The heavily competitive market of telecommunication services has created an environment rife with offers aimed at attracting customers. One of the most successful offers has been the offering of bundled services, especially in the USA. The competitive landscape is sprinkled with tough offers from all sizes of ISP and the offerings are quite similar to each other. One of the big names in the internet provider industry, Xfinity offers some of the most reasonable bundles in the telecommunication market currently such as Xfinity Double Play deals, allowing users to use internet services, and television and even have a landline in their homes!
However, bundles are not only available in the telecommunication industry: travel body care bundles from Skinny & Co are also a great example! It includes lip balm, deodorant, shampoo, and coconut oil all in a small travel-friendly size for on-the-go users! The interest in bundles arises from the ease of getting everything required in a pocket-friendly package. Some packaged offers are more subtle: makeup giants selling palettes but claiming they work best with their brushes and sponges! Other are more open and priced like so, such as the deals in fast food places and other chains. Let’s look at how bundling helps businesses when providing services and even at times products. You can then understand the importance of bundling, and how it will be helping your brand go big.
The brief description above can be summarized as bundled services being a marketing technique in which companies offer two or more services or products, which are to be purchased together for a lower price than buying everything separately. The general concept is that these are beneficial for customers; however, they can also be highly beneficial for business owners! Some of the ways business owners benefit from bundles include:
- Consumer purchase patterns. by understanding the purchase pattern of consumers business owners can understand what they need to offer in bundles to attract even more customers.
- Bundle-related stuff. It is always beneficial to create a bundle, which has complementary products such as internet and Netflix access or internet and television. Another example would be
- back to school notebooks and pencils! Additional value is always derived from similar products as opposed to dissimilar products. In case the pairing is not complementary, there is a major chance the customers may be deterred instead of being attracted to the offers.
- Easily defined benefit. While businesses offer bundles to have customers spend more, it needs to be appealing
- to the customers themselves as well! A minimal benefit is not enough incentive for customers to spend more and feel good while doing it.
- Include free items. All customers love freebies. A very effective way to market bundles is to add a free service or product, which makes the customer feel that they are getting more for their money! Again, it needs to be complementary to the main product in the bundle.
- Focus on savings. The marketing pitch should ebb focused on what the customers are saving instead of getting. The wording makes, a very big difference in customer perception, and clear statements with specific numbers help them in choosing to purchase the bundles.
- Allowing Custom Bundling. Some businesses also offer custom bundles; a common example is beauty salons, which offer 5 services from a set menu at a set price. This allows customers to feel like they are in control of
- Bundles at Checkout. Once the customers are at the checkout, they are more inclined to focus on the bundles being offered and make a quick decision whether to upgrade to the bundle at only a little extra charge.
Bundled services in any business have been a proven method to boost sales while also increasing revenues. Business owners simply need to ensure that it is being done in the right way, bundling the correct products, which address one or more needs of the customers, and getting the word out via all platforms, especially social media! In case your bundle is not working out, the only drawback is to go back to the board and analyze where the bundle has been lacking and bridge the gap between the wants of the customers and the bundles, which the business is offering. Lastly, bundling makes for a great ROI, once you bundle services, people want to try your services or products more rather than them being individually discounted. This will also help keep the staff focused and provide better customer support. For example, getting all amnesties with the hotel room and then adding on food will interest people to buy this offer rather than go for each one.