As those of you with our 2015 Calendar will know, this month is all about product development. More specifically, it’s about the augmented product – everything else a customer receives along with the tangible product.
The augmented product plays a vital role in any marketing strategy. It is not just the single, tangible product that influences buyers, but also the many peripheral factors that come together to form the complete ‘package’.
In fact, a study by EEF and BDO in 2009 suggested that UK manufacturers generate between 15% and 20% of their revenue from services.
The importance of the augmented product should therefore not be underestimated. You’ll remember from February that the products and services you offer should have a USP. This USP should be desirable, distinctive and defensible. Augmenting your product or service differentiates you from competitors and allows you to find new revenue streams.
So, given the importance of the augmented product, our focus now turns to how you can augment successfully. In this month’s featured article, we discuss in greater detail how companies can develop, charge for and capture value from their augmented products and services.
Are you interested in going beyond a single, tangible product and instead moving towards offering a complete package full of added services and benefits? Make sure to read the full article by clicking the link below.
