What Are The Basics Of Value-Added Marketing?

What is value? If you said “it is about getting something for free,” you’re only partially correct. Yes, many consumers believe that transactional value is all about money or free stuff, but it’s about so much more than that. It’s about making a meaningful change in the customer’s life – which doesn’t necessarily have to involve money or goods. Today’s economy is value-driven, in that both parties (brands and their customers) should be getting value out of the interaction. This article has a look at three examples of value-added marketing, and six value-added marketing pointers for any business:

Examples Of Value-Added Marketing

LEGO, world-famous toy manufacturers, take value-added marketing to a new level of awesome. The toy brand created an online community where customers are able to submit their ideas for new LEGO figurines, accessories, settings, etc. There is a voting system, and winning ideas are actually made to ship internationally and the creator is given a percentage of sales.

NIKE, internationally-renowned sports apparel manufacturers, have integrated technology and real-world elements to offer customers value. The brand runs a training club where customers can attend fitness classes free of charge, and the free NIKE app has a ton of amazing content for customers – both existing and potential – including guided workouts for when they can’t make it to the gym.

6 Value-Added Marketing Tips

Be an expert in your field. If this involves research and studying on your part, then so be it. Information has long been a valuable resource and offering people free answers to their questions is one way to convey value.

Reward loyalty in any and every way you can. Give returning customers great discounts and specials to say “thank you” for their patronage. This will also serve to incentivise customers yet to do business with you.

Focus on two very important traits of service delivery: speed and quality. Aim high in both, as these are definitely value-adding when done right, but also because modern consumers expect fast, high-quality customer service.

Share your industry knowledge with those who are interested. Offering workshops and similar educational events for your suppliers, staff, and customers alike will assist with building a supportive network around your brand.

Include your customers in the products and service development process. Nothing says “we value you and what you think” more than letting customers shape the brand and its offerings. It makes sense to ask the people that will want your products what they want.

Added extras with a purchase. That’s long been a sure-fire way of conveying value for customers. This is common practice in the video gaming industry, where the game makes will give away free posters, stickers, and add-on content with game purchases.

If you sit down and think really carefully about it, you’re bound to find a bunch of ways your brand can add value in your marketing and your interactions with customers.

Get in touch with the Digital School of Marketing

Learn how to establish and promote value in your business marketing with an accredited Marketing Fundamentals course from DSM! Contact us for additional info about any of our digital marketing qualifications.