10 simple strategies to add value to your product

Value, is a matter of perception and is complex as there are many criteria on which people assess it. These could be: convenience, visual or auditory appeal, risk management, price versus benefits, peer recognition, etc.

As a starter, try these simple strategies to add value to your product:

1. Benefits: People perceive value in a product that is multi-purposed. Display a comprehensive list of benefits that solve a range of problems.
   
   
2. Testimonials: What better proof that your product offers value than customers raving about it! Choose credible sources and vary testimonials to cover the different benefits of your product.
   
   
3. Brand: Create and promote your brand. People perceive more value in a branded product such as ‘Nike’ or a seminar with the 'Guru of Guerrilla Marketing' than in an unknown brand or identity.
   
   
4. Packaging: Choose colours and type of package that make your product look more valuable. For example, a simple bottle of salad dressing wrapped in cellophane and with a satin ribbon becomes a gourmet item.
   
   
5. Price: Sell your product at a higher price than your competitors. People usually associate higher-priced product with better quality.
   
   
6. Bonuses: Add bonus products with their retail recommended prices so customers can calculate the added value of your product.
   
   
7. Affiliate program: Offer a financial reward for referrals so people can make money from your product. From an expense, your product becomes a source of income.
   
   
8. Guarantees: A strong guarantee such as ‘100% satisfaction guarantee’ increases the perceived value of your product. It eliminates the risk of potential psychological stress caused by post-purchase remorse or dissatisfaction.
   
   
9. Alliances: Publicise your association with a well-known personality or your professional organisation. These affiliations increase your credibility and the perceived value of your product.
   
   
10. After-sales service: People perceive value in excellent customer support. Provide an online database of FAQs (Frequently Asked Questions) and contact details as samples of your commitment to after-sales service.