In 101 marketing strategies we are looking to identify the fastest and easiest ways to build your business, increase profits and make you successful. One of the fastest ways to do all of this, particularly to increase profits in your business is to increase the average sale price of each sale. If you have already gotten the person to the point of sale, increasing that sale can have a profound impact on your bottom line. There are a few ways to do it, and a really good one, that many small business owners and entrepreneurs overlook, is selling packages. A package is a bundle of products and/or services grouped together and sold as a unit. And, guess what? They often sell better than single products alone.
The reason packages often sell better is they create more value for the customer at the point of sale. They often allow you, as the business owner, to offer a better price value, you can group together things that will serve the client more effectively, and ultimately, you end up with bigger end sale price without having to add much extra effort into the sale once the packages are designed and offered. Some common examples of packages might be if you are selling vitamins offering a 3rd month free with the purchase of the first 2 months, or if you offer seminars, offering each course for a fixed price individually, or if you buy 2 you get the third one for free. If you sell a software package for businesses you can bundle it with training and coaching, which you can also offer separately, but as a package it makes the software more desirable.
Figures vary for different business owners, but my research has shown that up to 80% of the transactions in situations where packages are offered are a ‘package’ sale. You can have small packages where three items that are usually $10 each are grouped and sold for $24.95, or big packages where individual training or seminar programs that are usually sold for between $1995 and $5995 get grouped together for a package selling for $30,000 or so, depending on all the parts put together. People love packages, so figure out ways you can create packages for your products and services.
One of the ways to create a package is by adding bonuses, if you add a few really amazing bonuses you can create what is known as an ‘irresistible offer’, where the person considering the purchase begins to understand that the deal is so good they would be silly to pass it up. In the end, think about what would get you to spend your money…why should someone buy if it’s not an incredible offer? Build up the package so that it is an amazing deal, give tremendous value to your customers, everyone wants to feel like they got a good deal, so make it incredible and it will be irresistible.
Also, be careful to take the time to explain any and all of the bonuses and parts of a package. Every time you add a bonus you need to clarify the value the client will receive and the actual price the bonus or item would sell for, that helps them understand the actual value of the package as a whole.
Come up with a crazy, amazing package, with bonus after bonus, give it a great name, and then share all the benefits with your prospects, they will be delighted to become your customer.