More brands are turning to product/service enhancements to engender loyalty and boost bottom lines, research by global incremental revenue specialists Collinson Latitude shows. 

An increasing number are diversifying their core offerings by forming valuable brand partnerships or developing new products and services, in order to differentiate themselves from the competition and become more relevant to consumers. 

Some 70 per cent of all global brands are now offering add-ons, the study showed; 49.6 per cent of brands across eight different sectors cited ‘adding extra value’ to the customer proposition as the main reason for developing products that enhance their core offering; and 25.4 per cent said creating additional revenue for their business was the main motivation.  

Airlines were found to be most likely to offer enhancements to their core business than any other sector (85.7%); followed by travel (83.3%) and financial services (69.2%). Retail brands are the most likely to believe that add-ons and enhancements ‘very much’ differentiate its business (100%), followed by utilities (63.2%) and telecommunications industries (66.7%). 

Janet Titterton, business development director at Collinson Latitude, said: "In today’s commercial environment, businesses across every sector need to think about what their customers value and how to adapt their core offering to become relevant to every aspect of their customers’ lives, extending the opportunity to realise a greater share of customers’ wallet. 

"Incremental revenue programmes are gaining popularity as an increasing number of brands recognise the opportunities to provide customers with products and services that will differentiate them from the competition and drive both loyalty and revenues as a result."