What would the world do if it wasn’t for “buzz words??those sort of “shorthand?words that denote much a much larger meaning condensed into a short phrase or singular word. Somehow we all know the meaning of these words and phrases in their larger context or sort of know the meaning of them. One such “buzz word?is “Value Added.?br />
I have heard this used time and time again but wonder what people mean when they say it or what they understand when they hear it and nod knowingly. I take it to mean “adding something of value to a product or service to differentiate it from other, similar or even identical, products or services.? So, how does a business add value to a product or service to separate it from the pack and make it more desirable?
Many books have been written on this fascinating topic so in the short space of this column we’ll just be touching on the subject of adding value. It’s all about changing the buyer’s perception of value. In other words, giving the purchaser something they feel has value without adding substantially to the cost or lowering (gasp!) your prices. It could be the manner in which people are treated in person, on the telephone, or in written communications ?friendliness and pleasant surroundings adds value. It could be in the package such as an attractive report cover, sturdy shopping bag, or careful packaging of a fragile item. Added value can be perceived from your integrity and policies ?guarantees, the manner in which returns are handled, and convenience factors like extended hours or reminder services. Value can be added in the manner products or services are presented such as the way wine is presented with grace and showmanship at a fine restaurant or the way a hair stylist positions you to look in the mirror when finished cutting your hair.
When I hear someone tell me they sell a commodity, I pull out my buzzword and ask, “What are you doing to deliver a “Value Added?experience? I’ll ask the same question of you!
Larry Galler coaches and consults with high-performance executives, professionals, and small businesses since 1993. He is the writer of the long-running (every Sunday since November 2001) business column, "Front Lines with Larry Galler" Sign up for his free newsletter at http://www.larrygaller.com Questions??? Send an email to larry@larrygaller.com