Excellent products are only a part of successful business in a huge and competitive e-commerce world; you should use good marketing too. A combo offer where you bundle several other products at a reduced cost could be helpful in increasing your profits. With appropriate combo offers, you not only increase revenues but also liquidate slow-selling stock, generate an element of urgency, and build customer’s confidence.
Strategies for Combo Offers
1. Have Clear and Specific Goals in Mind:
You should have some defined objectives before starting to deal with combos. What goals do you intend to accomplish with these offerings? If you want to boost sales, cut down stock levels, attract fresh consumers, or reward existing clients. Ensure, however, that you set yourself meaningful and achievable goals that can inform your decision-making and are in line with your business strategy. Defining clear goals will provide you with a benchmark against which you can assess the performance of your combo packages and make any needed changes.
2. Use combo offers to clear out slow-moving inventory
In addition, one of the reasons why many e-commerce companies use combo offers is that it helps in moving slow-moving inventory. In the long run, you pile unsold inventories blocking your storage areas and cash. Packaging these slow-moving items with the most popular ones will form an attractive package that compels buyers to buy them. It enables you to make money out of inventory that could have remained unsold while making room for newer and pricier items.
3. Bundle Complimentary Products:
This strategy provides an avenue for the provision of combo offers that can be used to package related products. It also improves the overall shopping experience and increases purchases beyond planned buying. For example, if you are selling a camera, you can combine the body of the camera, a lens, a camera bag, a memory card, etc. Moreover, apart from increasing the average transaction value, such an approach makes the process of shopping and satisfying customer’s needs more pleasant for them, which in turn boosts chances of repeated and word-of-mouth sales.
4. Create a Sense of Urgency:
A good way to push sales by using combo offers is through establishing a feeling of urgency. Through limited-time offers, count down timers and phrases like “while supplies last” or “act fast”. This means that it not only leads people to buy immediately but can also raise the perception of value in the offer.
5. Offer Variety in Your Combo Offers:
It is important to offer a multitude of combo meals to cover a multi-cultural customer base who have varied tastes and preferences. Create different kinds of bundles, including value packages that suit the shoppers who want the best value for their money and high-end packages that are intended to meet the needs of the discerning clientele. Offering choices makes it possible to address a wider base of customers and increase the probability of sales. Another way in which this variety supports combo sales is by ensuring that the sales always appear new to old consumers who will be repeat buyers.
6. Provide Exclusive Deals for Loyal Customers:
It is important for you to reward your loyal customers as this goes a long way in creating brand loyalty among customers who buy your products. Consumers remain loyal after purchasing products. Loyalty is reflected when such consumers buy goods or services from your particular firm in a bid to earn benefits again. You also need to give them combo deals that are personalized for them in order to engage them and make them feel valued so that they continue to be interested in your site. Look into segmenting your customers according to their purchase history and then target those that are most loyal with special deals, early access to new combo promotions, etc. That demonstrates gratitude for supporting you and makes them keep selecting your brand against other suppliers.
7. Use Social Media to Promote Your Combo Offers:
Social media nowadays is an essential tool for connecting with potential consumers. It offers a vibrant arena for marketing your combo offers. Provide compelling posts, pictures, and videos with the cost of your bundles using social media platforms such as Facebook, Instagram, Twitter, and Pinterest. Try using target-based TV and newspaper ads to reach out to prospective clients who are likely interested in these deals.
Conclusion
In the fast-changing environment of e-commerce, one must embrace innovation in marketing coupled with customer care orientation, in order to be competitive and grow one’s business in this demanding, fast-moving arena. The combo offers are very flexible and can be tailored to meet your specific business requirements as well as those of your target customers. Utilizing these strategies in offering combos will enable you to have long-term customers while achieving increased revenue.
Deckline Leitao
(CSCS, NASM-PES, CES, CPT)
Deckline Leitao received his sports science training in South Africa and the UK. Following his graduate degree in Sport Science from the University of KZN, South Africa in 2003 …
