Are you missing key opportunities for sales? If you are not selling to your existing customers, then you are leaving valuable money on the table.
In fact, it costs 6–7 times more to acquire a new customer than to keep an existing one, according to a study released by the White House Office of Consumer Affairs. So, not only is it less expensive to sell to your existing customers, it’s also easier to sell to someone who is already loyal to your product, brand or services.
So how do you acquire that additional revenue from your current customer base? If you are a product-based company, the easy answer is to sell someone an additional product. But what if you think you’ve maxed out the amount of products a customer wants to buy? Or you are a service-based company?
The answer to both: bundling, of course!
Simply put: product or service bundling just means packaging multiple products or services together to provide additional value or upsell opportunities to your customers.
If you have ever purchased anything from Amazon, you are likely familiar with the “Customers Also Bought” section. This is a great example of bundling by cross-selling similar products. By suggesting products in the same vein, you are encouraging customers to think about adding additional products to their cart.
Another option for product or service bundling is to combine more expensive products or services with less expensive options to create a valuable package that entices customers to purchase more. Keep margins in mind when selecting items to bundle together, so that you don’t lose money on this option.
Because not all of your clients will come in a your highest price point, packages and bundles of a variety of services can be a more enticing way for customers to spend more money with you, because the perceived value will be more.
There are other easy ways to bundle your services in a way that will be attractive to your clients without much additional work on your end. Take a look at these suggestions: