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Increase added value may be the ability of the company to provide consumers with something more than a simple product or service. Adding more value increases customer satisfaction, manufacturer recognition and reputation, and will lead to an increased bottom line and greater sales success. For example , air carriers used to remain competitive by offering low fares and so, but as buyers became familiar with the advantages of in-flight entertainment and better program, many companies begun competing with added worth instead of just price.

Rendering more value also helps businesses increase their market and potentially increase prices devoid of alienating existing customers. The reason is customers who feel a company provides a lot more than what they anticipate are willing to pay more for a particular product or service.

There are a number of ways that a small business can set up more value, such as by bettering the quality or perhaps delivering a much more extensive item package. It may also be through increased convenience and excellent customer support or by catering to particular consumer demands and preferences.

Other forms of added worth include cause-related marketing and philanthropic efforts. In the latter, a firm can help build strong sociable bonds by contributing to community agencies and making a difference in society. These types of efforts generally help to raise awareness for your issue or problem, although increasing consumer appreciation for the company and its items. This type of added value can be quite a longer-term approach, but can be quite successful.