Bundle Up To Increase Your Profits

Everyday we are hit by numerous messages from the cable, satellite and phone companies about bundling their services to save money. But if you check the fine details it is all about making profits for the respective companies. But, you ask can you use this same strategy to increase your own sales, and therefore your own profits?

Why not!

An effective way to increase your profits and sales is to bundle many products or services together into one package. This gives people more reasons to buy your products and services. People also have come to believe package deals are a better value. You want all the products or services to be closely related. For example: if you're selling a computer you could add in software, hardware, computer furniture, etc.

There are many ways to go about choosing the right products or services to bundle into one package. You could survey your customers and see what products or services they would like you to offer in the future. Spy on your competition and see what products and services they're offering or not offering. If you would like to, bundle unrelated products or services together, ask your customers which ones would be of interest to them.

Bundling can also increase your target markets which in return would give you a larger audience to sell your products and services. For example: if you're selling a baseball magazine you could add a free baseball when someone buys a subscription. You're now targeting people who want the baseball magazine and those that want to play baseball out in the yard. Some people buy a package deal just to get one of the products.

There are many sources where you can find products and services to create a package deal. You can buy them from wholesalers or drop shippers. You can buy the reproduction/resell rights to other people's products. Team-up with your competition to create a package deal. You could joint venture or cross promotion deal with other businesses. You could also create your own products and services. Be creative!

Come back next time for more tips, tricks and techniques to assist you in your marketing and sales efforts as you learn to live the champagne life on a beer budget. Remember we're all in this together and I'm pulling for you.



Mahalo.



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