Add Value to Your Core Offering With Benefits

by Charlie Thompson

In this blog we discuss the idea of added value and show how benefits programs are perfectly placed to reassure audiences that your offering is worth their investment.

In this blog we discuss the idea of added value and show how benefits programs are perfectly placed to reassure audiences that your offering is worth their investment.

 

Defining added value

The “value add” has become a modern business cliché, describing almost anything that can be tacked onto a service or product to justify an increase in price, but in reality added value is significantly more complex.

Adding value is the process of delivering something that is worth more than the sum of its parts. Think of it this way: you step into your local fine burger purveyor, the chef throws together $7 of ingredients, takes $3 of labour and energy to do it, rings a bell and charges you $20. Between the cost of the ingredients and the time and energy to create it, value has been added. The customer is happy to pay an additional $10 (100% of the sum of the parts) for something else.

 

The secret ingredient

So, what is that element? It could be attributed to customer service (the waiter is friendly); the convenience (it’s fast, seated and local); the features and benefits (it’s tasty, nutritious… sort of, and comfy); or the brand (everyone’s taking selfies in here). It’s a vital part of business and capitalism; a delicate balance of a number of business decisions to create your unique enterprise cocktail.

Every company does it – there would be no way to run a business without it, and usually that something special is a direct result of your internal culture. In essence, the secret ingredient is you. But when you’re happy with your product or service (for the moment at least), how can you add value for your audience? 

 

Think outside the product

Besides the complex intangibles of brand (something you should leave to the professionals), most of your value comes from things you can pinpoint. Your burger tastes great, your watch is waterproof, your art is well curated. But it’s also directly related to your core product or service offering. To compete in the increasingly crowded battlefield of modern business, you need to offer more.

You see, as people, we’re big fans of more. Everyone is. And we don’t mean BOGOF deals, we mean quality and quantity in one VALUABLE package. But without opening another business or giving your product or service away, how can you add value? The answer is to think outside the box, away from the product or service – it’s easy, just add benefits.

 

Do what you do best

The best thing about offering a benefits and rewards program to your audience is that you don’t need to reinvent the wheel to add value. It sits alongside your current offering without changing what you do. With an externally managed program, you don’t even need to do the work… you can concentrate on the things you do best while your brand reaps the benefits. 

It’s a simple equation, without changing your product or service, you add a valuable element for your customers – something that saves them money, gets them rewards and generally keeps them happy. And because your rewards program bears your brand, all of that positive association goes flooding back in your direction. 

 

At Infinite Rewards we provide NFPs, associations and brands with a ready-made benefits program. Delivered through a customisable digital platform, members love the offers and discounts we make available from over 600 household brands we count as partners. To discuss your own rewards program, get in touch.