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Business-minded entrepreneurs are focused on one path to success: establishing a business and achieving sustainable growth. While the direction is evident and the mission is easy, the trail is stuffed with challenges and missteps — but more importantly, there are opportunities.
More often than not, the trail to sustainable growth requires creativity. For instance, a fitness studio that sells class passes and memberships will eventually hit a revenue plateau. This happens when growth stabilizes and income from the core service hits a predictable cadence. While there are still opportunities to sell more classes and memberships, the truth is that other revenue streams — specifically, value-add services and products – are what is going to truly help scale the business.
What are value-added services and products?
Value-add services and products enhance the client experience, address pain points and display the corporate’s commitment to providing exceptional value. These “perks” offer customer advantages that transcend the business’s core services or products.
Offering value-added services and products to your existing customer base can create more loyal customers, which in turn can lead to increased revenue, improved customer retention, and a reinforced brand status.
Related: 3 Easy Ways of Getting Value Addition Right During Entrepreneurship
Listed below are three value-add services and products that can assist your corporation scale:
1. Digital cards
Digital cards are virtual business cards stored in a digital wallet. They might be shared electronically via QR code scans, email, social media or messaging apps.
Digital cards provide a convenient, digitized way to share your organization’s contact information, keep customers updated in real-time, and offer exclusive deals, offers, or other perks. In essence, they assist increase a brand’s visibility by at all times being a number of taps away. The cars may improve customer engagement and enhance the client experience by providing special discounts or notifications exclusive to those that have the digital card.
Some platforms can enable you create and manage a digital card, and most are reasonably priced and turnkey. The anticipated ROI of the investment is tied to awareness and engagement, which, when activated with an accompanying strategy, will boost sales and revenue.
To launch a digital card initiative, research digital care platforms and discover the providers that supply solutions aligned with your corporation goals, needs, and budget.
2. Prolonged warranties and repair plans
While not at all times checked out as value-add, prolonged warranties and repair plans provide coverage beyond a normal manufacturer’s warranty. These warranties and plans offer peace of mind to customers and may increase their confidence in your services or products.
The extra perks and sense of security can increase customer satisfaction. If your organization has the capability and can assist resolve customer issues quickly and effectively, these advantages can reduce customer churn, increase customer lifetime value, and enhance the corporate’s status and dedication to quality and satisfaction.
The investment related to prolonged warranties and repair plans will vary depending on the services or products and the length of coverage. To find out the viability of this selection, create a cost-benefit evaluation, which can help determine if this value-added option shall be useful and well worth the investment.
Should you plan to add prolonged warranties or service plans to your corporation, evaluate the demand to ensure your customers will appreciate them. Then, find a good partner who can assist make sure the latest offerings are legally sound, competitive, and can meet your customers’ needs.
Related: If You Want Your Clients to Truly Value You, You Need to Be Their Trusted Advisor. Here’s How.
3. Loyalty programs
Loyalty programs are most frequently focused on rewarding customers for his or her continued patronage. The programs encourage repeat business and foster brand loyalty by recognizing and rewarding customers based on their behaviors (and the rewarded behaviors can transcend just the acquisition history).
Whether the loyalty program is perks-based or offers rewards points related to discounts and coupons, loyalty programs ultimately incentivize customers to keep coming back. They enhance and trigger engagement and offer opportunities for feedback. As well as, loyalty programs launched with the proper intentions and an efficient structure can provide priceless first-party customer data that can enable you understand your customers’ preferences and lead to the next degree of personalization and targeted offerings.
To implement a loyalty program, discover the “loyal” audience (demographics, behaviors, etc.) and program goals, and map out this system structure. Then, perform some research and speak to loyalty program providers that supply a platform and tech stack that enhances your existing infrastructure.
Leverage value-add services and products to scale
To scale a business, you do not have to reinvent the wheel. You’ll be able to add value and create additional revenue streams by staying true to your corporation and developing complementary services or products that align with what you offer and what customers want. Adding these digital offerings could make it simpler to scale by boosting profitability and accelerating business growth.