills to perform their roles effectively.

When considering the financial requirements, it's important to:

• Evaluate startup costs: Calculate the initial investment needed to set up your business, including equipment, licensing, legal fees, and marketing expenses.
• Estimate ongoing expenses: Project the ongoing costs of running your business, such as salaries, rent, utilities, marketing, and maintenance.
• Forecast revenue: Develop a realistic revenue forecast based on an analysis of your target market, pricing strategy, and competition.
• Identify potential funding sources: Explore different funding options, such as loans, grants, or investors, to secure the necessary capital for your business.

Tips for assessing resource and financial requirements:

• Consider starting with lean operations and gradually scaling up as your business grows to minimize upfront costs.
• Research and compare prices for equipment, software, and services to ensure you get the best value for your money.
• Conduct thorough financial analysis and seek professional advice if needed to ensure the feasibility and sustainability of your business.
• Regularly review and update your resource and financial requirements as your business evolves to stay aligned with your goals.

By carefully assessing the resource and financial requirements, you can better plan and allocate your resources, ensuring that you have the necessary assets and funds to deliver high-quality value-added services to your clients.

Establish Key Performance Indicators And Metrics

Establishing key performance indicators (KPIs) and metrics is crucial for measuring the success of your value-added services business. These performance indicators help you track and evaluate the effectiveness of your strategies, identify areas for improvement, and make informed decisions to drive your business forward.

The first step in establishing KPIs and metrics is aligning them with your business goals and objectives. Each KPI should be directly linked to a specific goal or objective, making it easier to measure progress and determine success. For example, if one of your business goals is to increase customer satisfaction, a relevant KPI could be the customer satisfaction rating.

Once you have identified your KPIs, it's essential to define the metrics that will be used to measure them. The metrics should be specific, measurable, achievable, relevant, and time-bound (SMART). This ensures that you have clear criteria for evaluating performance and allows for meaningful comparisons over time.

Here are some important steps to follow when establishing KPIs and metrics:

• Identify a mix of leading and lagging indicators: Leading indicators help you predict future performance, while lagging indicators measure past performance. Utilizing both can give you a well-rounded view of your business.
• Set realistic targets: Make sure your targets are achievable and based on historical data or industry benchmarks. Setting too ambitious targets can lead to frustration and demotivation if they are consistently missed.
• Regularly review and update your KPIs: As your business evolves, so should your KPIs. Regularly review and update your indicators to ensure they remain relevant and aligned with your changing goals.
• Track KPIs consistently: Establish a process for tracking and monitoring your KPIs consistently. This could involve implementing a data tracking system or using performance management software.
• Provide regular feedback and communication: Share KPI results with your team and stakeholders regularly. This fosters a sense of accountability and creates transparency around your business performance.

By establishing key performance indicators and metrics, you can effectively measure the success of your value-added services business and make data-driven decisions to continuously improve and grow. These indicators serve as a roadmap to achieving your goals and staying competitive in the ever-changing business landscape.

In conclusion, writing a business plan for value-added services is an essential step in ensuring the success of your business. By following the nine steps outlined in this checklist, you can effectively define your goals, understand your target market, evaluate competition, and develop a strategic plan to offer valuable services. Taking the time to thoroughly research and plan will greatly increase your chances of achieving your business objectives and providing a competitive advantage in the market.

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A Beginner’s Guide to Value-Based Strategy

• 10 Nov 2022

Whether you’re a new product manager about to launch a product or service, an entrepreneur getting your venture off the ground, or a business leader reevaluating your company's direction , it’s crucial to have the right business strategy to maximize profits.

A value-based pricing strategy offers your organization a practical path forward. Below is an in-depth examination of value-based pricing, including an overview of the value stick framework and the different components that make it so effective.

What Is a Value-based Pricing Strategy?

Value-based pricing is a business strategy that primarily relies on customers’ perceived value of goods or services to determine cost.

“Value for customers is the difference between their appreciation of a product or a service and what they have to pay for it,” says Harvard Business School Professor Felix Oberholzer-Gee in the online course Business Strategy .

The value stick framework offers a helpful way of visualizing the tenets of value-based pricing and how firms can maximize profit margins while creating more value for customers and suppliers.

Access your free e-book today.

The Value Stick

The value stick is a visual representation of a value-based pricing strategy’s different components. At the top of the stick is the value that’s been captured by the end consumer, called customer delight. In the middle is the value captured by the firm, called the firm’s margin. At the bottom of the stick is the value captured by the firm’s suppliers, called supplier surplus.

The value stick comprises four components: willingness to pay (WTP), price, cost, and willingness to sell (WTS). Where on the stick each of these points falls determines how a sale’s value is split between a firm, its customers, and suppliers.

Here’s a more in-depth look at each component.

1. Willingness to Pay

Willingness to pay is the highest price a customer is willing to pay for your product or service. Customers are more likely to make a purchase when companies charge any amount up to that threshold. Charging even a cent above heightens the risk that customers will decide against purchasing. This could not only deter current and potential customers, but also affect your business’s impact on the competitive market.

The difference between the customer’s willingness to pay and the final price of the purchase is known as customer delight. This is the level of goodwill, loyalty, and brand enthusiasm the customer feels after making a purchase, which is typically tied to the value they’ve claimed from the transaction.

Price refers to the final price a company charges when it sells a product or service. As such, price is the point on the value stick that a firm has the most control over. It can be set at any point between a firm’s cost of production and its customers’ willingness to pay.

When a firm sells a product or service, the value is split between the customer and the firm. As explained above, customers receive the difference between their willingness to pay and the actual price, while the company gets the difference between the price it charges and the costs associated with creating the product. This is referred to as the firm’s margin. Where the company chooses to set its price determines how value is shared with the consumer.

Naturally, companies aim to maximize profits from each sale. But they also strive to boost customer delight to build brand loyalty and turn single purchases into repeat ones. This creates a level of competition wherein a firm must find the optimal point on the value stick to achieve both goals.

Cost refers to how much money goes into producing a product or service, including all of its components. This includes physical costs, such as the various nuts, bolts, and widgets that make up an item, along with non-physical costs, such as utilities and rental space.

The lower a firm’s cost, the higher the value it can share with its target customers. This creates competition between a firm and its suppliers that work to drive the price up to maximize value.

4. Willingness to Sell

Willingness to sell, also known as willingness to accept, is the lowest price a firm’s suppliers are willing to accept in exchange for the raw materials needed to create products. While many suppliers would like to sell goods for the highest amount possible to maximize profits, most are willing to reduce prices to a certain extent to make a sale. Their willingness to sell represents the lowest point they’re willing to drop before it no longer makes sense to pursue a sale.

The difference between the suppliers’ willingness to sell and what they charge the firm is known as supplier surplus—or supplier delight—and it represents the value captured from a sale at the firm’s expense.

Using the Value Stick to Drive Value Creation

When the four points above are plotted along the value stick, they create three wedges: customer delight, firm margin, and supplier surplus.

Firms that embrace value-based business strategies can manipulate these wedges in one of two ways. They can either adjust where the points of cost and price fall on the value stick, or they can increase the length of the stick, and the total value shared by all parties, by increasing customers’ willingness to pay and decreasing suppliers’ willingness to sell.

According to the HBS Online course Business Strategy , there are four strategies companies can use to increase profit margin with the value stick framework:

1. Raise Prices

A firm can easily increase profit margins by raising prices without changing anything else. This allows them to capture a greater share of each transaction’s value at customers’ expense.

2. Raise Customers’ Willingness to Pay

Firms can increase customers’ willingness to pay, in effect lengthening the value stick and increasing the total value that can be split. This enables them to raise prices and increase potential profits while delivering enough value to keep customers excited and delighted about the purchase.

3. Lower Costs

Firms can lower their costs by paying suppliers less, without changing anything else about the equation. This allows them to capture more value at the suppliers’ expense.

4. Lower Suppliers’ Willingness to Sell

Firms can lower their suppliers’ willingness to sell, in effect lengthening the value stick and increasing the shared value. This allows them to pay a lower cost while increasing the supplier surplus.

Of the four strategies outlined above, numbers two and four allow firms the opportunity to increase the value for all parties. This enables them to maximize profits without negatively impacting others. Business strategies one and three, on the other hand, allow firms to maximize profits at the expense of customers and suppliers, growing their own value while shrinking others'.

Using Value-based Pricing Strategies for Your Business

The real benefit of leveraging a value-based pricing model for your business is that it forces you to truly understand the motivations of all parties involved in a transaction—your company, suppliers, and customers. This knowledge empowers you to make intelligent decisions around how you price your products or services and often leads to more beneficial outcomes.

Are you interested in learning more about value-based pricing and other key frameworks? Explore our seven-week Business Strategy course, and other online strategy courses , to learn more about how to develop effective pricing strategies.

This post was updated on November 10, 2022. It was originally published on November 3, 2020.

About the Author

The Complete Guide to Value-Added Services

Ecommerce brands know how important it is to invest in the purchase funnel and conversion optimization, but the post-purchase experience too often gets left behind. 

Today’s environment is too competitive to forget about your customers after the sale. Long-term customer relationships aren’t made, they’re nurtured — and solving customer problems downstream builds affinity and loyalty. 

One way to do that is through value-added services like:

• Personalized recommendations

Loyalty programs

Product protection, frictionless returns.

• Special offers

Deferred payments

• Shipping insurance 

Customer reviews

Let’s look at each of these value-added services and see how they’re being used today.

What are Value-Added Services? 

The term “value-added service” refers to a feature or service that adds above-and-beyond value to the shopping experience. 

The top merchants are dominating the market by continuing to innovate on the experience they provide. Two-day shipping was almost unheard of before Amazon Prime. Today more than 90% of consumers see two- to three-day delivery as a baseline. 

But Amazon is just one of the many top enterprise retailers leveraging value-added services to drive return purchasers — and two-day shipping was just one of the first value-added services that, once novel, is table stakes today.

Let’s look closer at each value-added service and its unique benefits.

In-store retail environments lended themselves well to personal, human customer service — but online, it’s a little more challenging. Live chat can add a human touch onto your ecommerce site. 

Plus, customers chatting with your company are highly engaged.

On average they’re up to 2.8x more likely to buy , and they spend 10–15% more than other customers, so it’s in your best interest to be there for them.

Main benefits of live chat: 

• Higher conversion rates
• Increased revenue

Try live chat if you have a large portfolio of products that is difficult for customers to navigate, or if your support agents field frequent questions that are too complex for chatbot logic or FAQs. Another great use case for live chat is if you serve customer needs that could be time-sensitive. 

Example: Rent the Runway

Rent the Runway was built on dressing women for special occasions. A last-minute wardrobe malfunction before a once-in-a-lifetime event can make or break a customer’s brand affinity. Live chat enables customers to get real-time assistance from live RTR agents, and in return, customers know they’ll be taken care of for their most special events.

Loyalty programs reward customers for repeat purchases, with the goal of keeping them in your ecosystem and connected to your brand. They have a wide range of implementations, from simple to complex, and from free to fee-based. But they’re not just your business doing your customers a favor.  

Loyalty programs provide a treasure trove of first-party data about your most loyal customers. Nearly three in four consumers say they’re willing to give up some of their data for better pricing, discounts, or offers.

The key to a loyalty program that drives customer satisfaction while creating value for your business is finding the right balance between give and take. Customers give their data for what they’ll get in return — the bigger the ask, the bigger the reward should be.

Main benefits of loyalty programs: 

• Increase revenue
• Drive repeat purchases

Example: Amazon Prime

On the more complex end of the loyalty program spectrum is Amazon Prime, which costs an annual fee to join but unlocks numerous benefits — from free two-day shipping to an entire video and music streaming service.

Personalization

Shoppers want to feel as though the shopping experience is tailored to their needs. 

One popular, relatively simple way to add personalization to your shopping experience is to use customer purchase data to recommend complementary or similar products. 

Data shows that customers who click on product recommendations are 5.5% more likely to convert , so this relatively simple element of personalization could really pay off.

Main benefits of personalization:

• Improve conversion rates

If you are in ecommerce, you should be working toward some level of personalization, if you have not already. As merchants become more sophisticated at gaining and leveraging their first-party customer data, personalization is more likely to become table stakes. 

Example: Sephora

Sephora is one of the gold standards in ecommerce personalization. As Sailthru points out, “The Sephora app, email marketing program and website deliver their own expertly personalized experiences. They’re also integrated with each other (and the in-store experience), creating a fully consistent experience, the main driver of customer satisfaction .”

To grasp the importance of customer reviews (among other things), one only has to recall the string of stories in 2016 about Amazon shoppers who mistakenly purchased furniture sized for dollhouses instead of full-sized pieces.

92% of customers factor reviews and testimonials into their purchasing decision.

Surfacing customer reviews on your ecommerce site can help a customer feel more confident about making purchases. 

Main benefits of customer reviews:

• Increase conversion rates

Customer reviews are essential for almost any business, but pay particular attention if you’re still building brand trust, or if you’re selling beauty products, apparel, or other goods that may look, feel, or fit differently than expected.

Example: NewAir

It’s already frustrating to receive an incorrect product or a product that fails to meet expectations. Many of the same kinds of issues that necessitate customer reviews make frictionless returns important. Apparel might not fit as expected, colors may look different in real life, etc. And that frustration will compound if the returns process isn’t customer-friendly. 

A frictionless returns process can increase customer loyalty, as 76% of first-time consumers who had a simple returns experience say they’d shop with that merchant again. 

Main benefits of frictionless returns: 

• Increase customer satisfaction

Returns become particularly important in things like apparel and furniture, when the way things fit really can’t be fully ascertained until the customer sees it in real life. And for mattresses, which we’ll see below — without the ability to return them without hassle, they would have a more difficult time getting people to buy sight unseen.

Example: WinkBed

Today’s uncertain economic environment, as well as a large group of younger buyers eschewing credit cards, means that cash is king. That’s one reason that offering your shoppers the option to finance at the point of sale — online and in-store — with a buy now, pay later solution can lead to more purchases. 

In 2020 and 2021 the user base for BNPL services increased by 85% — and that was in just 15 months.

There is a clear consumer demand for this service.

Main benefits of buy now, pay later: 

Allowing people to pay over time gives them flexibility to keep cash on hand and better manage their credit. Try deferred payments if you sell big-ticket items like furniture or luxury goods.

Example: Modloft

Modloft works with Affirm to give more customers access without the high interest rates that come with credit cards.

Shipping protection

More ecommerce deliveries in 2020 led to a rise in package theft: 43% of respondents reported a package theft , up from 36% in 2019. And that’s just one thing that can go wrong with deliveries — particularly with today’s uncertain supply chain. Shipping protection is a value-added service that can help make sure your customers receive their products. 

• Customer satisfaction 

Try shipping protection for particularly valuable products or things with high theft rates — and for items that are collectible or one-of-a-kind, shipping protection is table stakes.

A modern product protection plan can turn a frustrating experience into a positive one. According to Assurant, merchants who offer product protection see purchase intent increase by an average of 25%. But historically, the claims process has been particularly arduous for the customer, leaving them disappointed with their experience. 

Based on internal Extend data, customers who buy protection plans have a 4.5% repeat purchase rate and account for, on average, a 2% increase in incremental revenue.

But one of the biggest benefits is the one only product protection provides — it keeps customers using your products. 

Main benefits of product protection:

• Keep customers using your products

Full-stack product protection is a great service for both retailers and manufacturers who want to give their customers peace of mind, drive pure profit, and create long term advocates by keeping customers in their ecosystem. 

Example: Felix Gray

Bobby Shomrony, VP of Sales Ops and Strategy for Felix Gray , knows how important it is to respond to customer expectations. That's why, as he began to notice that customers weren’t just asking if their products were covered by a manufacturer’s warranty, but if Felix Gray offered extended product protection, he knew it was time to act.

“After we launched on Shopify, our first add-on app and partnership was with Extend — that’s how much we prioritized the initiative and believed in the potential of adding product protection for our customers and the benefits that come along with it,” Bobby said.

How to get started with value-added services

In every brand’s never-ending quest to increase revenue and drive customer loyalty, they’re bound to experiment with different services and technologies that aim to bring in more customers. But the problem is that many customer acquisition strategies overlook one crucial phase of the customer journey: servicing. 

Without special attention on keeping existing customers happy, merchants run the risk of losing them all together. Think about it:

• How many customers never buy from you again because they don’t know you offer a new product that meets their needs?
• How many customers had an issue with your product, but they never let you know?
• How many switch to your competitor, and you spend countless dollars on retargeting ads?

This is where value-added services come into play. 

Value-added services keep customers in your ecosystem and using your products. These are things like free shipping, personalized product recommendations, and product protection. 

There are many services you can implement to help drive ecommerce growth, and as such, it can be hard to know where to start. 

Find the right value-added services for your business and customers

There are dozens of value-added services available to help your business reach its goals and improve the customer experience , and it might be hard to know where to start. 

To begin your selection process, you must first answer three questions:

• What business goals am I trying to drive?

How will my margin be impacted?

What do i hear from my customers, what business goals am i trying to drive .

Whenever you seek a new solution to enhance your customer experience, it’s important to always ground your process in what you’re trying to achieve. 

Factor in time to look at your company’s performance and identify areas for improvement. For example, are you driving a lot of traffic to your website, but customers aren’t buying? You may want to focus on a value-added service that improves conversion rates.

But don’t stop at purchase — an effective strategy for adding value and improving the customer experience considers the entire post-purchase lifecycle: 

• How many purchases come from existing customers? (repeat purchase)
• Are your CSAT scores hurting your brand? (customer satisfaction)
• Are known product issues limiting organic brand advocacy? (product use)

Each value-added service drives different business goals — so assess what you need first.

The next factor to consider is how your profitability might be impacted by the value-added services you elect to add.

Each value-added service has different implications: some charge for access to their platform like Yotpo or Active Campaign. On the flip side, most will help you drive revenue, but some might also help eliminate costs — like Loop and Extend. 

Analyze your cash flow and see which value-added service(s) would be best suited for you based on your business goals and objectives.

The final — and perhaps most important — factor you must consider is how your customers will be impacted. You’re probably already listening to your customers to understand what they need. Offering value-added services can be a terrific way to demonstrate that you’re paying attention to what they’re saying in support calls, customer reviews, recommendations on social media, etc. 

In particular, pay attention to what might create a negative experience for your customers.

To help identify the most urgent needs from your customers’ point of view, you could collect feedback from social media, review sites, customer support tickets, etc., and create a word cloud to better visualize the most urgent needs. 

Sequencing value-added services for higher revenue and customer satisfaction

Once you’ve assessed your business goals, needs, and customer feedback, it’s important to also consider the macro dynamics in the market and how customer expectations are changing.

Consider product shipping. Free shipping was previously seen as a huge incentive to drive customer purchases. But now it’s an expectation, with 66% of consumers expecting free shipping on every purchase they make online. 

As customer expectations continue to evolve, merchants must keep up by offering value-based services that improve the customer experience and improve loyalty. 

1. Frictionless returns and deferred payments

The first two value-added services your ecommerce store needs are frictionless returns and deferred payments or buy now, pay later (BNPL).

An easy returns process for products that don’t meet customer expectations or get damaged during shipping is a powerful post-purchase opportunity for building customer loyalty. In fact, Narvar found that 96% of customers who are happy with a brand’s return process would buy from them again. 

Similarly, 50% of surveyed consumers say it’s important to have flexibility in being able to spread out their payments with BNPL.

If you don’t yet have these two foundational value-added services, you may be running the risk of customers looking for an alternative merchant that does.

2. Product protection

A working product is the best way to box out competition. If there’s no need for a customer to look for a new product, then there’s no opportunity for a competitor to snag them away from you.

So when a customer accidentally damages your product, how do you keep them in your ecosystem and motivate another purchase?

Modern product protection builds brand advocacy, leading to repeat purchases and referrals. Our internal data shows that customers who purchase Extend’s plans from a merchant partner repeat at a rate 4.5% higher than customers who haven't purchased a plan from that merchant.

Additionally, product protection is a pure profit play. The incremental revenue you earn with it can be invested in other value-added services. 

3. Shipping protection

Customers sometimes go to a lot of effort to find their perfect product online. Once they make their purchase, you must do as much as possible to make sure they get their items. This is where shipping protection comes in as a clutch value-added service.

About 10% of packages are damaged during shipping, putting a customer’s valuable items at risk. Similar to product protection, offer shipping protection to give customers peace of mind. They know that if a package is lost, damaged, or stolen during transit, they’re covered. 

4. Loyalty programs

After you’ve set up the first few essential value-added services that drive conversions and initiate repeat purchases, it’s time to incentivize customer loyalty through a loyalty program.

Loyalty programs allow you to create a system that tracks customers preferences, likes, dislikes, and needs. And they’re highly valuable: 80% of surveyed respondents say loyalty programs motivate them to stay with a brand. Moreover, 73% of respondents are willing to recommend brands with good loyalty programs.

5. Personalized recommendations

People want a personalized, hassle-free experience when they shop. They want smart recommendations rooted in behavioral data, and they’re willing to give up a bit of their privacy for a more personalized shopping experience. McKinsey reports that 76% of consumers get frustrated when a brand doesn’t deliver a personalized customer experience.

In a world with infinite options, you must help customers cut through the chaos, meet them where they are, and show them you know and understand them by adding personalization.

6. Live chat

Adding live chat to your website can help with personalization. Plus, it gives customers an easy way to reach out to your brand when they have questions or feedback. 

With that said, the reason live chat shouldn’t be higher in this list of value-added services is because you’ll need bandwidth and resources to man your chat. For more information on implementing live chat and recommended providers, check out this article from Zendesk.

7. Customer reviews

Word of mouth marketing via customer reviews is one of the most important value-adds you can incorporate into your improved customer experience. However, doing customer reviews the right way requires some effort , including deciding where to place them on your site and how to handle negative reviews.

You’ll also want to make sure you enable customer photos, verified purchases, filtering options, etc. 

8. Special offers

Special offers can be powerful drivers for customer acquisition. Think about BOGO (buy one get one) — it’s a simple approach that can lead to an increase in conversions. The truth is that special offers are similar to loyalty programs and personalized recommendations, and as such, they’re becoming more commonplace and expected. 

However, you can take special offers to a unique, hyperlocal level by creating dynamic campaigns that are targeted to particular geographies or demographics. Fast food chains like Burger King and McDonald’s are great examples of this: they run geographic campaigns on a regular basis to help drive local sales.

Implementing Product Protection from Extend

If we can learn anything from ecommerce evolution — especially over the last few years — it’s that value-added services are becoming table stakes experiences. Customers will continue to make their purchasing decisions based on the maximum amount of value they can get from your brand. And as a result, more and more value-added services will emerge on the market.

To make sure you’re offering the highest amount of value with each customer interaction, compare your own approach to value-added services with the suggested sequence listed here.

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What Explains High Shipping Costs? Root Causes and the Impact on Ecommerce

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How to Drive Value-Added Services in Your Go-to-Market Plan

Three Commercial GTM Success Factors to Yield ROI and Growth

FinTech has experienced rapid growth and innovation to enable businesses to have greater control and flexibility across all revenue, expense and financial management use cases. Over the past few years, almost every financial institution and emerging company added new offerings to complement or extend core services like payment processing, AP/AR automation or digital banking. Given the vast number of providers today, this has created intense competition amongst FinTech companies to attract and retain customers. In addition, firms are fighting to protect against product commoditization and margin erosion.

To differentiate from the hundreds of other FinTech companies, it’s crucial to successfully drive value-added services in your go-to-market (GTM) plan.

A value-added service is an adjacent and complementary service to the core offering. Ideally, the service enhances the benefit of the core offering and provides the customer with additional value (e.g., e-commerce, loyalty programs, gift cards, affiliate marketing, risk services or cross-border payments).

When companies are acquiring or building new value-added services, there are three commercial GTM success factors to ensure the company yields ROI and growth from the investment.

• Revenue Motions
• Solution Selling

1. Define the Expansion Use Cases and Sales Plays

When going to market with value-added services, it’s important to identify and focus on the few key expansion motions that are the best fit for the organization’s growth plan and market opportunity.

• Size the whitespace and opportunity to quantify the total addressable market
• Document use cases and compelling value propositions
• Outline the buyer journey to understand customer’s pain points and business value
• Determine coverage and jobs to capitalize on opportunity
• Build an expansion pipeline, along with an account nurturing process, to pursue opportunities
• Enact enablement programs to enable sellers to sell and position value-added services

2. Coverage and Jobs

If selling the value-added service requires knowledge beyond the capacity of the core rep, the pursuit team typically requires both the core rep and the specialist rep. In this case, the core rep acts as the “quarterback” and leverages the specialist rep to provide additional product support.

If the degree of relationship between the core offering and value-added service is medium-to-low and the buyers are different, the pursuit team could be either the core rep or the specialist rep. Internally, companies need to determine the strategic importance, investment feasibility and hiring capacity of the value-added services to determine the right role coverage.

Selling a new value-added service doesn’t necessarily mean that a specialist rep is required. If the core rep has the capacity and knowledge to sell the new value-added service, there’s a strong synergy between both offerings and the buyers are the same, then the core rep can absorb the value-added services to their bag.

Next Step : Once coverage and job roles have been determined, it’s critical to:

• Define the engagement model between the core rep and the specialist rep
• Build a playbook on the rules of engagement across pre- and post-sales motions
• Prepare a capacity model to right-size headcount
• Construct the right sales compensation plans

3. Sales Compensation

The third success factor to consider is sales compensation . There are several ways to use compensation as a mechanism to drive focus on value-added services for core reps. The answers to a couple of key questions can help steer you to the right compensation lever:

• Is there organizational alignment on the priority of selling and positioning value-added services?
• Where is the value-added service in the product lifecycle management process?
• Is it mandatory for core reps to sell value-added services or optional?
• Should it be a carrot, stick or both when core reps sell value-added services?
• Can the organization set an accurate quota for value-added services?
• How much is the organization willing to invest in compensation towards value-added services?

If it’s mandatory for reps to sell value-added services, companies may want to consider a separate value-added service measure to drive the discrete focus. This, however, requires the ability to set an accurate quota.

If companies want to provide more upside for selling value-added services, consider using a value-added services credit value adjustment, a rate value adjustment or an add-on bonus. Keep in mind how much the organization is able to fund for this additional earnings opportunity. More funding could lend towards an add-on bonus, less funding would be a credit value adjustment because some uplift could be baked into the quota.

If companies want to provide a penalty for not selling value-added services, consider using a value-added services hurdle. The hurdle works by not providing higher accelerators if the value-added services quota is not achieved.

Remember to keep the plan simple and straightforward to not lose sight of the core plan.

• Recognize if there is any internal misalignment around the priority of the value-added service vs. core offerings, and if so, the first step is to bring together the different points of view to develop an actionable consensus
• Confirm the sales compensation budget and goal expectations
• Design a plan that aligns with sales strategy for value-added services

In Closing and Next Steps:

Companies who successfully drive value-added services in their go-to-market plan will be more valuable to clients and positioned for stronger profitable growth with better competitive differentiation. Firms should review options within the three levers to drive value-added services: Sales Plays, Coverage & Jobs and Sales Compensation.

To hear more about how the market is deploying GTM levers to drive value-added services and the latest trends, contact Alexander Group’s FinTech practice for a complimentary briefing.

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Related Insights

Financial Services: Go-to-Market and Incentive Compensation Considerations for Lenders

Financial Services: Improving Your Banking, FinTech and Insurance Needs

Executive Interview – Dawnet Beverley, DFIN

About Value-added-services  |  Insights  |  Objectives

Value-added-services for new-age businesses

For new-age businesses on a hyper-growth journey, achieving success with a sustainable and validated growth pace is critical. Our experienced leaders support businesses in implementing agile strategies, growth initiatives, operational excellence, robust monitoring and reporting mechanisms, strong compliance and governance structures.

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EY purchase price allocation study: recognizing intangible assets to add value

Our Strategy and Transactions leaders provide hands-on support to new-age businesses in executing their strategic initiatives and objectives by implementing their vision, through business-specific customized solutions thus optimizing and strengthening internal capabilities.

What can EY’s value-added-services for new-age businesses do for you

With high valuations, record levels of cash burns and fierce competition, new-age businesses increasingly must be able to identify and deliver operational improvements to achieve sustainable high-octane growth.

We prioritize our focus on special situations we know best: complex carve-outs, functional transformations, operational excellence, process improvements and driving initiatives by setting up the strategy office within the company. Whatever be the scenario, we connect our encompassed learnings and expertise from Strategy and Transactions when delivering value-added services.

We help new-age businesses implement a data-backed decision-making culture to accelerate the analysis on growth and deviations, if any, and support in implementing the right strategy by focusing on operational performance improvements. Our experienced team works on the ground to deliver the desired results, for successful implementation of entrepreneurial visions.

We offer deep insights to help you get answers to:

We offer the support you need to achieve your objectives

• Partners in your strategic vision
• Transitioning through hyper-growth
• Strengthening internal capabilities
• Road toward profitability and sustainability
• Transformative business management solutions

We help nurture, bring to light, establish, and implement your ambitious and aspirational visions. This includes:

• Strategic options assessment: reviewing the current business plan to assess feasibility and conduct scenario analysis
• 100-day planning – preparing a  blueprint plan for implementing the strategies and visions
• Delivery support – providing seasoned leadership, pragmatic PMO and deep functional experience to deliver the special initiative across business functions
• Simplifying the business to focus on “what matters most” and "what actually drives economic value"

We have built transformational strategic capabilities in assisting businesses to continue and reignite the high-octane growth. Our services reflect: 

• Traditional growth accelerators (e.g., strengthening current growth strategy, pricing management, portfolio optimization, additional revenue streams)
• Digital transformation strategies (e.g., digital business models, technology enablement
• Expansion initiatives (e.g., penetration strategies into new markets and new opportunities)
• Evolutionary enablers for embracing and enabling change is very critical for sustaining value and achieving readiness for the next leap

We use our cross-domain business expertise to uncover untapped in-house capabilities/solutions to rethink improvements, which will have the potential to be the next growth lever, thus driving efficiency across various functions.

• We use our experience to realize greater capabilities by integration of various back and front office functions, aligning business activities post acquisition and setting-up of robust best-in-class governance and reporting practices along with a working framework for prompt actions.
• We support in short and long-term operational interventions:
• Interim support and improvements in management, business functions, quality governance, etc.
• Rapid process setup and optimization, wherever required 
• Procurement and quick cost takeoutcontinuous data driven action planning

We use our knowledge, deep understanding and extensive experience of business functions and processes to identify key performance indicators, growth drivers, trends and patterns to improve and deliver operational efficiencies, cost reduction methods, by diving deep into unit economics granularity.

• We support in providing interventions to remove bottlenecks across functions and help institute a mechanism and culture of impact tracking and performance dialogues for the businesses to continue with seamless operations.
• We use our expertise in working capital monitoring and cash management to bring in capital efficiency by optimizing operations at various stages and ensuring rightful resource allocations to maintain healthy ROCE.
• We further help in validating the operating model to ensure sustainability and high performance by bridging the product-market fit gap and driving the customer-centricity approach.

We support businesses to institutionalize a data-backed decision-making culture, instead of taking intuitive decisions, through dashboards and analysis. We provide enhanced transparency and ability to forecast and optimize liquidity requirements by supporting in freeing-up cash from the balance sheet. We also offer a full range of services to help businesses manage cash in special situations, especially when liquidity is tight, bringing visibility towards cash profitability and support in next fund raise. 

• Our primary transformative services based on data-backed decision-making solutions include: 
• Monitoring and reporting through analytics 
• Working capital optimization
• Cash forecasting/management to ensure enough runway to fuel the growth plans
• Variance analysis

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What Is a Value Proposition?

Understanding value propositions, special considerations, frequently asked questions.

• Value Proposition FAQs
• Business Essentials

Value Proposition: How to Write It With Examples

A value proposition in marketing is a concise statement of the benefits that a company is delivering to customers who buy its products or services. It serves as a declaration of intent, both inside the company and in the marketplace.

The term value proposition is believed to have first appeared in a McKinsey & Co. industry research paper in 1988, which defined it as "a clear, simple statement of the benefits, both tangible and intangible, that the company will provide, along with the approximate price it will charge each customer segment for those benefits."

Key Takeaways

• A company's value proposition tells a customer the number one reason why a product or service is best suited for that particular customer.
• A value proposition should be communicated to customers directly, either via the company's website or other marketing or advertising materials.
• Value propositions can follow different formats, as long as they are "on brand," unique, and specific to the company in question.
• A successful value proposition should be persuasive and help turn a prospect into a paying customer.

Investopedia / NoNo Flores

A value proposition stands as a promise by a company to a customer or market segment . The proposition is an easy-to-understand reason why a customer should buy a product or service from that particular business. A value proposition should clearly explain how a product fills a need, communicate the specifics of its added benefit, and state the reason why it's better than similar products on the market. The ideal value proposition is to-the-point and appeals to a customer's strongest decision-making drivers.

Companies use this statement to target customers who will benefit most from using the company's products, and this helps maintain a company's economic moat . An economic moat is a competitive advantage. The moat analogy—coined by super-investor  Warren Buffett of Berkshire Hathaway—states that the wider the moat, the bigger and more resilient the firm is to competition.

A great value proposition demonstrates what a brand has to offer a customer that no other competitor has and how a service or product fulfills a need that no other company is able to fill.

Components of a Value Proposition

A company's value proposition communicates the number one reason why a product or service is best suited for a customer segment. Therefore, it should always be displayed prominently on a company's website and in other consumer touch points. It also must be intuitive, so that a customer can read or hear the value proposition and understand the delivered value without needing further explanation.

Value propositions that stand out tend to make use of a particular structure. A successful value proposition typically has a strong, clear headline that communicates the delivered benefit to the consumer. The headline should be a single memorable sentence, phrase, or even a tagline. It frequently incorporates catchy slogans that become part of successful advertising campaigns .

Often a subheadline will be provided underneath the main headline, expanding on the explanation of the delivered value and giving a specific example of why the product or service is superior to others the consumer has in mind. The subheading can be a short paragraph and is typically between two and three sentences long. The subheading is a way to highlight the key features or benefits of the products and often benefits from the inclusion of bullet points or another means of highlighting standout details.

This kind of structure allows consumers to scan the value proposition quickly and pick up on product features. Added visuals increase the ease of communication between business and consumer. In order to craft a strong value proposition, companies will often conduct market research to determine which messages resonate the best with their customers.

Value propositions can follow different formats as long as they are unique to the company and to the consumers the company services. All effective value propositions are easy to understand and demonstrate specific results for a customer using a product or service. They differentiate a product or service from any competition, avoid overused marketing buzzwords , and communicate value within a short amount of time.

For a value proposition to effectively turn a prospect into a paying customer, it should clearly identify who the customers are, what their main problems are, and how the company's product or service is the ideal solution to help them solve their problem.

What Is the Purpose of a Value Proposition?

A value proposition is meant to convince stakeholders, investors, or customers that a company or its products or services are worthwhile. If the value proposition is weak or unconvincing it may be difficult to attract investment and consumer demand.

What Is an Employee Value Proposition?

An employee value proposition (EVP) applies to the job market. Here, a company that is hiring will try to frame itself as a good place to work, offering not only monetary compensation but also a range of benefits, perks, and a productive environment. In return, the job candidate will need to convince the hiring company that they have the appropriate skills, experience, demeanor, and ambition to succeed.

What Happens if a Value Proposition Fails?

If a company cannot convince others that it has value or that its products or services or valuable, it will lose profitability and access to capital and may ultimately go out of business.

Lanning, Michael J., and Edward G. Michaels. "A business is a value delivery system."  McKinsey staff paper  No. 41. July, 1988.

CNBC Warren Buffett Archive. " Morning Session - 1995 Meeting ."

Alexander Osterwalder et al. " Value proposition design: How to create products and services customers want. Vol. 2." John Wiley & Sons, 2015.

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How to Provide More Value to Your Customers And Scale Your Company

B usiness-minded entrepreneurs are focused on one path to success: establishing a business and achieving sustainable growth . While the direction is clear and the mission is straightforward, the path is full of challenges and missteps — but more importantly, there are opportunities.

More often than not, the path to sustainable growth requires creativity. For example, a fitness studio that sells class passes and memberships will eventually hit a revenue plateau. This happens when growth stabilizes and income from the core service hits a predictable cadence. While there are still opportunities to sell more classes and memberships, the reality is that other revenue streams — specifically, value-add products and services – are what will truly help scale the business.

What are value-added products and services?

Value-add products and services enhance the customer experience , address pain points and demonstrate the company's commitment to providing exceptional value. These "perks" offer customer benefits that go beyond the business's core products or services.

Offering value-added products and services to your existing customer base can create more loyal customers, which in turn can lead to increased revenue, improved customer retention, and a reinforced brand reputation .

Related: 3 Easy Ways of Getting Value Addition Right During Entrepreneurship

Here are three value-add products and services that can help your business scale:

1. digital cards.

Digital cards are virtual business cards stored in a digital wallet. They can be shared electronically via QR code scans, email, social media or messaging apps.

Digital cards provide a convenient, digitized way to share your company's contact information, keep customers updated in real-time, and offer exclusive deals, offers, or other perks. In essence, they help increase a brand's visibility by always being a few taps away. The cars can also improve customer engagement and enhance the customer experience by providing special discounts or notifications exclusive to those who have the digital card.

Some platforms can help you create and manage a digital card, and most are affordable and turnkey. The predicted ROI of the investment is tied to awareness and engagement, which, when activated with an accompanying strategy, will boost sales and revenue.

To launch a digital card initiative, research digital care platforms and identify the providers that offer solutions aligned with your business goals, needs, and budget.

2. Extended warranties and service plans

While not always looked at as value-add, extended warranties and service plans provide coverage beyond a standard manufacturer's warranty. These warranties and plans offer peace of mind to customers and can increase their confidence in your products or services.

The additional perks and sense of security can increase customer satisfaction. If your company has the capacity and can help resolve customer issues quickly and effectively, these benefits can reduce customer churn, increase customer lifetime value, and enhance the company's reputation and dedication to quality and satisfaction.

The investment associated with extended warranties and service plans will vary depending on the product or service and the length of coverage. To determine the viability of this option, create a cost-benefit analysis, which will help determine if this value-added option will be beneficial and worth the investment.

If you plan to add extended warranties or service plans to your business, evaluate the demand to ensure your customers will appreciate them. Then, find a reputable partner who can help ensure the new offerings are legally sound, competitive, and will meet your customers' needs.

Related: If You Want Your Clients to Truly Value You, You Need to Be Their Trusted Advisor. Here's How.

3. Loyalty programs

Loyalty programs are most often focused on rewarding customers for their continued patronage. The programs encourage repeat business and foster brand loyalty by recognizing and rewarding customers based on their behaviors (and the rewarded behaviors can go beyond just the purchase history).

Whether the loyalty program is perks-based or offers rewards points associated with discounts and coupons, loyalty programs ultimately incentivize customers to keep coming back. They enhance and trigger engagement and offer opportunities for feedback. In addition, loyalty programs launched with the right intentions and an effective structure can provide valuable first-party customer data that will help you understand your customers' preferences and lead to a higher degree of personalization and targeted offerings.

To implement a loyalty program, identify the "loyal" audience (demographics, behaviors, etc.) and program goals, and map out the program structure. Then, do some research and contact loyalty program providers that offer a platform and tech stack that complements your existing infrastructure.

Leverage value-add products and services to scale

To scale a business, you don't have to reinvent the wheel. You can add value and create additional revenue streams by staying true to your business and developing complementary products or services that align with what you offer and what customers want. Adding these digital offerings can make it simpler to scale by boosting profitability and accelerating business growth.

What is added value in business?

Table of Contents

Why do you need to add value?

How can a business add value, extra features, customer service, convenience, unique selling point (usp), where can i learn more about this stuff.

Customers who buy something from you want to receive something in return, whether that’s a service or tool that allows them to achieve a certain goal. That’s a given.

But as a business, you can also add value to your products by offering additional benefits to your customers beyond the product or service itself . 

This is called ‘added value’, and can help your business attract more customers . 

If you’re a new business owner, you might be unsure where (or how) to add value. Read on to find out:

Added value is exactly what the name suggests: value you add to your product or service. 

For example, if you’re a personal trainer and offer clients free access to your nutrition guide, that’s added value. 

Or another example would be if your carpentry business offers trim services (installing mouldings) as part of your handiwork. 

There are multiple ways of making your product or service more desirable to customers . We’ll get into the most common ones later.

Long story short, the more value you add to a product, the more you can increase your business’ value to customers . 

By adding value, you can:

• Increase your prices
• Improve your sales
• Stand out from the crowd
• Stop businesses from undercutting you

Increasing the worth of a product or service can also boost the demand for it. The more desirable something is, the more people want it . This, in turn, can expand your audience or let you charge a higher price for your product or service.

Although, be aware that f you ‌raise your prices, your existing customers have to think this is a reasonable change. Suddenly doubling the price can seem greedy and put off your current audience. 

That said, the better you become at adding value to your product or service, the more profitable you’ll become. Do it right, and this can lead to significant business growth . 

Tip! To learn more about raising prices correctly, see our guide about how to notify customers of a price increase .

Depending on the business and product, there are multiple different ways you can add value to a product . 

The most well-known way to increase the value of something is by changing it into something else . A food truck turns raw ingredients into a delicious meal. A carpenter turns wood into rooms, furniture or carvings. 

If your business is customer-facing, you’re unlikely to add value through production.

For luxury brands, like Chanel, the designer name adds value (and the sale price increases accordingly). 

Functionally, a Chanel handbag is not very different from an unbranded handbag. Instead, it’s the prestigious Chanel name that increases an item’s perceived value. 

The name doesn’t always have to be a luxurious one. If a brand name is associated with quality, that too can add value to particular products. Nike or Apple ring a bell?

Sometimes, a company adds value to a product by changing it before it’s sold to the public . Most businesses involved in technology focus on what they can add to tempt more customers. 

Take mobile phones, for instance. Every time Apple or Samsung releases a new device, they boast about their latest features. 

Whether it’s a better camera or a more impressive display, the new features are how these companies try and persuade you to buy their phone. 

Value added isn’t always a money-related figure; sometimes, it can be an emotional one . If your business can provide a great customer experience , this can add significant value. 

This is more common when dealing with services instead of products. 

If you offer excellent customer service, people will likely choose you over a competitor that doesn’t . 

In a world where everything is instant (entertainment, information, products), convenience is probably the most significant way of adding value . 

For example, Amazon’s business structure largely revolves around providing convenience for their customers. Amazon Prime takes this one step further, where customers pay a subscription for perks like Same or Next Day delivery. 

If a customer can order the same product from two businesses, they’re more likely to choose the one with better delivery times.  

Convenience doesn’t just mean delivery times. Making your products easy to use also counts . 

Take ready meals, for example. They’re incredibly popular because they save people from needing the time and skills to cook an enjoyable meal.

Sometimes, a business does something completely different to its competitors to add value. 

For example, furniture giant IKEA’s well-known USP is good-quality products for lower prices since customers assemble them themselves. 

Find out what your business can offer that nobody else can, and make sure you communicate that to your customers to add value to your brand .

To know how to increase a product’s value effectively, you need to understand the audience properly . Building a focus group can be massively beneficial here but challenging to set up. 

Read our guide about how to conduct a successful focus group to dig up details about your target audience that you can use to add value. 

Of course, adding value usually requires some funding . If you don’t have enough personal funds to invest, why not apply for funding?

Have a look at our guide about writing a business plan for a funding application to help you get financial backing when you need it.

Managing your business’ finances is a lot easier when you can see exactly where your money is going. If your current account isn’t quite cutting it, try the Countingup app.

This two-in-one business current account and accounting software makes monitoring your money a cinch! It’s got loads of useful features, like automatic expense categorisation and receipt scanning. 

Now you can spend more time focused on adding value to your business. Download the Countingup app for free .

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Driving Organizational Excellence with Business Value Added Initiatives

Updated: July 14, 2023 by Michael Watts

During an audit, the quality engineer asked the production worker question after question related to their job.

“My goodness,” the operator sighed. “When will these endless questions be over so I can get back to doing real work?”

“Not much longer. We just need to be sure the process is being followed as intended.”

“I haven’t had an error in six months. This is a waste of time.”

Understanding the frustration in the operator’s voice, the engineer calmly expounded, “I realize this seems like wasted time not being used to build, but I assure you there is a clear purpose. These audits are here to help us avoid large, costly mistakes over time. These audits may not be value-added in nature, but they are business value added.”

An overview: What is business value added?

Business value added (BVA) refers to any part of a process that’s necessary to stay in business but is not directly contributing to the product or service, or directly valued by the customer. At first glance, these steps may come across as non-value added , as these steps are not performing a form, fit, or function change on a product or service. Upon closer inspection, it is determined that the deletion of these steps would lead to bad results.

For example, safety requirements can be viewed as business value added. The time spent putting on safety equipment does not actively add value to the goods or services and is not something recognized by the customer when they receive their goods and services. Instead, the preventative actions help minimize time lost due to injury, and injury that may or may not ever happen. There are cases when only looking at the financials involved, it may be cheaper to forgo safety equipment and let the occasional worker get hurt. Of course, the issue here is not financial but moral. It is both a moral and legal obligation to provide employees with a safe working environment.

A second example involves legal requirements. Governments require businesses to provide information such as patent and copyright information, employment relationships, sales transactions, real estate, and more. The costs of providing this information cannot be described as value-added, yet to ignore these actions is to risk fines or being barred from doing business within the country.

3 major benefits of attending to business value added

Safety-related BVA activities make for a workplace in which people want to work. No one wants to work in an environment where their short- or long-term health is at risk. These safety-related BVA actions also help keep organizations such as OSHA from handing out fees or shutting down the company for egregious safety violations.

There are government requirements for every business. By making sure your specific country’s legal requirements are met, and that the right information is provided to the government, you minimize risk of government interference with your operations. Be careful not to overperform your legal requirements, as the extra work now counts as non-value added. And pay your taxes, as it is a rare government that overlooks tax evasion.

Preventative

Preventative actions , such as quality checks and audits, are business value added. These steps cost money without changing form, fit, or function. Human beings are imperfect machines, so steps that help prevent or help identify human error early in the process will, over time, cost less than performing rework for errors found late in the process, or errors that reach the customer.

3 business value added best practices

• Regarding safety equipment, be sure to minimize the set-up time by placing the equipment as close to the work as makes sense for the situation. Sometimes the equipment may have issues, and it will save time when needed to change the equipment.
• Have a solid understanding of the laws in the countries in which you are doing business. International companies may find that one rule in your home country is completely different in a country you’re expanding into.
• Be sure, when justifying BVA actions, to demonstrate how, over time, they will save the company money. If preventative, show examples where the company lost major amounts of money or business because the steps weren’t in place. With safety and legal situations, there are many excellent examples on the web of companies failing to meet legal requirements and the corresponding penalties.

Frequently Asked Questions (FAQ) about business value added

These preventative measures seem like a waste of time. how do i know if they’re truly bva.

As BVA is not value-added, it’s important to review your BVA process steps over time. Always fight for preventative measures, but be confident that these actions are still serving their purpose. As processes and conditions change over time, you may find that your preventative actions are no longer relevant. BVA steps may turn into a true non-value-added step as the situation changes over time.

Are BVA activities unavoidable evils I should ignore?

Business value added activities should never be ignored. Review the processes involved, and try to minimize the work performed as much as possible. Just because you cannot eliminate the work doesn’t mean you can’t streamline the activity or make it more efficient.

I cannot clearly quantify the benefits of the actions, so my company wants to ignore them. What can I do?

There are times when management will try to ignore performing business value added activities. It is key to make sure that management possesses the correct risk analysis information before they decide to take that path. There are situations where a management team will take a risk due to other business factors, and taking that risk may be the right answer.

From a moral standpoint, though, if that risk involves the blatant disregard of human life and safety, it’s not acceptable. It will be up to you and others to determine the right course of action. In the worst situations, a whistleblower may be required, though this should be the last course of action as you are placing your career at risk.

BVA needed even though not value-added

Business value added activities, while not value-added , are critical if a company expects to stay in business. Preventative actions need to save more money than they cost, legal realities will always be intertwined with business activities, and every single employee deserves a safe work environment.

3. Preventative

About the author.

Michael Watts

• Customer satisfaction

15 Inspiring Value Added Service Examples For All Businesses

This article provides 15 inspiring value added service examples for all businesses

Table of Contents

Whenever we ask someone what they love most about their job, the answer is almost always the same: the people. The customers, clients, and coworkers make going to work each day worthwhile.

But what if your job didn’t come with built-in human interaction? What if you worked from home or in a cubicle far from the hustle and bustle of a traditional office?

In these cases, finding ways to add value for your customers and clients is even more essential. Value-added services are one way to do this.

We’ll give you some examples of value-added services below, but first, let’s define what they are.

What Is a Value-Added Service?

A value-added service (VAS) is a feature that enhances the customer experience without adding to the cost of the product or service.

In other words, it’s something extra that you provide that makes your customer’s life easier or better.

Value-added services can be physical, like free gift wrapping at a store. Or they can be digital, like an app that helps you track your order status.

They can be big or small, but they all have one thing in common: they provide value without increasing prices.

How Do Value-Added Services Work? 

Isn’t the whole point of a business to make money? How can you provide extra services without raising your prices?

The answer is simple: value-added services are usually provided to the business at little to no cost.

For example, let’s say you own a store that sells coffee beans. You could offer free grinding services as a value-added service. The grinder cost is minimal, and you’re already paying someone to man the register, so there’s no extra labor cost.

The customer, on the other hand, gets a convenience they wouldn’t have had otherwise. They save time by not having to grind the beans themselves, and they may be more likely to return to your store in the future.

It’s a win-win for both parties.

Value addition is not limited to the product or service itself. It can also extend to the way you do business.

For example, let’s say you own a car wash. You could offer a free vacuum with every wash. Or you could have a loyalty program where customers get their 10th wash free.

These are examples of ways you could add value for your customers without increasing the cost of your services.

Why Offer a Value-Added Service?

As a business owner, you’re always looking for ways to attract new customers and keep the ones you have.

Your Care About Your Customers

By offering extra services or features, you’re showing your customers that you care about their experience and their needs. This can go a long way in building customer loyalty.

It Shows That You’re Innovative

Value-added services can also help you stand out from the competition. If you’re the only car wash in town that offers a loyalty program, you’re more likely to get repeat business.

People are always looking for new and innovative ways to do things, so by offering value-added services, you’re showing that your business is keeping up with the times.

It Increases Customer Satisfaction

Offering extra services is also a great way to increase customer satisfaction. If your customers are happy, they will likely come back and recommend your business to others.

Your Revenue Will be Skyrocketing in No Time

There is one more important reason to offer value-added services: it can increase your bottom line.

Remember, you’re not increasing the cost of your product or service, so you’re essentially getting more bang for your buck.

Plus, happy customers are more likely to spend more money with you in the future.

Examples of Value Added Services

Additional features or functions.

Which value-added services you offer will depend on the type of business you have. But there are some general categories that most companies can fit into.

You can offer extra features or functions as a value-added service if you sell physical products.

For examples:

• A clothing store – offers free hemming services.
• A furniture store – offers free delivery and assembly.
• A jewelry store – offers free cleaning and polishing.
• A pet store – offers free dog-walking services.

If you sell digital products, you can also provide extra features or functions.

For example:

• An e-book – offers a free audio version.
• A software program – that provides a free trial period.

Convenience

Having a convenient location is a value-added service in itself. But you can also offer extra services that make it even more suitable for your customers.

For example, you could offer:

• Delivery services
• In-store pickup
• Extended hours
• Online ordering

These services make it easier for your customers to do business with you. And the best part is, they don’t have to spend any extra money.

Personalization

People love feeling like they’re special, so offering personalized service is a great way to add value.

Almost 60% of people want personal promotions and offers when browsing your website.

Some ways you can offer personalized service include:

• Ask customers for their preferences when they sign up for your email list.
• Using customer data to create targeted marketing campaigns.
• Segment your email list so that customers only receive information that’s relevant to them.
• Sending handwritten notes or birthday cards to your best customers.

These are just a few examples of how you can personalize your service to create more value for your customers.

Customization

On a similar note, customization is another excellent way to add value.

When buying a car, we can choose the color, features, and upholstery. And when we order a shirt from a company like Bonobos, we can choose the fit, the style, and the fabric.

Customization allows customers to make a product their own, willing to pay more for it. In fact, 74% of consumers are willing to pay more for a product customized to their needs.

Customer Service Quality

Even some of the world’s biggest companies have prioritized customer service. Amazon, for example, is known for its exceptional customer service.

You can offer quality customer service in a number of ways, such as:

• Offering 24/7 customer support.
• Being available by phone, email, and live chat.
• Responding to customer inquiries quickly.
• Having a knowledgeable and friendly staff.
• Resolving customer complaints promptly to improve customer relationships.

These are just a few examples of how you can go above and beyond for your customers.

Offers Simplicity

Most people want things to be as simple and easy as possible. So if you can offer a service that simplifies their lives, you’re sure to win them over.

Traditionally, businesses have charged for their products and services. But now, some companies are starting to offer their products and services for free.

For example, T-Mobile offers free international roaming with their Simple Choice Plan. And Dropbox offers a free basic plan with 2 GB of storage.

You’re making things simpler for your customers by offering a free service. And they’ll appreciate that.

Unique Packaging and Design

It’s something we don’t usually think about, but a product’s packaging and design can add a lot of value.

In fact, according to a recent survey , packaging design influences 72% of consumer purchasing decisions in the United States.

That does not mean you need to spend much money on packaging. But it does mean that you should put some thought into it. Your product packaging should not be too stylish or too plain.

It should be just right.

And if you can make your packaging recyclable or eco-friendly, that’s even better.

Some things to consider:

• The materials you use
• The design of the packaging
• How eco-friendly the packaging is

Training and Education

How credible you are in your domain speaks a lot about your company’s value. Many companies offer free training or education to their customers and clients to add indirect economic value.

This could be in the form of:

• Online courses
• How-to guides

Consulting and Advisory

Not everyone knows how to do everything. And that’s where you come in.

If you’re an expert in your field, you can offer consulting or advisory services to your customers. This is a great way to add value because you’re helping them solve a problem that they may not be able to solve on their own.

Plus, they’ll be more likely to come back to you in the future if they need help with something else.

Setup and Installation

If you sell a product that needs to be installed or set up, you can offer this service to your customers. This is a great way to add value because it shows that you’re willing to go the extra mile to help them.

Also, it’s one less thing they have to worry about.

Warranties and Guarantees

Many people are skeptical about buying products online. They’re worried that they won’t be able to return the product if it’s not what they wanted.

So one way to ease their fear is to offer a warranty or guarantee. This way, they know they can return the product if they’re unhappy with it.

And if you offer a money-back guarantee, that’s far more valuable than a warranty.

Saving Time

Time is one of the most precious commodities we have. And people are always looking for ways to save time.

If you can offer a service that saves your customers time, you’re providing a valuable service.

Some ways you can save your customers time include:

• Offering online ordering
• Having a fast and easy checkout process
• Delivering products directly to your potential customers.

Product Diversity

You can offer a greater variety of products as a value-added service if you sell products. People want to have more choices.

For example, a clothing store can offer a wider variety of sizes, styles, and colors. A grocery store can offer more products, including organic and gluten-free options.

Company Image and Reputation

The image and reputation of your company are also essential values you can add.

People want to do business with reputable companies with a good image.

Some ways you can improve your company’s image and reputation include:

• Committing to social responsibility
• Being involved in your community
• Offering high-quality products and services
• Creating a positive customer experience

Emotionally gifts are precious. People love getting them. And if you can offer a gift with purchase, you’re sure to win some loyal customers.

Gifts don’t have to be big or expensive. They can be something as simple as a free keychain with a purchase of $50 or more.

Final Thoughts

These value-added services or value-based marketing examples should give you a good idea of how to create customer loyal and give you a competitive advantage over the competition. Don’t be afraid to get creative with marketing efforts and think outside the box to develop services that will wow your prospective customers. It could be any type of value such as; functional value, social value, monetary value, and psychological value.

Remember, the goal is to make their lives easier and help them get the most out of your products or services with value-based marketing strategies. You can easily add significant value to your business with a little effort.

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What do we mean by value-added services?

How Mauve's value-added services can help your business

At Mauve, we’re passionate about helping you grow your business. Our services are designed to make expansion simple, so however you want to grow, you have the tools to make it happen. That’s why in addition to our regular services , we offer a range of value-added services .

Our value-added services cover all kinds of extra services that are invaluable to companies with global operations. Plus, our flexible pricing model means you can pick and choose the services you need to support you, your clients, and your employees.

So which value-added services do we offer — and why are they so important for growing businesses?

Which value-added services do we offer?

Many of our services are designed for global expansion and relocation . In collaboration with our network of trusted partners, we offer:

• Translation services
• Security services
• In-country hiring
• Currency exchange and finance
• Travel assistance

But we also offer many additional services that support growing employers here at home, too. For example, we can help with health and wellbeing support, drug and screening services, and document management.

When are value-added services needed?

The COVID-19 pandemic sparked a new digital revolution around the world. More businesses now have the tools and resources to go global — so our value-added services are needed more than ever.

Here are 3 ways employers are effectively using our value-added services.

1. Managing remote staff

With the increase of remote and hybrid working arrangements , more businesses have started hiring remote-only staff.

To manage the remote hiring process more easily, many companies choose to supplement our Employer of Record service with value-added services like background checks, salary benchmarking, and support with creating fair global employment policies .

2. Relocating their business

Being stuck at home for 2 years has given lots of people the travel bug. Because of this (as well as the shift towards a global marketplace), digital nomadism is on the rise. Many business owners are relocating to stimulate growth at their company.

We support these businesses with relocation services like finding new schools, helping with pet travel, and assisting with visa law compliance .

3. Reaching global markets remotely

While lots of people are choosing to up sticks, it’s no longer necessary to move if you want to expand into new global markets. With the right support from our translation and cultural awareness services, we can help you enter new global markets without leaving your world behind.

Why people opt for Mauve’s value-added services

This list is by no means exhaustive. Our value-added services are always expanding, so we can support your business growth in whichever way you need.

You won’t have to source separate vendors for each service you need. Instead, we’ll reach out to our global network of accredited partners to find the right team to assist you. You’ll have a member of the Mauve team ready to liaise with you whenever you need it, too.

Want to learn more about the value-added services we offer? Get in touch with our business growth experts to find out which services we offer and start building your bespoke business growth support package.

For further updates, follow Mauve Group on Twitter and LinkedIn .

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Press Release April 9, 2024

Spectrum Mobile Launches Innovative Anytime Upgrade and New Low-Cost Device Protection Plan

New Offerings Deliver More Value with Industry Leading Mobile Device Flexibility and Protection

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STAMFORD, Conn. – Spectrum today announced the launch of two new features, delivering Spectrum Mobile customers more value, control and peace of mind. Anytime Upgrade, which is now included in the Spectrum Mobile 1 Unlimited Plus data plan at no extra cost, allows new and existing customers to upgrade their phones whenever they want, as many times as they want, eliminating the traditional wait times and condition requirements associated with phone upgrades. Delivering even more value, Spectrum's new Mobile Repair and Replacement Plan offers customers device protection at a more affordable rate than competitors 2 .

“With the launch of Anytime Upgrade, we are providing Spectrum Mobile Unlimited Plus customers with straightforward and flexible access to the latest smartphone technology,” said Danny Bowman, Executive Vice President, Product for Charter Communications, which operates the Spectrum brand. “We understand the frustration of being locked into a device or contract. This offer, along with the new Spectrum Mobile Repair and Replacement Plan, allows our customers to have the newest devices with reliable protection, so they can maximize their wireless network experience and save money.”

Spectrum Mobile Anytime Upgrade: Delivering More Value for Less

With Anytime Upgrade, Spectrum is the first mobile provider to include this level of freedom within a rate plan. While some other carriers offer early upgrades, Anytime Upgrade allows Unlimited Plus customers to get the latest device anytime without traditional waiting periods 3 or early upgrade fees, providing unparalleled choice and flexibility. There is no need for customers to wait until they have paid 50% of their device payment plan balance, and customers can upgrade as many times as they want. Unlimited Plus customers, including those who bring their own device, can upgrade to any new available smart phone regardless of their device’s condition, as long as it powers on and is free of liquid damage 4 .

Spectrum Mobile’s Repair and Replacement Plan provides customers with coverage for broken screens, loss and theft for only $5 per month per device. The plan improves upon previous offerings, making device protection accessible to all Spectrum Mobile customers within 30 days of purchase, now including customers in New York state and those who bring their own device.

As the nation’s fastest-growing mobile provider 5 , Spectrum Mobile delivers exceptional value with flexible plans designed to meet various needs and budgets. In addition to enjoying new industry leading benefits like Anytime Upgrade and the Repair and Replacement Plan, Spectrum Mobile provides the fastest wireless speeds by combining WiFi and Mobile 6 . Spectrum Unlimited Plus plans also include 50GB of premium data, cellular video streaming up to 720p 7 and free roaming in Canada and Mexico 8 .

Download Full Comparison Chart

More information about Anytime Upgrade and the Spectrum Mobile Repair and Replacement Plan is available at spectrum.com/mobile .

1 Spectrum Internet required. Auto-pay required. For Unlimited/Unlimited Plus, speeds are reduced after 30/50 GB of usage per line. Restrictions apply. For details, refer to Spectrum.com/policies/mobile-terms.

2 As compared to Verizon, AT&T & T-Mobile as of Feb. 2024

3 Anytime Upgrade only available for customers subscribed to Spectrum Mobile Unlimited Plus for one billing cycle and in good standing. Trade-in devices must be operable; if not operable then trade-in may be subject to an additional redemption fee. Must enroll in new Device Payment Plan and remain on Unlimited Plus for 2 billing cycles.

4 $99 fee applies to “Beyond Economic Repair” devices

5 Based on Q4 2023 subscriber data among top 3 carriers

6 Based on analysis by Spectrum of Ookla® Speedtest Intelligence® data for overall mobile WiFi and Cellular performance for Q4 2023 in Spectrum's cable footprint. Ookla trademarks used under license and reprinted with permission.

7 Video resolution not restricted when connected to WiFi

8 Speeds reduced after 5 GB

About Spectrum

Spectrum is a suite of advanced communications services offered by Charter Communications, Inc. (NASDAQ:CHTR), a leading broadband connectivity company and cable operator serving more than 32 million customers in 41 states. Over an advanced communications network, the company offers a full range of state-of-the-art residential and business services including Spectrum Internet®, TV, Mobile and Voice.    For small and medium-sized companies, Spectrum Business® delivers the same suite of broadband products and services coupled with special features and applications to enhance productivity, while for larger businesses and government entities, Spectrum Enterprise® provides highly customized, fiber-based solutions. Spectrum Reach® delivers tailored advertising and production for the modern media landscape. The Company also distributes award-winning news coverage and sports programming to its customers through Spectrum Networks. More information about Charter can be found at corporate.charter.com .

Media Contact

Bret Picciolo

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