Offer product bundles to improve the value of current customers

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 06, 2020, 6:19 AM UTC

Improving the value of current customers is more cost-effective than acquiring new ones.

This article suggests how brands can increase the value of their existing customers. By creating bundles comprising of different varieties of products, consumers could be tempted to purchase more.

Such a tactic coupled with “slight” discounting incentivises larger purchases and opens customers up to trying new products. Follow-through rates can be improved by sending a reminder to customers when they leave something behind in their carts.

To ensure that customers return, building trust is crucial. This can be done by sharing content that particularly addresses customers’ issues. Further, following up with customers through thank you emails, surveys or DMs helps keep a brand top of mind.

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[3 minute read]