Value Added Services Increase Profits
When one of our consultants visited with a vendor the other day, he said that he had increased his business 33% in the past year, had to add additional staff and appeared that adding additional staff was imminent. What business was he in and what was he doing? This vendor is in the printing business– a business that has decreased about 45% in the past 5 years due to the advent of laser digital printers at home. OK, what has he done?
He added “Value Added Services” to his suite of offerings. In this particular case, he prints the material, then helps the client by placing address labels on the product and taking them to the post office! He charges a fee for transporting the work to the delivery station for bulk mail, he charges a fee to print the labels and place on the mailing piece. This vendor told our consultant that the work keeps coming!
OK, what can you do in your business to add additional value to your client? Who is doing something that your client needs that you could do? How you can you make the client experience working with you “less painful”, or said another way, how can you increase your value to your client?
These are all questions that need to be asked so that you can increase your overall profitability. Look at what you do for your clients, see how you can add increased value. There is money waiting to be put in the bank– your bank!