I was in the drugstore yesterday and I saw an annual back to school favorite called the Teen Value Pack, which consists of 10 different skin and body care products from various brands packaged together in a box for a value price of $9.99 (retail value $42). Even though my kids may only need half the products in the packs (my son isn’t old enough to shave just yet), I still bought them because I felt like I was really just paying for one product and getting the rest for free.
The lesson here is that consumers love getting value for their money, and love getting many items at one expenditure almost feeling as if some were free. So, have you thought about bundling together your products and/or services?
There are a few advantages to this old marketing trick:
- The customer might be more likely to go for the bundle because of the overall cost savings, allowing you to sell more product to one customer at one time, and hence make more money overall.
- It is a good way to introduce new products and create future demand
- You can take advantage of various selling occasions or events to create bundles or value sets around, such as Back to School, Having a Baby, Going on a Trip, New House, etc.
It can also be a way to quickly expand your customer base. Back when I was working for a computer software company, we wanted our customers to start buying the CD version of our software because it was much cheaper to produce. But a lot of people didn’t have CD-ROM drives in their computers (we’re going way back here). So the company bundled the CD version of the software with a top-notch CD-ROM drive (they worked out a deal with the manufacturer to buy them at a really good price). They packed the software and CD-ROM drive together in a box and called it the Blockbuster Bundle for the same price as buying the software on its own and they sold like hot cakes. Why not, it was a chance to essentially get a free CD-ROM drive. The end result was not only did we successfully get our customers to upgrade to CD-ROM, but we got a ton of new customers in the process.
So come up with a bundle that makes sense, offer it at a value price where you still make a decent profit, make it a limited time offer, and see what it does for your business.
© 2015 Gail Oliver, Attention Getting Marketing. All rights reserved.