Key Success Factors for Driving Sustainable Local Economy by Adding Value to Local Products

Abstract

Community products or local products help create income opportunities for people in the community by taking wisdom or raw materials that are easily found in the local area and upgrading them to create more income as well as being part of building a strong community economy.  Increasing the potential of community products by creating additional value through lifestyle, consumption, food, language, beliefs, and faith that exist in the community for customers and tourists, as well as raising the quality standard of products to be premium products will create a circular economy in the community and be able to compete in the world market. Guidelines for creating value in local products are: focus on improving the quality of local products with better ingredients, refining production processes by using innovation, or enhancing product packaging and presentation, creating unique selling points or features that distinguish your local products from competitors, developing a strong brand identity for local products that resonate with your target audience.  Moreover, add value to a local product by creating emotional connections of storytelling, create a more compelling and differentiated offering to meet the diverse needs and preferences of your target with value-added services, and implement a strategic pricing strategy to create an aura of exclusivity and attract consumers willing to pay a premium for quality.