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.