Convenience

Convenience adds value by making it easier or quicker for customers to access or buy a good or service. Customers value saving time and effort, so a business that removes hassle can attract more sales, win customers from slower rivals, or charge a little more.

Businesses can offer convenience in different ways: opening early or staying open late, letting customers order online in a few taps, or choosing a location that is simple to reach. What matters is that the customer spends less time or effort than they would with a rival.

How convenience adds value

For example, a high street print shop prints and binds a school project while a customer waits. It charges £9 for a bound copy ready in an hour, while an online printer charges £4 but takes five days to deliver. A customer working to a deadline will gladly pay the extra £5, because the shop saves them days of waiting and the risk of missing the deadline. The convenience has added value because the customer pays £5 more, which is more than the extra cost to the shop of keeping staff and machines ready to print on the spot.

The convenience must be worth the extra price to the customer. If the shop charged £30, or still needed a week, customers would send their files to the online printer instead. Convenience only adds value when the time and effort saved feel worth paying for.