Increase added value is the ability of a company to provide consumers with something more than a basic product or service. Increasing the value enhances customer satisfaction, company recognition and reputation, and may lead to an increased bottom line and greater sales success. For example , airlines used to compete by offering low fares and nothing else, but as consumers became comfortable with the opportunities of in-flight entertainment and better system, many companies launched competing with added benefit instead of just price.

Offering more value also helps businesses improve their visitors and potentially increase prices not having alienating existing customers. Due to the fact customers who also feel a business 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 company can produce more value, just like by bettering the quality or delivering a more extensive merchandise package. This may also be through increased convenience and excellent customer service or by catering to specific consumer requirements and choices.

Other forms of added value include cause-related marketing and philanthropic efforts. In the latter, a company can help build strong public bonds by causing community institutions and making a difference in society. These efforts frequently help to increase awareness for a issue or problem, even though increasing people Collaborative Business Process Management appreciation for the company and its goods. This type of added value is usually a longer-term strategy, but can be very successful.