4. Bundles, Tiers, and Packages
So we’ve already talked about tiers.
Let’s expand on that by including bundles and packages. What we’re looking at here is placing two or more services together, and then offering them at a price that’s lower than the sum of those individual services. While you’re now receiving less for one (or more) of the services, you’re still receiving income that you wouldn’t have otherwise received at all because the client had no initial interest in the extra service(s). You may even sell a service that isn’t even truly necessary.
Consider your home. Your local cable provider may have teamed up with an internet provider to give you the chance to buy a bundle for the both of them combined. That internet provider isn’t the best in the area, but since you get it at a discount… well, why not?
You’ve just purchased something you never would have bought if it was offered on its own. Added bonus – you haven’t sent any money to the internet provider’s competition.
Is there some additional service you can offer that requires little output from you, but will seem like a huge gain to your client?
An increasingly used tactic for selling packaged services is as follows. Not all packages are meant to sell. In this case, there’s a sweet spot in value for the seller, and the other packages around that sweet spot are purposely less attractive – some ridiculously high in price, others low in price but not giving enough in return. That means you can steer clients to the package that offers you the most income with the smallest amount of additional effort and/or offers just the services you want to focus on providing as a business.
So, for instance packages could be priced as follows:
Package 1 – Service A & B ….$2,000
Package 2 – Service A, B, C, D & E ….$2,500
Package 3 – Service A, B, C, D, E, F, G, H…. $10,000
In the above example you would expect most businesses to go for Package 2.
To be able to sell these packages, bundles or tiers, you must again be clear in what you’re selling, and understand what the buyer values the most. You can shift your tiers around, placing this greatest value into a slot that is also of the greatest value to you.