Mcdonald’s meals, mobile data plans, Microsoft Office Suite and holiday tours. What do these have in common?
You guessed it. They’re all package deals!
Packages are everywhere and they’re not something new. They have been around and have proven to be a great strategy for businesses to generate sales and manage internal processes. As event vendors, providing packages to potential clients can be highly beneficial, especially if employed right.
In this article, we’ll discuss package deals and how you can use it to pack a punch to your business!
WHAT ARE PACKAGES?
Packages are a bundle of your products and services, offered at a single package price. Their basic function is to create the perception of value, and this can be done through making your package price lower than the sum of the à la carte product prices.
WHAT BENEFITS CAN COME OUT OF OFFERING PACKAGES?
Consumers love package deals because it makes them feel like they have struck a bargain. The discounted package price enhances the perceived value of the package and makes them feel like they are getting more value for their money. This perceived value can have a spillover effect and create a positive association with your brand in the consumer’s mind, and could potentially stimulate repeat purchases in the future.
Package deals are also convenient for consumers as they can order a bundle of products or services in one click, instead of having to individually acquire them. It saves them the time and effort in their purchase process and enhances their customer experience. Again, this could potentially translate to repeat purchases and brand loyalty in the future.
Apart from building a consumer’s brand loyalty, packages can also help you introduce or test new or related products and services. By bundling them with existing, more popular products, you can invite consumers to try a new product or service you’re trying to implement at a lower price, and help it to gain more traction.
HOW TO CRAFT YOUR PACKAGE DEALS
Nevertheless, package deals won’t work unless you do. It is crucial to create the right mix of products at the right prices in order to capture the interest of the right consumers. Here are some tips and tricks to crafting an effective package deal:
1. Know your clients
Understand your target consumer’s interests and needs, and how much they are willing to pay for your products and services. Do you want to target corporate event planners? Parents who love planning parties for their children? Gen Z coming-of-age youths looking to make their 21st birthday party a blast?
Get to know the characteristics of your target consumers and offer packages that include products or services that could add value to them. Package deals work great when you concentrate on the benefits that you could deliver to your consumers; the benefits for your business will then follow naturally.
Experiment with different bundles and gather feedback from consumers, to gain a better understanding of what kind of package deals would attract them the most.
2. Provide comparisons
Consumers typically compare prices before purchasing something, and they love choices as it makes them feel in control. Apart from the package price, provide them with à la carte pricing as well. Showing them the value of the savings they could get out of the package deal could be a great incentive for them to choose the package.
Subsequently, you could also come up with multiple package deals to give consumers the flexibility to choose their price point and the kind of products and services to purchase.
Remember that consumers are more incentivised to purchase when they feel like they’re in control. Make sure they feel like they are being offered choices, rather than forcing additional products for the sake of creating a package deal.
3. Considerations for your bundle mix
Which products or service should go into your package deals and which should not? Here are some ways to mix it up:
- Bundling your most popular products together
- Bundling popular products with less popular or new products
- Mixing main products with complementary accessories
4. Improving along the way
Every business is different and so is your clientele, what works for one business might not for another. Don’t be discouraged you don’t get it right on your first try! Keep gathering feedback from consumers to gain insights on how you could improve and fine-tune your pages to meet their needs better.
PUTTING UP PACKAGES ON DELEGATE PRO
In your Delegate PRO account (if you haven’t already, join us for free!), we have a tool for you to add packages to your vendor profile. Here are some features we’d like to highlight for you to better showcase your packages!
For packages that you would like to offer for a limited time, do add a validity date to prevent disputes with potential clients. A validity date also creates a sense of urgency for consumers to take action and purchase the package.
Live & Un-live Toggle
For seasonal package deals that you would like to activate periodically, such as Valentines and Christmas deals, you can choose to toggle the live button to add it to your profile, and un-live it to remove it without deleting it from your Delegate PRO account.
Make Packages Exclusive to Delegate
By making your packages exclusive to Delegate users, it increases your visibility on our vendor page and gives your packages priority listing on Delegate.
Here’s a great example of Adele Duxton‘s packages, where they provide ample information and a variety of package options for potential clients to choose from.
With Delegate, creating the perfect package for your clients is right at your fingertips. Leverage on it to enhance your business today!