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Service and Product Bundling: How to Bundle Efficiently
28.05.2024
-5 min
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Paul Towne
28.05.2024
-5 min
Service and product bundling is a game-changing strategy. Buyers find it convenient. Businesses find it accelerates and increases sales. It's a win-win.
Yet, trying to bundle manually is tricky. You need to consider buyer needs and past buying patterns, and configure solutions based on item and option knowledge. Then you have to price, without devaluing individual items. It's a time-consuming and error prone process.
In this blog, we look at bundling as a competitive strategy. And share how to remove the roadblocks that hinder bundling as an effective business strategy.
Bundling is a business strategy that combines multiple relevant items into a single solution sold at a discounted price. It can increase sales volume and introduce upsell and cross-sell opportunities, as well as boost brand awareness.
Imagine this: A customer wants a product, and traditionally, you'd develop a quote. Then there would be reviews and approvals and pulling together the final version. All while the clock is ticking and the buyer is waiting.
What if instead, you shared a pre-configured bundle that included the right product and service at a discounted price? It's convenient and compelling. That is the sales power of bundling.
Three types of bundling dominate sales: pure, mixed, and cross-industry. Pure includes products only available with the bundle. Mixed bundling offers products individually and bundled. Cross-industry brings products together from different industries.
By understanding your buyers purchasing habits, you can craft bundles that resonate with specific buyers and buyer groups.
Bundling is not about just throwing items together. Bundling is a strategic approach that creates value for buyers, while boosting your bottom line. Think Shampoo and Conditioner, Internet and Cable, Burgers, Fries and Soda.
But you won't just find bundling in the consumer industry. From Energy & Renewables to Manufacturing, you can find effective examples of bundling no matter what business you are in.
Businesses are always looking for ways to stand out, to increase sales and build stronger client relationships. Compelling bundles create the perception of value without the hassle, making buyers receptive to more. They also boost brand awareness and perception, encouraging them to return for future purchases.
In fact, studies suggest that bundling creates a "sticky" ecosystem. One that can increase your average order value and boost your client retention. Transforming you from just another vendor into a go-to trusted partner.
Crafting compelling service and product bundles can be a strategic win. But there are some hurdles to overcome. For example, manually managing the sheer complexity of bundles, their intricate combinations and pricing across all sales channels.
This is a time-consuming and error-prone process. One that actually hinders your ability to efficiently deliver the benefits of bundling.
Here is a glimpse of the hurdles and problems faced by teams who embark on the manual bundling path:
The good news is, there’s a powerful antidote to the headaches of manual service and product bundling: automation.
Automation uses your business rules to pre-define logic for building your bundles. Now your team can focus on crafting more innovative and strategic bundle options faster for your clients.
In today’s competitive business landscape, bundling has emerged as a win-win for businesses and clients. Yet, like so many marketing and sales strategies, bundling comes with its own set of hurdles.
Automating your sales process overcomes those hurdles. Just as bundling can overcome buyer frustration, combining your sales process with automation can overcome bundled sales slowdowns. Ready to accelerate your quoting, increase your win rate and boost your bottom line?
Related article: Learn how Fabtek, a leading American manufacturer, reduced quoting time by 50% with XaitCPQ.
Paul Towne
Paul, has been entrusted with helping to grow the North American market for XaitCPQ. He has more than 15 years of successful experience as an entrepreneur and senior sales leader in technology and financial services. He enjoys almost any outdoor activity as well as extolling the virtues of vinyl compared to digital music with anyone who will listen. Paul is a graduate of the University of Massachusetts and lives in Boston with his wife and two kids whom they love dearly even though they regularly demolish their house, eat all of their food, and never let them sleep.