A lot of people are price-sensitive these days, and always looking for a good bargain. A lot of businesses these days are suffering from lower sales and higher competition. One of the best ways to create a win-win for both parties is to create bundled offers.
What Is a Bundle?
A bundled offer is an offer in which you put together several items that are related to one another such as by topic, niche or theme, and sell it for one reasonable price. Bundles offer good value to your customers because they are getting more for their money. They also offer the high-profit potential for you, because a bundle will increase the dollar value per transaction for each sale you make, and create a higher perceived value for your products.
Why Create a Bundle?
There are three main reasons for creating a bundle. The first is dollars and cents. If you bundle two or more items together, you can charge more than the price of a single item and still give the customers the impression that they've gotten a great deal.
The second reason might be to move inventory that is not selling very well. You can highlight a product which is otherwise rather flat in sales, and call attention to it through the bundle by pairing it with one of your better-selling items.
You can also give a flat product a facelift by creating a bundle based on it. For example, you can add a checklist, tip sheets, a quick start guide and so on, which will increase the perceived value of the item. This means you can charge the same or even more for it, but it will look more valuable.
The third reason for bundling is to show your range of offerings and make it convenient for people to buy. It is better to get people to click once and check out than to have to click on several pages, add items to their cart, and then not buy when they see the total.
What Are the Best Bundling Practices?
There are a number of different bundling practices. The main thing to remember is that a bundle should be logical; that is, similar products being sold together to offer what appears to be a relatively complete package. If we look at Amazon's practices, for example, we can see that they bundle based on consumer behavior, similar items, and/or on the types of accessories that people typically need to add on when they are making a major purchase.
Now that we've discussed why bundles can be so useful and how to put together a great bundle, use bundling in your business and see what a difference it can make to your sales and profits.
Next time, we're going to look at the benefit of having flash sales.
Anna D. Banks, MAS, is an Executive Coach, Trainer, speaker and a John Maxwell Certified Coach.
Anna works with women professionals and business owners who desire a bigger business and self-development. She facilitates workshops, seminars, training, and coaching to entrepreneurs, and owners of small-business and mid-sized business.
Anna is also a Certified D.I.S.C. Behavioral Studies Trainer, in addition to her extensive training, business development and media experience.
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