Overall, choices are a good thing. A range of products and services gives power to the consumer, or at the very least the perception of it, to help them make the right choices for their individual needs. However, choice fatigue is real. In an overloaded world where the average consumer feels busier than ever and decision paralysis can rear its ugly head.
“There are always more incoming emails, more meetings, more things to read, more ideas to follow up, and digital mobile technology means you can easily crank through a few more to-do list items at home, or on holiday, or at the gym,” says Tony Crabbe, author of the book Busy: How to Thrive in a World of Too Much. “The result, inevitably, is feeling overwhelmed.” (Source: BBC News). It seems that in an age where you cannot escape your inbox or your workplace WhatsApp group, streamlining the shopping process is more important than ever.
At More Than Loft Ladders we are no exception. In most cases, customers would prefer us to visit their home once and set up everything that they need. A bundle gives them the bare basics of what our services provide: boarding, a hatch, a new ladder, a light, with room to add additional enhancements such as topping up insulation, removals, and accessories like grab rails and storage boxes, without overwhelming our clients. Increased revenue and the perception of value are natural side effects of this process. It also helps a business image as a one-stop destination for everything a customer wants or needs, which boosts brand loyalty.
How do we know this? We have experienced returning customers who have moved house and want their brand new loft space transformed into a useful storage area, at the same quality and value as what we gave them in their old home. We fulfil the very human need for simpler decision-making, right when our customers need us.
According to CMO, Cross-sell and Retention expert Andrey Gadashevich, there is a psychology behind grouping products and services together. “Bundle pricing taps into core psychological principles that influence how we make buying decisions. It exploits the mental shortcuts our brains love to use. Research shows bundle pricing actually reduces the psychological pain of paying by turning multiple purchase decisions into one seamless action.” (Source: mbc-builder).
Although we give our customers a range of options, we tend to bundle these together into more manageable choices that are easier to digest during our quoting process. This is especially important as each loft space is unique in its needs and requirements.
Brands that establish product bundles can see a twenty percent increase in sales and thirty percent profit gains, according to McKinsey research (Source: Swell).
We are not revolutionary in this line of thinking, but sometimes in very complex times the simplest tactics can be overlooked. Bundling services and products makes a business the easy choice and the clear winner when customers are doing their research.
