This is the only revenue-generating element of the mix – all other marketing activities represent a cost. So it’s important to get the price right to not only cover costs but generate profit!
Before setting prices, TWD has to address the necessity to research information on what their customers are willing to pay and gain an understanding of the demand for that product/service in the market.
As price is also a strong indication of the positioning in the market against competitors (low prices=value brand), prices need to be set with competitors in mind too.
Key elements of "Price" are determined by how the Product / Services adds-value or Manages-risk for the customer.
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ReplyDeleteHowever, Bundle pricing is when you offer (or "bundle") two or more complementary products or services together and sell them for a single price. You may choose to sell your bundled products or services only as part of a bundle, or sell them as both components of bundles and individual products.
Pricing model: bundle
This is a great way to add value through your offerings to customers who are willing to pay extra upfront for more than one product. It can also help you get your customers hooked on more than one of your products faster.
Bundle Pricing in Marketing
Marketing bundle deals can help you sell more products than you would otherwise sell individually. It’s a smart way to upsell and cross-sell your offerings in a way that is beneficial for the customer and your revenue goals.