Bundling products is a great way to increase sales. You’ve probably experienced bundling in the past. Did you ever walk into the store just looking to buy one thing and then end up with four more items that go with it? This didn’t happen by accident. Product bundling is one strong strategy for getting customers to put more into their cart.
Entrepreneur Magazine says that product bundling is a way to bump up your sale totals. If you’re looking to increase sales, here’s what you need to know to try this approach.
Three main ways to attack
There are three popular ways to bundle your products. You can make one package, offer product recommendations, or pitch after they add cart items. Some retailers mix it up, like Amazon, which offers “Frequently Bought Together” items and value bundles on its website.
Data is your determinant
Your data should drive how you pair your products. Track item performance and check out customer data so your bundles reflect what customers usually buy together. Go even deeper into your customer data by separating users into groups. After doing that, you can offer targeted bundles for those groups.
Looking past your data, your bundles should make sense. Pairing kitchen knives with a cutting board, for example, makes sense, unlike bundling those knives with kites. Bundles should offer value to your buyers while increasing your overall product margin.
Start with your product funnel
A great way to bundle your products is by looking at your product funnel, grouping and selling products together. As a business coach, I bundle my workbook which I sell for $197 with an hour of coaching which takes the price to $297. I get a chance to talk to potential clients which often leads to more sales.
Highlight the savings
Your customers are more likely to buy bundles if they see how much they’ll save right away. Call attention to the savings so they don’t have to do the math themselves. One easy way to do this is by showing how much the items would cost separately and what the bundled saving is. This can be displayed right on the bundle’s webpage.
Go for a bundled page
If your website often has buyers pairing items up on their own, make a dedicated section for your bundles. Include savings words or phrases in the section name, such as “value” or “discounted.”
You can also offer your buyers creative new ways to use your products via bundles. By giving your customers ways to use your products they’ve never even thought of, you’ll increase the likelihood of repeat purchases.
Bundling is a proven way to increase sales as long as you do it correctly. Keep track of how well your bundles sell and make adjustments as needed. Determine which approaches work best for your customers to maximize this strategy’s payoff.
If you are having success in bundling your products to increase your sales, please share by leaving a comment.