In today's global marketplace, the price customers are willing to pay for a product or service is based on their perceived value. Adding value, also called "valued-added," to your company’s products and services is helpful to both your employer and customers. Adding value is anything that improves your company's business, whether that's increasing sales, growing a customer base, providing better quality products to customers, or being prepared for unique situations. Adding value is important for businesses because, with it, they can make a profit.

But, adding value to a company is easier said than done. This article will assist you with some of the ways that can be used to add value to a company/ business.

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Gather feedback

Your first step in adding business value is to put the time and energy into finding out what’s valuable to your target audience. You can do this by gathering feedback from current, past, or even potential customers.

Encourage faster production

Ideally, faster production doesn't mean lower quality, but if you can find ways to produce work more quickly, you’re adding value to your business. Let’s say you work at a manufacturing facility producing coolers on a machine you control, but discover a few ways to speed up the process. You advise your managers about your ideas and they agree to change the process, so you can manufacture more quickly and increase profits because of the reduced production time.

Adjust your marketing strategy

Create market segments to help you decide where and how to advertise your products or services. When highlighting its benefits, consider the intended audience to emphasize the ones that resonate with their wants and needs. For example, a glove manufacturer could highlight heavier products and cold-weather features during autumn and winter and then focus on lighter products and gloves for warm-weather activities during spring and summer.

Become an expert

Becoming an expert on your work and your company’s products or services allows you to answer questions that add value to customers’ experience. Any extra acquired knowledge adds value to yourself as an employee and makes your interpersonal communication more constructive. For instance, if you work in customer service at a call center, you might work to learn new solutions to common problems or ways to resolve an issue more quickly.

Learning more about the factors that affect the company you work for can help you understand how to improve many aspects of the business.

Focus on what you can do

One way to add value is to focus on what you can do rather than what you can't. You can apply this mindset in various ways, including spending fewer resources on customers who aren't likely to make a purchase or on less successful products.

Adding value to a company can do a number of things, such as:

•          Drive sales and customer loyalty

•          Justify price increases

•          Keep your business competitive

•          Increase investment and lending opportunities

•          Boost your business reputation