What are some examples of usage of the ‘temptation bundling’ strategy by businesses?
Product marketing is among the most common tactics used by organizations to generate profit. The use of leading-edge marketing strategies helps small and medium-sized businesses as well as large corporations to expand their market share as well as strengthen their position among their competitors. While there are many different business-oriented marketing tactics like website development, email marketing, and search engine optimization, many of them require money as well as people. This article will review a few of the most common business use of the Temptation Bundle strategy which shows how often the strategy is used in 2018 and the most successful of all the models.
Temptation Bundle Analysis
Temptation Bundle Analysis
Temptation Bundle Analysis
As the name suggests, Temptation Bundle entails the negotiation of several different products within one bundle. Be it design, digital marketing, web hosting, or anything else, both digital and physical sales have started to utilize the strategy as the leading provider of several different services to create a competitive edge. From their list of popular and most innovative rebranding agencies listed at the bottom of this article, one can easily identify that entrepreneurship frequently utilizes the strategy to achieve sales levels to advertise more.
An example of Temptation Bundle Strategy
In an exclusive instance of the strategy, Bottled Water Newcastle Dining Hall in Canterbury, New Zealand used the strategy to attract the customers who sought a rebranding as well as a new marketing plan as well as to capitalize on the yearly growth in the New Zealand market. To present itself as an agile marketing agency, AP Communications wanted to target an exceptional product representative who needed to develop and update the promotion campaign strategy with the highest level of business leads and even boost the promotional reach even beyond the stated marketing campaign target of 3,000 to 4,000 advertisements (Meeks & Collins, 2014).
The promotion campaign was designed to immediately persuade customers to contact the firm that designed the brand rebranding, while also ensuring that, “every marketing strategy associated with creating a rebranding campaign” was planned out (Meeks & Collins, 2014). The campaign was so successful that even the brand director previously pointed out that “the marketing plan created from this initiative, and redesigned trade show booth, will be larger than our normal strategy. Our customers’ response has been really positive” (Meeks & Collins, 2014). Because the rebranding campaign had been so successful, it increased the company’s promotion business as well as expanded the organization’s promotions while also generating brand management results.
Challenges and Strategies
The research on the quest to investigate the ways firms use Temptation Bundle Analysis is robust but, therefore, the research is far from full. Consequently, the challenges and possible risks that firms face while using the strategy need to be identified and analyzed.
Because of its ability to produce a significant increase in customer conversion rates, businesses can fall into several pitfalls by not adequately using this marketing strategy. In addition, a significant set of original content users is usually interviewed and asked about the execution of the marketing strategy, as well as the actions are taken to increase the effectiveness of the marketing campaign. The adoption of the tactics in the long term is a crucial determining factor as to whether the strategy will have any effect on the business.
In addition, the use of Temptation Bundle Analysis can also present unique challenges for businesses. The most common are price and service quality challenges. Through Temptation Bundle Analysis, the comparative tool, businesses can compare the prices of different quality products, and therefore, rate a company that is able to save both money and provide competitive value. The data collected can then be integrated to modify the promotional communications plan for the sake of increasing sales.
In addition, some businesses sometimes encounter constraints regarding packaging items which can limit the resale price. For instance, the use of the sample campaign strategy such as sample strips and free quality goods can prove highly effective for businesses that are willing to offer their services at a comparatively low price. However, if a larger organization wishes to customize its marketing campaign to increase its sales, these ideas are not suitable. In this case, similar products are sold at a lower cost, and business clients will not invest time to customize their products.
As can be recognized from these marketing tactics, marketing strategies are constantly evolving. And while there is no doubt that the marketing approach has various resources available today, it would also be beneficial for these organizations to test the strategies on the current and future practices to improve their performance.
Meeks, M. M., & Collins, M. (2014). Marketing in Action: Exposing Change in Marketing Strategies. 6th ed. Stamford, CT: Cengage Learning.