Value-added services

Definition

Value-added services are services that go beyond the basic functions of a product or standard service and offer additional benefits to the customer. They complement a company's main offering by providing specific, often customer-specific benefits.

Background

The design of value-added services emerged as a response to increasing competition and the homogenization of products on the market. Companies began to create differentiation potential through individual additional services to stand out from competitors and strengthen customer loyalty.

Areas of application

Value-added services can be found in many industries, including telecommunications, financial services, IT, and healthcare. They range from additional guarantees to special support options to personalized product enhancements.

Benefits

The main benefits of value-added services lie in increasing customer satisfaction and loyalty, increasing competitiveness and being able to achieve higher price readiness among customers. They also enable companies to create new revenue streams and differentiate themselves through unique offerings.

Challenges

The greatest challenges in implementing value-added services are identifying the real needs of customers and developing services that offer real added value. Integration into existing systems can also be complex and costly.

Examples

An example of value-added services in the industry is the offer of a B2B retailer portal, which enables transactions and provides advanced analytics, market overviews, and personalized recommendations that are specifically tailored to the needs and preferences of individual companies.

Summary

Value-added services expand companies' core offerings and offer customers additional, value-adding features. They are an effective means of differentiation in a competitive market and contribute to customer satisfaction and retention.