CandleFocus Glossary Editor
An augmented product is the way sellers differentiate their products from competitors and offer consumers more motivation to purchase. By adding extra features and services, businesses can pull in more customers and get higher prices for their products.
To create an augmented product, a company needs to understand its target market’s needs and expectations. This knowledge allows for the addition of services and features that are attractive to customers, such as customization or added convenience. An example of an augmented product can be seen in the smartphone market, where a seller offers faster processing power, more internal memory, and longer battery life, as well as other features that compete with competitors in the market and satisfy customer demands.
An augmented product may have a lifetime value attached to it, which gives consumers a reason to continue to purchase the product. For instance, a gaming console that comes with a subscription to a gaming platform would have higher customer loyalty and satisfaction than one that does not. This loyalty makes customers more likely to replace their existing product with a similar one from the same brand instead of switching to another brand.
Additional product features and services are where marketers and designers apply all the creativity they have. Companies that have a great vision and put in extra effort in this area can find themselves with a great advantage over their competitors, as long as they offer something valuable. Additionally, an augmented product may allow sellers to capture more market share, command higher prices, and increase customer loyalty, leading to a higher return on investment.
In the end, product augmentation helps to differentiate a product from those offered by other companies, satisfying customer demands and adding additional value. Augmenting products requires a clear understanding of customer demand, creative ideas from marketers and product designers, and additional services and features that make the product attractive to buyers. Doing this correctly can significantly increase customer satisfaction, market share, and profits for a company.
To create an augmented product, a company needs to understand its target market’s needs and expectations. This knowledge allows for the addition of services and features that are attractive to customers, such as customization or added convenience. An example of an augmented product can be seen in the smartphone market, where a seller offers faster processing power, more internal memory, and longer battery life, as well as other features that compete with competitors in the market and satisfy customer demands.
An augmented product may have a lifetime value attached to it, which gives consumers a reason to continue to purchase the product. For instance, a gaming console that comes with a subscription to a gaming platform would have higher customer loyalty and satisfaction than one that does not. This loyalty makes customers more likely to replace their existing product with a similar one from the same brand instead of switching to another brand.
Additional product features and services are where marketers and designers apply all the creativity they have. Companies that have a great vision and put in extra effort in this area can find themselves with a great advantage over their competitors, as long as they offer something valuable. Additionally, an augmented product may allow sellers to capture more market share, command higher prices, and increase customer loyalty, leading to a higher return on investment.
In the end, product augmentation helps to differentiate a product from those offered by other companies, satisfying customer demands and adding additional value. Augmenting products requires a clear understanding of customer demand, creative ideas from marketers and product designers, and additional services and features that make the product attractive to buyers. Doing this correctly can significantly increase customer satisfaction, market share, and profits for a company.