How to add value to your business without going broke
A universal concept that drives all businesses can be summed up in one word. Value. Even at a young age, we can determine what things are of more value than others. We knew that we had “dress clothes” and “play clothes.” This told us that one thing is of greater value than the next. We knew that As in school were of more value than Fs. It doesn’t take a person long to figure out that most things in life can be ranked by their value. Not only is the concept of value elementary, but it also expands to how we do business. Our customers want to know that the services or products that we are offering to them are equitable to the cost. This is how typical exchanges occur. However, we create loyal, repeat clients when we find ways to pack in value that gives them “more bang for their buck.”
A good business person knows that while it is important to provide value to your customers, it is equally as important to make sure that costs to oneself stay at a minimum. So how can you deliver value to your clients without going broke? These simple tips can help!
- Provide knowledge to your customers. There are some things in life that cannot be bought. One of those things is your experiences. No matter how you try to recreate them, your experiences are unique to your situation and knowledge. You can provide that expertise to your customers to add value to your services. Instead of just selling a product to your client, provide them with your knowledge and first-hand experiences. Not only is this of no monetary cost to you the business owner, but it also creates a fan instead of just a customer.
- Offering services in exchange for publicity. You can have a great product or service that you provide, but what good is that if nobody knows about it? One of the best ways you can provide value without cost is by partnering with the media to promote your business. While there may be some initial cost, partnering with the right media outlets can increase sales in dramatic ways. What media outlets do you listen to? These are the people to partner with to get the word out about your business.
- Offering publicity in exchange for services. Once you have secured publicity through media outlets, use that as leverage for other vendors to work with you. To be successful, collaboration is essential. Join with other businesses by offering them potential media exposure. These types of symbiotic relationships that are mutually benefiting can add value to your business with little to no cost to you.
Learn applicable strategies like these and much more at the Business Accelerator this June 7-9 in Phoenix, Arizona.