Six Strategies to Increase Product Value

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Increasing the value of your products can help increase your sales. The value of a product doesn’t mean the price of a product. The price of a product is how much something costs. The value, also known as the customer’s perceived value, is how a customer sees the value of your product based on how much they need or want it. It’s how important it is to them and what benefits they can gain from it. But it’s also their emotional connection to the product.

Some business owners opt to use perceived value pricing. It’s a method of pricing products depending on how much the customer is willing to pay for it. So if you want to increase the value of your products—and, in turn, your sales—here is some advice that can help:

Product packaging and design

Did you know that 72% of Americans say that the design and materials used in packaging affect their decisions when selecting which products to buy? Having a product that is beautifully designed and packaged is one of the most common and reliable ways to increase your product value. Your product needs to have a great design. It’s the first thing that will attract your customers to your product. Customize your product’s design to suit your brand.

But the design isn’t all you should keep in mind. Consumers also think about the materials used in packaging. In 2018, 67% of Americans say that paper and cardboard are more attractive than other packaging materials.

Freebies

Everyone loves freebies. Adding freebies that complement your product will add value to it. For instance, you sell alcoholic beverages. A good freebie to come with them would be a bottle opener, a nice-looking coaster, or a miniature.

Remember packaging and design. You can place a freebie and give it a nice design by opting for a customized on-pack. This way, you can choose how you’d want your freebie to be placed and even customize it to suit your product’s design. On-packs don’t work only for beverages; you could use them for any product.

Bundles

You’re probably thinking what the difference between a bundle and a freebie is. A freebie is selling your product with an extra free item. A bundle is great for when you sell more than one product. For example, you sell different kinds of scented soap. Aside from selling them separately, you could opt to sell them in bundles. This is a great idea if customers want to try all your products before deciding on their favorite—like a sampler.

Another way is bundling your products based on a certain theme or season. Pretend its fall season, and you’d sell bundles of all your scented soaps that remind you of fall or autumn. Bundling items that complement each other is a great strategy.

If you’ve ever watched an unboxing video on YouTube, you know that most of the things that they unbox are bundles. Thirty-five percent of consumers report that they view unboxing videos. While 55% of those who watch unboxing videos say that it has convinced them to buy the product. There is something about opening a bundle package that makes it so satisfying. It’s like opening up gifts during Christmas, except that you can do it anytime.

Frequent-buyer programs

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This is a customer-incentive program. It is a marketing strategy that gives benefits to frequent buyers or loyal customers. When they continue to buy your products, they get benefits such as discounts, free shipping, or freebies. In coffee shops, an example of a frequent-buyer program is stamp cards. For a specific number of stamps, you get a free planner. Or on your tenth purchase, you get a free drink.

A stamp card is one of the easiest and cheapest ways to do this. But you could also opt for a point system, or reward your customers based on how much they spend. For example, if they were to spend $100 on your products, they would get a 50% discount on their next purchase. Get creative with it.

Fast delivery

A study in 2017 showed that businesses had a 20% increase in sales due to fast delivery services. Providing fast delivery services isn’t just a matter of getting your products to your customers on time. Customers place the value of your products on how fast these products get to them. It builds a kind of trust between you and the customers. If you provide fast delivery, customers will trust you and most likely buy from you again.

Customer service

In 2018, American Express Vice President Raymond Joabar said that seven in 10 U.S. consumers say that they’ve spent more money to do business with a company that delivers great service. They found out about this after conducting a survey.

Customer service has always been and will continue to be of great importance, especially when it comes to adding value—not only to your products—to your business as a whole. We are all human beings, and it is in our nature to build relationships and make connections. When it comes to building relationships with your customers, great customer service is the bridge that you have to maintain.

When it comes to increasing the value of your products, you have to remember that it’s not only about the price. It’s the emotional value that your customers see in your product. If you want to drive up your sales, you should increase your product value by following these suggestions.

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