Pre-1990s, consumers had little choice when it came to products or service. Today, the world revolves around consumers. Informed, empowered and spoilt for choice, consumers are after more than just satisfying a need or want – they expect quality products and services and unique experiences that add value to their lives.
In a highly competitive and digitally enhanced world, businesses need to look for new ways to drive innovation that delivers on these needs, both now and in the future, if they want to gain a competitive edge and grow long-term profitability.
Adding value beyond a business’s core function can deliver the following benefits:
Create stronger emotional connections
Broadening your core offering can deepen relationships with customers and employees beyond transactions. Benefits that add value to lives can spark long and fruitful brand-customer relationships. A working example – by offering a personal assistance service for clients as part of its lifestyle programme, Cell C improved its customer service while nurturing relationships with their members.
Deliver added value to your customer base
Whether it’s quality, efficiency, or convenience, a business has to go ‘over and above’ what it offers, in order for consumers to perceive it as superior to that of its competitors. By integrating Hey Jude with Nedbank’s Money App, the day-to-day needs of Nedbank’s customers are taken care of through benefits that go beyond just financial services.
Motivate your people
Offering additional benefits to employees not only helps to motivate and inspire, but it can also lead to improved productivity. Case in point, a Johannesburg-based marketing agency gave employees a complimentary Hey Jude membership for the duration of the coronavirus lockdown period. Employees enjoyed the convenience of getting the things they needed – despite being confined to their homes – which meant that they could focus on their work without having to worry about their personal, day-to-day tasks.
According to the Harvard Business Review, acquiring a new customer is five to 25 times more expensive than retaining an existing one. Consumers have a wide variety of buying options than ever before. If they don’t like the experience you offer, or they don’t think you care about their well-being, they will simply move on. If people believe they share values with a particular brand, they will stay loyal to it and even advocate for it.
Help nurture a strong culture and ethos
In this day and age, businesses need to show that they care for their employees. Hey Jude is the perfect tool for connecting with members, nurturing relationships and helping to get things done. Hey Jude’s virtual assistants offer a personalised service that makes the lives of members easier by solving what’s important to them in that life moment, while also looking after their well-being.
Initiatives that add value beyond core functions and differentiate a business are vital. For more information about integrating Hey Jude with your business offering, send an email to firstname.lastname@example.org or call +27 11 449 7114.