Creative Packaging and Pricing

To make more money with what you are already offering, consider different strategies to make it easier for people to purchase what you offer. Restructuring your pricing and packaging creates more options for your customers. Here are some examples:

1) Bundle them. Offer your services in monthly increments. Instead of working with people session by session, offer a bundle of services. For instance, a personal trainer can offer sets of workouts for 3, months, 6 months, or a year. Add value by including a workbook to chart workout progress. You can also create levels of advancement to create more options for clients. Consider a silver, gold, and platinum program. Each level is a higher price and offers more value to your clients.

If you offer products, consider other ways to bundle things. For instance, a garden shop can put together a spring garden package that includes flower bulbs, a trowel, wildflower seeds, and gardeners’ gloves. A restaurant could start packaging their sauces and selling them to customers to take home. A life coach could put together a notebook and CD set to sell online.

2) Change product usage. Railroad ties are now used as decorative items for landscaping. I’ve also noticed that antique stores are offering faucets as coat hangers. And how about those stretchy bands that people use for workouts?Arm & Hammer Baking Soda has this strategy dialed in. The product was originally for baking. On their website, the company also suggests you use baking soda for brushing your teeth, as hand cleanser, mouth rinse, deodorant, skin care, crafts for kids, deodorizing your dog, and to extinguish fires. As a result, a simple product that might only be purchased once in a while has been transformed into a must-have product.

3) Change your pricing options. Offer your customers an option of paying in installments. Give a discount if customers buy a service early or in bulk. Offer a credit card option or allow people to buy online. Give people coupons, discounts, frequent-buyer rewards, or loyal-customer rebates.

4) Offer it in a new way. For example, a book or a workshop can be turned into a CD program. Certain prospects may not have time to read a book or attend a workshop. But, with your new packaging option, they can listen to your program during their commute or at the gym on their mp3 player. A used furniture store could paint some of their chairs or old frames in creative colors and sell them as functional art.

5) “Plus” it. There is a term called “plussing” that comes from Walt Disney’s constant efforts to continually make an good idea even better. An example of this is adding a playable scavenger hunt game to the waiting area of the Haunted Mansion at Disneyland Park. Hallmark Cards also uses the concept of plussing. When their creative team develops a new product idea, they invite all of their other divisions to follow a concept and spin off additional new products.

ACTION STEP: Take a look at your packaging and pricing. What at your company works well right now, but can be plussed or made better? How your services or products be bundled? What pricing options can you add? How can your products/services be made to be even more remarkable? By providing a variety of options to customers, you will make more sales.