What is adding value to a product? Adding value means modifying a product in such a way that you manage to change the perception of the customers. Its all about changing the perception of your customers. You can add value to a product by making a few changes and selling it at a higher price. The managers or strategists in a business always try to add value to their products to earn higher revenue. A product sold for $500 can now sell for $600 with a slight change in the appearance. It doesn’t matter if the change was necessary or if the change will make any difference to the product because all that matters is that it should look more attractive to the customers. The customers should find it more attractive and should pay a higher price for that product.
There are many ways to add value to a product. Most of the business strategist follow a few common ways to add value to their products. So, here’s how you can add value to your product.
1) Collaborating with brands
The first way to add value to your product is to collaborate with brands. If you are selling a milk brand, then you can collaborate with a company selling coffee beans. This will add value to your product and show customers that milk has many uses, you can use it to prepare tea or coffee. The customers will now think that there are more uses of the product and they will be willing to pay more for the product because of the growing value in the market.
2) Packing in an expensive cover
The next one is to pack the product in an expensive covering or something that appeals to the customers. For example, if you buy something from a jewelry shop, you’ll notice that they give you fancy boxes along with the jewelry, this is done to add value to the product and give an impression that it is an extremely expensive item with a high brand image. Chocolate producing companies pack chocolates in fancy wrappers to add value to their products and sell them at a higher price in the market.