Value drivers are anything that can be added to a product or service that will increase its value to consumers. These differentiate a product or service from those of a competitor and make them more appealing to consumers.
The greatest benefit of a value driver is that it provides a competitive advantage to a business, giving that business an upper hand in its industry. Value drivers can come in many forms, such as superior brand awareness or revolutionary technology.
Why are value drivers important?
Value drivers will make a company’s products seem better than its competitors’. By creating as many value drivers as possible, a company can boost its leverage on the marketplace. They will further influence consumers to purchase that product. These provide products with distinguishable traits that companies can use to make their respective products more desirable in the eyes of the consumer.
To continuously add value to products and services, businesses should constantly be monitoring the market so that they can be the first to take advantage of changes in demand and consumer behavior. Value driver’s do not have to directly relate to a product. Something such as a reputation of having great customer service can be a value driver for a company.