How to Gain From Product Bundling

Product bundling consists of selling products or services as a packaged deal. Market products related to each other as a package and offer them at a discount to increase sales and lower transaction costs. Gain from product bundling by strategically placing your products in a bundle that increases product visibility and sales.

Instructions

Difficulty: Moderate

1. Introduce new products by selling them bundled with similar, older products. Use your existing customer base to penetrate the market for your new product.
2. Save on transaction costs by selling multiple products to individual customers. Price the bundled product cheaper than the cost of each product individually to encourage sales of the bundled product.
3. Provide mixed bundles to appeal to different customers. Satisfy customer needs when choosing your product bundling mix.
4. Increase sales of fringe products by bundling the product with a top seller. Increase fringe product visibility by requiring its store placement next to top sellers.
5. Offer services in bundled packages to increase your client base. Sell business insurance and home insurance to the same customer at a bargain price. Reduce the need to find new customers by selling more to existing customers.
6. Cross sell your products and services to distributors. Sell a bundle of products rather then individual products to increase the availability of all of your products in the marketplace. Reduce your shipping costs by distributing more products to existing distribution outlets.
7. Consider bundling products with coupons or discount incentives. Offer discounts when multiple products from your firm are purchased in one transaction. Raise awareness of your corporate brand by encouraging buyers to purchase a variety of your products.