Business professionals continue to discover that they can generate more value for their businesses by moving up the value chain — and offering additional services that give them the edge over the competition.
The puzzle has two pieces:
- Cultivation — What value converts prospects to customers?
- Stewardship — What value-add can you offer that keeps current customers coming back for more?
Many businesses find that adding certain services generates profit. In the water treatment industry, dealers who have added air quality services or generator installation have also added to their bottom lines because they have additional ancillary services that make sense.
Each of these services provides value to the consumer. Each of these services can become a new profit center.
I’m not just talking about a Tide offer on a direct marketing mailer targeting families with children — we are moving far beyond the offer into creating a profit center that people will pay for because they perceive the value of what you are offering.
Much of this has to do with trust and relationship.
If your client trusts you, they will be willing to listen to something new you are offer. If your new service has value, they will pay you for it rather than go elsewhere.
When we talk about enhancing the lifetime value of a customer, that’s the real profit builder!