If you sell multiple products, then bundles are a great way to
increase sales, particularly if you are able to package complimentary products
together. This is also strategic if you
have a product that does not sell as well as another, but would make a nice
“bonus” to the more popular one. If that
is the case, you can offer the less popular one as a “free bonus” when the more
popular one is purchased; or you can bundle them together and offer a discount
when they are purchased at the same time.
This can help entice some customers into finalizing their purchase, and
it often provides more profit than would have been achieved if the products had
been sold individually.
Quantity discounts should also be part
of your sales strategy. If you offer
packages, say a 5 pack, 10 pack, 25 pack, etc., some customers may only want 20
licenses (no more, no less). So, they'll want to negotiate a rate between
two ten packs and one 25 pack. It is not advisable to tempt customers to
negotiate your price because it can result in lost sales or, at the very least,
add administrative overhead. This example shows how you can avoid such problems:
|
Quantity
|
2-4
|
5-9
|
10-24
|
25-49
|
50+
|
|
Unit Price
|
$39.97
|
$38.97
|
$37.47
|
$34.97
|
$32.97
|
As
shown, this strategy demonstrates higher quantities have larger discounts, eliminates
any gaps in the quantities being offered, and it reduces the risk of you having to negotiate prices and possibly losing a sale.
If you don't have the ability to easily implement this type of quantity discount schedule companies that specialize in e-commerce, such as NorthStar Solutions, can offer a valid strategy for that part of your sales process.