Product bundling is not a new marketing strategy, but you can't deny it’s a great one. By placing an incentive on a package of products, you can reward your customer while encouraging them to spend more.
28% of shoppers are likely to spend more money if a retailer offers a percentage off their total, 17% if they offer specific product deals. -RetailMeNot
In this article, we'll share 3 effective product bundling tactics and promotional campaigns examples.
1. Surplus Product Bundle
The example: Give customers a free pair of socks if they buy a running jacket and shorts, plus give them a coupon for their next purchase.
A great way to move surplus products or increase sales on a less popular item
Design clever offers that combine popular products, like the latest running jacket and shorts - with a free pair of running socks
Optimize conversions with a great deal or something free, while boosting your top-line sales and moving "extra" products
Personalize your promotional campaign and mention a local running route, race or event
2. Purchase Frequency Reward
The example: Reward repeat customers with a 30% hotel discount on their 5th and 10th purchase of a round-trip flight.
It is a best practice to reward the behaviour of high-spend and highly active customers
Design a campaign that bundles related products, so you can cross-promote other products and raise awareness of other services
Consider bundling flights with hotels, tourist attractions, transportation, local entertainment, etc.
Successful promotions will lead to increased sales revenue while reducing your promotional spend
3. Real-time Reward Bundle
The example: Give customers who purchase tickets for an upcoming football match a free gift based on the weather forecast.
Trigger a relevant discount in real-time to increase customer engagement and brand affinity
If the forecast is calling for rain, send an email notifying fans that they can collect a rain poncho with a special coupon code when they arrive at the stadium (or sunscreen in the summer?)
This type of personalized product giveaway will probably turn your average customers into more than just fans
Consider creating a “Sorry4theRain” coupon valid for their next purchase - relevancy is key to any successful marketing strategy
This is product bundling and a great digital marketing strategy to increase product sales and revenue. By bundling products or services and wrapping them together at a discount price, you entice customers and increase purchases. Plus it can work in pretty much any industry, with any product or service.
Set up your campaigns! In this article we discussed three product bundling strategies that you can use for your next promotional campaigns.
If you have any questions about how you can implement these ideas, or you don't have the right Promotion Engine in place, get in touch. We would be happy to talk to you about scaling your digital marketing strategy with promotional campaigns.
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