Experimenting with Promotions, Discounts and Product Bundles as a Marketing Tactic
The digital era has revolutionized how people buy things; however, the psychology of marketing and the art of persuading people hasn’t changed. The power of suggestion does act as a strong catalyst, and customers love a good deal when they find one!
Today, it is important to go beyond creating individual stand-alone products in the publishing industry. Creating a cohesive product line to make it easier for the target audience to understand and providing options they can pick and choose from have become the need of the hour.
Up-selling and product bundling techniques can be implemented in new ways by savvy online publishers who want to tap into sales data for up-to-the-minute insights or personalize offers based on customers’ profiles, browsing histories, and past purchases.
Other industries often sell their products in a bundle clubbing it with a discount. These discounts are presented to consumers in suggestive ways that complement an impending purchase which is a simple yet an effective way to – attract new customers, keep current customers happy, or also use it as a premium version to encourage spending by customers who want more.
What is a Product Bundle?
A product bundle is a proven marketing strategy that involves combining two or more products or services together, creating differentiation products, and offering them to the customer in one combined package. Such a type of customization is called bundling.
The decision to create a bundle can often involve taking into consideration the below mentioned three variables:
- Volume: Bundling leads to an increase in unit sales volume.
- Margins: Bundling can lower the cost of products, and can hence increase profit margins.
- Discounts: Bundling can be clubbed with discounts, hence making the deal more lucrative for the customers.
Publishers may offer bundled digital content as a way to upgrade their business model from a rigid traditional model to premium membership, paywall, and subscription models.
Benefits of Product Bundles
Product bundles appeal to the customers who value variety, speed and tailored product options. Below mentioned are a few of the benefits of product bundling and how it can be beneficial for your business.
Increases your products’ value:
By creating a flexible bundle of products, customers tend to buy more products during a single purchase, which in-turn helps in increasing the product value. Such tailored products can increase profits and sales of individual items over a period of time.
Decreases inventory waste:
Bundling waste can help in clearing out the dead or less popular stock. A slow-moving or stagnant item can be bundled with a fast-selling product. This will help the customer to be inclined in the deal as they would consider it as a bargain hence reducing the inventory waste and thereby decreasing the cost of holding the inventory.
Lowers marketing costs:
Rather than marketing every product differently, the products can be clubbed in complementary groups which can be marketed as a single product thereafter. This would help the sellers to save more on their marketing costs and also market all their products at the same time.
How can Publishers Leverage Bundles?
Enabling a shift from the rigid publishing legacy system, publishers can monetize more effectively on their content by offering a wide variety of subscription or consumption-based models or pay-as-you-read model – enabling customers to choose when, where, and how they read your content.
Offering flexible bundles, tailored to individual preferences, can help publishers to transform their business and introduce a range of complementary content. Such bundles can help publishers to expand their product portfolio by offering new and personalized experiences and services to their audiences.
Personalized product bundles:
Publishers can gather data on their customer engagement habits and use it to provide recommendations on content packages that suited their customers’ interest. A personalized experience will encourage the customers to explore and buy far more than ‘off the shelf’ incentives.
Create Your Own Product Bundles Using Cutting-Edge Solutions
Digital content bundles: ebook/ ejournal bundles
Impelsys solution enables its clients to offer their content in many packaged formats, for multiple devices. We help publishers to create ebook / ejournal bundles, thereby enabling them to aid audience development and increase their revenue streams. Such bundles also allow publishers to easily create entire product lines from an existent product and expand their content portfolio.
Demand-driven product collections
Using state-of-art technology solutions to build products and solutions for customers that allow them to experiment with various business models related to their digital offerings into their markets.
One of the solutions enables the client not only to provide a large selection of resources on the same subject on one platform but also allowed them to create new product collections themselves and make them available to individual and institutional customers for purchase or subscriptions or single vs multiple user licenses with pricing and discounting models.
Flexible subscription-based model
We can help build a custom, easy-to-use paywall system that works for your business. Our solutions enable our clients to create a flexible subscription experience designed for the user who wants an optimized experience.
We help our clients select the right kind of subscription business model after careful consideration of their content and audience. This allows them to provide their customers with the products, services, and experiences they want, the way they want them.
Bundling helps in adding value to your products by adding extra features or products to the customers purchase. Offering personalized and unique bundles can help you to stay ahead of your competitors. It also help customers to focus on the total experiential value, increase your items’ perceived value in the eyes of your customers and try features that they may not have otherwise and, also boost sales.