By Abbey Lane – Tip20! Contributor.
Unfortunately for most, the days of forgetting about money are over. The importance of saving has kicked in for many Americans as well as many Europeans, and the restaurant industry is no different. The tricky part about business is the idea that you want to give a good deal so people will buy your products and/or services, but you still want to make sure you’re making money. After all, your business is on the popular “must save” mentality as well.
One great way to make this happen is through bundling. Bundling is an easy, inexpensive way for restaurants to offer deals, and consumers have grown to expect bundling from certain kinds of companies. However, bundling can be applied to any sort of business, including the restaurant business.
For those who are unfamiliar, bundling simply means that a customer can get a deal at a company, but only if they buy a few different things from that one business. In other words, you sell a few different things as one product/service. The most obvious example is probably an Internet package. Internet companies often offer cable, phone, and Internet all for one low price. If you were to buy them separately, it would be more expensive. Even if you just bought two of the three items you would be paying a higher rate. This works just as well for restaurants. You may want to offer a bundle complete with your signature bbq sauce, six wings, and a medium fry. It seems simple, but this is considered a bundle.
Bundling works well for a few different reasons:
Why Bundling Can Work for Your Business
- Cost – Bundling allows customers to get a better rate on a larger number of items. This brings in money for the business because customers are buying more than they would have normally, and it works well for consumers because in the long run they will be saving money by buying everything as a bundle.
- Spotlight – Bundling can bring exposure to a new product or service. If you can bundle something new with some of your older, most popular items, people will be more inclined to give it a try. This could help generate referrals in the future and help the sales of any other related items.
- Easy – Bundling is easy for everyone. Although the price is great, this is probably the number one reason bundling works.
Any business that offers more than one product or service can take advantage of bundling. Although it hasn’t been overly popular with many businesses, the ones who do utilize the bundling trick find that it is successful.
Abbey Lane is a writer for Credit Card Compare giving financial advice to small businesses and entrepreneurs. Go to www.creditcardcompare.com.au to learn how to save money with a balance transfer as well as nab some other great advice.