Added Value & its Meaning to Your Customers & CompanyPosted By: Helen Wednesday 21st August 2019Tags: added value, business ethics, it support, social responsibility
What Exactly is Added Value?
A Google search for the terminology ‘added value’ throws up an abundance of definitions, many of which are based around a technical formula:
“Difference between completed product/service price & the cost of inputs in making it = Added Value“.
Taking the example of a brand new shiny car that is fully complete and ready for sale, we can safely assume that the sale cost will be more than the total sum of the parts. Therefore, value has been added.
With us so far?
The amount of added value is determined by the actual cost a customer pays. Let’s look at some examples of how a company can add value.
Brand Building: Good marketing efforts that present and build your brand to a wide audience offers the chance to highlight great quality whilst building a positive reputation.
Excellent Customer Service: A personal, quality service is potentially the difference between a higher and lower cost. Think about buying clothes. The experience a customer has in Primark is completely different to when purchasing from Burberry. The cost of course, reflects this.
Features & Benefits: Apple do this all the time in launching their latest iPhone. Perhaps the screen is shatterproof or the handset will charge faster than the last. These additional benefits allow a business to charge more.
Convenience: Often, customers like the fact they can pay a little extra to have their product instantly.
When you add all of these features together and execute them successfully, sales are likely to increase. From a business perspective, the process needs to be profitable. In terms of the customer experience, they feel the product or service purchased is worth the total cost they paid, as most or all of the above factors have been included.
How does LaneSystems add value?
Having been in business for 25 years added value is a concept we have always taken seriously. We adopted the notion from day one and over the years it’s been reflected in the reputation we have built.
CSR is a great example;
Corporate Social Responsibility is such an important feature of any business. It involves the way business is conducted, proactive management of carbon footprint, the treatment of employees and support within the community. A previous blog we have written called Investigating Corporate Responsibility offers a great source of reference on this topic. By investing in our team members, we support their learning whilst helping individuals progress within their career.
Helping local charities, sponsoring children’s football teams and organising fundraisers allows our team to become a solid part of our local community. We do this because we are passionate about where we live and we want to offer a helping hand to those that need it.
The majority of the added value given by LaneSystems is through the relationships we build with our clients. Our aim is to fully understand their needs in the first instance so the service we provide is specific to them. We ensure maximum availability to be able to answer questions, explain processes and generally make things easier for a business. In building a steady business relationship clients instil their trust in us.
Saving Time & Money
The IT Support service we offer allows companies to save on both time and money. By outsourcing to us, a client does not have to think about IT as we do that for them. In terms of the monetary savings, the cost of external services is dramatically different to hiring specifically for the role.
Overall, our added value is denoted through customer relationships, providing the very best advice and saving clients time and money.
How do you add value in your business?