Increase Sales and Profits through Bundling
This week several clients asked me for strategies to drive revenue growth. So, I trotted out one of my seven key strategies for driving sales growth; Bundling.
Bundling is a terrific tool for adding value to your product/service. A tactic added to the original offering for free or as part of a discounted package. It’s just another marketing tool that is designed to attract new customers and retain your existing ones, and it doesn’t have to cost a fortune or take up all your time to do.
The key to adding value to your product or service is figuring out what your customers and target market finds valuable. You want to understand their needs, wants, troubles, and inconveniences to entice them with solutions. Figuring out what you would like to be the added value to your service/ product will make your customers feel appreciated and taken care of.
Bundling is one of the most popular methods of adding value and increasing profits. This is when companies sell a package or set of goods/services. Customers perceive the bundles as having a higher value than receiving something for free. McDonald’s for instance uses this type of marketing tool constantly. They give their customers the options of getting a Big Mac sandwich or for a couple more bucks you can get a meal with fries and a drink. Most people go for the meal because they feel as if they are receiving more bang for their buck.
If you don’t refresh your offering over time, your customers will get bored and will be drawn to competitors. This can be said about your employees too. Customers and employees will ask for additional value and since they are the backbone of your business, wouldn’t you want to keep them happy? Remember adding value can be affordable and doesn’t have to be time-consuming.
Learn more about strategies and tactics you can use to drive revenue growth by registering for our next free live webinar.