Augmented Product

Augmented Product

Augmented Product Jonathan Poland

An augmented product is a product that includes intangible benefits beyond the physical product itself. These intangible benefits may include customer service, warranties, or access to information or resources.

Augmented products can be an effective way for companies to differentiate their products from competitors and add value for customers. For example, a company that sells electronic devices may offer a warranty and customer support services as an augmented product, providing peace of mind and convenience for customers.

In addition to tangible benefits like warranties, companies can also use augmented products to provide intangible benefits such as access to information or resources. For example, a software company may offer training and support as an augmented product, helping customers to more effectively use and get value from the product.

In order to effectively market and sell augmented products, it is important for companies to clearly communicate the value and benefits of these intangible elements to customers. This may involve highlighting the benefits in marketing materials and packaging, as well as providing information about the availability and terms of the augmented product.

Overall, augmented products can be a useful way for companies to differentiate their products and add value for customers. By clearly communicating the benefits of these intangible elements, companies can effectively market and sell augmented products. The following are common types of intangible benefits that are included with products.

Delivery
Delivering the product to the customer’s door.

Warranty
A warranty on the product and process for the customer to return the product or make a claim against the warranty.

Customer Service
A service that allows the customer to contact you with requests, issues and inquiries.

Financing
Financing services.

Installation & Configuration
Installing the product and configuring it for the customer.

Customization
Customizing the product to the customer’s requirements.

Updates
Updates for the product such as ongoing security patches for software.

Services
Services that come with the product. For example, a mobile device that comes with internet connectivity.

Customer Experience
The end-to-end experience of buying and using the product including all interactions between your firm and the customer. For example, your website and retail environments are part your product’s customer experience.

Learn More
Durable Competitive Advantage Jonathan Poland

Durable Competitive Advantage

The most important aspect of durability is market fit. Unique super simple products or services that does change much if…

Good Failure Jonathan Poland

Good Failure

Good failure, also known as productive failure, refers to the idea that failure can be a valuable learning experience and…

Pricing Power Jonathan Poland

Pricing Power

Pricing power refers to a company’s ability to increase prices without significantly impacting demand for their products or services. This…

What is the Iterative Process? Jonathan Poland

What is the Iterative Process?

An iterative process is a method of working through a problem or project by repeating a series of steps, each…

Administrative Burden Jonathan Poland

Administrative Burden

Administrative burden refers to the workload and effort required to comply with laws and regulations that do not directly contribute…

Research Types Jonathan Poland

Research Types

Research is the process of systematically seeking and interpreting knowledge through inquiry, observation, experimentation, and analysis. It is a way…

Process Risk Jonathan Poland

Process Risk

Process risk is the risk of financial loss or other negative consequences that may arise from the operation of a…

Types of Revolution Jonathan Poland

Types of Revolution

A revolution is a sudden and significant change to the structure and foundations of a society, often involving conflict and…

Capital Expenditures Jonathan Poland

Capital Expenditures

Capital expenditures, also known as capital expenses or capex, refer to the money that a company spends to acquire, maintain,…

Latest Thinking

Qualified Small Business Stock (QSBS) Jonathan Poland

Qualified Small Business Stock (QSBS)

Qualified Small Business Stock (QSBS) refers to a special classification of stock in the United States that offers significant tax…

Barrick Gold Jonathan Poland

Barrick Gold

Barrick Gold Corporation (NYSE: GOLD) is a significant player in the global economy, particularly within the gold mining industry. Its…

Newmont Corporation Jonathan Poland

Newmont Corporation

Newmont Corporation (NYSE: NEM), being the world’s largest gold mining corporation, with extensive operations in mining and production of not…

Gold is Money Jonathan Poland

Gold is Money

Overview The history of gold as money spans thousands of years and has played a pivotal role in the economic…

What is Leadership? Jonathan Poland

What is Leadership?

In the modern business world, where rapid changes, technological advancements, and global challenges are the norm, effective leadership is more…

Product Durability Jonathan Poland

Product Durability

A durable product, often referred to as a durable good, is a product that does not quickly wear out or,…

Durable Competitive Advantage Jonathan Poland

Durable Competitive Advantage

The most important aspect of durability is market fit. Unique super simple products or services that does change much if…

Praxeology Jonathan Poland

Praxeology

Praxeology is the study of human action, particularly as it pertains to decision-making and the pursuit of goals. The term…

Business Models Jonathan Poland

Business Models

Business models define how a company creates, delivers, and captures value. There are numerous business models, each tailored to specific…