Add value to your product to separate yourself from competitors


Whatever business you're in, there is a strong likelihood that you've got competitors who provide something similar - and it's a racing certainty that there are option solutions available for customers' problems, as seen from the customer's viewpoint.

For instance, someone in the restaurant business may really feel complacent simply because you will find no other restaurants in town, but not recognize that a nearby cinema is competition in the "where shall we go for a evening out?" category.

Adding value indicates finding something that will mark you out from your competitors in the eyes of the clients you are hoping to attract. What is good value for one person is poor value for an additional.

When Peter Boizot founded PizzaExpress in 1965, pizza was practically unheard of outside Italy: there had been no pizzerias in any way in London. Early on, Boizot latched on to the concept of providing something extra - he started by having live jazz bands performing in the restaurants.

Nowadays, the restaurants frequently have reside music, but numerous host art exhibitions or have other types of reside performance. The point will be the business is aiming for an "artsy" audience who will enjoy this type of added value.

PizzaExpress has a Members' Club: for a subscription members turn out to be entitled to 4 vouchers a year for totally free menu items plus a free glass of wine, to totally free desserts when dining early, free entry towards the PizzaExpress Jazz Club, along with a £10 gift voucher for every ten meals purchased.

Offering extra value has enabled PizzaExpress to withstand competition, and to keep its brand intact in the face of the "pile 'em high and get 'em out there" method of American pizza chains. PizzaExpress is able to charge more for its pizzas than these large chains, because the added value makes them worth while - the higher prices also deter the kind of downmarket clients PizzaExpress desires to discourage.

Only offer added value that your target customers will enjoy. Cost accordingly - individuals do not mind paying more if they're getting more. Make certain that what it expenses to add the value is much less than the premium your customers will pay. Promote the added value - they already know about your product.

Legal Disclaimer

Our website is not responsible for the information contained by this article. Articleinput.com is a free articles resource thus practically any visitor can submit an article. However if you notice any copyrighted material, please contact us and we will remove the article(s) in discussion right away.

Note: This article was sent to us by: Alan G. Nicholson at 01202011

Related Articles

1. Create a new product so you can make profit on the market today
Create a different product As markets become more developed, you have to work harder to differentiate your product. There is little point in small firms on low...

2. What are gaps and distribution chains
Hunt for gaps The footwear market is of course dominated by imports and the high-street shops, but one Somerset firm called Cosyfeet has become market leader in...

3. Pay attention to the people and the image of your brand
The people business The service trade is a people business. Customers are very much the king and do expect to be treated as individuals, with all their quirks a...

4. How to extend the life of the product you are selling
Extending the product life cycle It is debatable whether the first or the second in the market makes the most profit. Often the first signposts the way, allowin...

5. How to compile a sales forecast and conceive a marketing strategy
Compiling the sales forecast There are two main areas to look at - desk research and field or commissioned research. Desk research 1. Look at ...

6. Test sampling of your own product might actually improve sales
Testing the idea New firms would be advised to do some test sampling of their new product or service before making large-scale commitments. For manufacturers, a...

7. Test sampling of your own product might actually improve sales
Testing the idea New firms would be advised to do some test sampling of their new product or service before making large-scale commitments. For manufacturers, a...

8. How to place advertisements where your audience is likely to see them
Think of a customer The most important principle to grasp in advertising is placing the advertisement where most of your target audience is likely to see it. Th...

9. What is erosion and how does it affect you marketing strategy
Erosion - the numbers game A popular area for small firms is the 'Postal Bargains' slot in many papers, but research on response is hard to come by. I have carr...

10. Which advertising agency to choose for my business
Using an advertising agency It stands to reason that those who are designing ads every day of the week should be able to come up with better ideas and layouts t...