Business professionals continue to discover that they can generate more value for their business by moving up the value chain – and offering additional services that give them the edge over the competition. There are 2 pieces to this puzzle.
Many businesses find that adding certain services generates profit:
- Accounting firms offer investment services to their tax customers.
- Insurance agents offer financial planning.
- Home remodelers offer interior design services.
- Real Estate companies offer professional staging.
- The Death Care Industry offers services for pets, friends.
Each of these services provides value to the consumer. Each of these services can become a new profit center. I’m not just talking about a value offer on a direct marketing mailer – we are moving far beyond the offer into creating a profit center that people will pay for because they perceive the value of what you are offering.
Much of this has to do with trust and relationship. If your client trusts you, they will be willing to listen to something new you are offering. If your new service has value, they will pay you for it, rather than going elsewhere. When we talk about enhancing the lifetime value of a customer, that’s the real profit builder!
