Packaging products together is a fantastic way to offer customers exceptional value and at the same time increase your average transaction value.
Packaging, cross-selling and up-selling all help you increase your average transaction value, however with cross-selling and up-selling you need to wait until the customer makes a purchase before you can recommend add-on products.
When packaging products together, you’re combining two or more products or services together and proactively offering that to the customer upfront.
There are TWO distinct advantages of packaging products together:
The average transaction value is likely to be much higher than when you simply cross-sell because you could be packaging three or four products together. With cross-selling you might just have one or ate the most, two add-ons.
You can actively promote the package as an inducement for people to purchase. Promote it in your advertising, at point-of-sale and as an up –sell when people purchase.
There’s an art to putting together an amazing package offer. It isn’t simply a matter of bundling together any old unwanted, unrelated items together as a package, just for the sake of it. You need to offer value and you need to offer products that are of benefits to your customers.
Here’s some examples:
Butcher: Barbie Lovers pack – 2 kg rump steak, 12 BBQ sausages, 1 kg of rissoles, 6 chicken kebabs.
Restaurant: 3 courses for $50 – Set price menu featuring selected entrees, mains and desserts.
Furniture retailer: Bedroom Package – Queen size bed, two bedside tables, chest of drawers, two bedside lamps.
What You Can Do Today:
Educate your team about the importance of packaging goods and services together
Decide on a package offer
Create all marketing material to promote package offer – ads, point of sale signs etc.
Train team on selling the offer