How to Discover Which Value Added Services to Introduce to Your Market

If you want to make your business generate more profits for you, chances are that you will have to work smarter, not harder. If you don’t have excess capacity to take on new clients in your coaching or consulting business, you will need to find a way to increase the average value of each order. This can be done by adding services that your customers will value, but something that will cost you very little or nothing. Find a few tips to get started and make business intelligence work for you.

Market Research

The first thing you will need to do is research the opportunities that are out there. If you are not taking advantage of upsell opportunities, it might be time to implement a strategy that will help you make the most out of each customer’s order and provide even more value. You have to find out what your market looks like and who the main players are. Identify your target niche and tailor your offers to their specific needs. The more relevant your offer is to what your potential clients are looking for, the better conversion rates you will achieve.

Competition Analysis

It is not enough to know your potential clients; you will also have to ensure that you are finding  a gap in the market and offer something that is different from what your competitors have. If you think that gathering information on your competitors is time consuming, you might want to use data analytics tools to make your job easier. You can utilize analytics and big data. If you want to know what is a vdr and how it can help you improve your business, you might want to contact a data analytics expert for advice.

Feedback Forms

If you don’t engage with your current clients and don’t understand their needs, you will never be able to improve your products or services. You can easily find out what is missing and what your main development areas are when it comes to serving your market if you implement automatic feedback forms that are sent out to customers after their order is completed. This will help you highlight the areas where you can make positive improvements and introduce new value added services.

Profitability Analysis

It is not enough to find out whether or not the new service will provide value to your customers; you will also need to check whether or not it will improve your profitability. You need to know exactly how much it will cost you to deliver the extra service and how much your market is willing to pay for it. This will make your growth sustainable and your business profitable. There are plenty of tools you can use to work out whether or not your business added value will make a difference in your finances.

Social Media Engagement and Surveys

One of the things business owners fail to create to measure customer engagement is a social media sales funnel. You should avoid making your social media communication to be one-sided; use your accounts to collect feedback, comments, and find out more about the values and preferences of your current and potential customers. This will help you create a winning strategy that will make you stand out from the competition.

Market Trends

If you are looking to use complete services to aid your business, you will have to find out whether or not this will improve your brand image and value. Having a system that manages your leads and keeps your customers engaged will help you make the most out of your investment. Understand the current and future trends in your business, so you can create a long term plan to grow your audience and market share.

Customer Behavior

If you don’t understand what makes your customers buy and choose you over your competition, you will never find the competitive advantage you are looking for. If you haven’t mapped your customers’ journey yet, it might be time to complete this important task. You will also have to dig deep into the mind of your clients and prospects and step into their shoes to find out exactly what makes them buy.

When you are looking to make improvements in your business, you should think through how you can add value to your customers and improve your profits and brand image at the same time. You have to know exactly how much you have to invest, how long it will take you to break even, and what your customers really want and what will make them buy from you.