Pillar 7: Value Added Services

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The series is from Chartered Accountant, consultant and author, Jeff Borschowa, from his book, 8 Pillars for Exponential Business Growth. The series is focused on how to find new and better ways to integrate innovation and technology to enhance the customer experience and improve efficiency in the accounting process.

Providing good products and services at fair prices will earn you trust and loyalty from your customers. The great news is you can leverage this relationship to identify customer issues and offer more in-depth solutions.

The range of services you can offer is limited in part by your industry, but it may also be limited by your own imagination. For example, you may not be able to offer much to your customers in the way of value added services if you are in a tightly regulated industry with externally imposed limitations.

For service companies, you can find products that complement the service that you offer. For example, most chiropractors and massage therapists are now selling vitamins, lotions, and even pillows to support their customers. This comes back to knowing who your ideal customer is. If you have a clear picture, you can determine what else they can use that would enhance the impact of your service.

Product companies can often benefit by including complementary products or services in their sale. I like to use the automotive industry as an example here. Not that I recommend going to the same extent, but they do a really great job of increasing their average transaction value with add-ons, upsells, and bundles. The insurance and financing packages that they offer with a new car purchase are just the tip of the iceberg. They then go on to list additional products that you will need, including windshield wipers, block heater, better tires, and the various coatings and such. Once you have the basic car, the next step is the service options. I have seen car dealerships sell lifetime maintenance and include it in the price of the car. The average consumer is happy to know that they have a fixed cost of ownership.

Can you think of similar packages or bundles to include with your services and products?