We all know the experience of going to a fast-food joint for a sandwich, only to come out with the sandwich plus an order of fries and an extra-large drink we didn’t want or need. How do they get you to do that?
This is a classic example of bundling, where you offer several products together at a reduced rate for better value. You can employ this technique with your market to offer true value for them and earn more money for your business. You can offer your bundle as an upsell too.
Here’s how you do it.
The Power of Bundling
The concept seems quite simple at the outset – you offer a bunch of stuff for a low price. But it doesn’t work unless you really know what you’re doing. The value your bundle offers needs to be well worth the price the customer is paying, which is more than a single product.
In addition to the cash boost a bundle can give your business, this technique offers the chance to further show people the unique value you offer by giving them more products. It also helps you move inventory.
It’s not just a matter of throwing stuff together. You need to think about the needs of your customers so that you can offer them a combination of products that helps them overcome problems they’re facing and accomplish more.
Pricing Your Bundle
A good combination is one that’s a win-win for both parties. This means it needs to be low enough in price that it’s a bargain for the buyer, but also profitable enough that it’s worth it for you. Decide how much you need to make before you start setting prices.
There are two cases where you might want to offer a super-low price. One is when you’re trying to bring new people into your business’ orbit. You might offer one or more of the products at a loss in order to spread awareness of your brand and get new leads.
The other case is where you need a quick burst of cash. You can create a limited-time offer where people can buy the bundle but only while supplies last.
How to Bundle Products
Bundling options include:
- Products that are used together, such as a game console and a game
- Similar products that are used for the same thing
- A high-seller and a low-seller in order to move stock of the low-seller
- The highest-selling products together for the most sales possible
- A product that comes with a service using it; for example, a collection of social media content along with the service of posting the content for the client
- Physical product with an information product, which could be a digital report explaining different ways to use the product
Choosing the Right Offer
To put together the right offer, understand your market and their buying behaviour. What products do they use together or buy together? Look at sales data and carry out surveys or other methods for gathering market information.
If you want to learn more ways to boost your business’s cash intake, then head over to my program, Instant Income Strategies For Small Business – How To Create & Earn Instant Income And free Up Cash Whenever You Need It where you’ll find a wealth of ideas, tips on implementation, and much more.
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