In the competitive world of business, simply selling a product is often not enough to stand out and create lasting customer engagement. To boost revenue and foster stronger connections with your customers, consider bundling “soft costs” – fees and charges for services related to the physical product being sold – with your product. By offering added value and convenience, you can entice customers to make a purchase and build a loyal customer base.
With NewLane, customers can bundle their soft costs into their financing program. It’s easy for them to incorporate fees for services like installation, delivery, training, and more into a single monthly payment.
With that in mind, let’s explore some ways that you can offer exciting and helpful secondary services to your customers.
Incorporate Training and Education Services:
Equip your customers with the knowledge and skills to make the most of your product by including training and education services in the package. Offer on-site or virtual training sessions, webinars, or comprehensive user manuals that guide them through product usage and best practices. Not only will this enhance the perceived value of your product, but it will also build customer confidence and loyalty, as they feel supported throughout their journey with your offering.
Provide Extended Warranties and Support:
Offering extended warranties or premium customer support can be an excellent way to package soft costs with your product. Customers often appreciate the peace of mind that comes with knowing they have extended protection beyond the standard warranty period. This gesture of trust and commitment can lead to higher customer satisfaction, increased repeat purchases, and positive word-of-mouth recommendations.
Bundle Installation and Setup Services:
For products that require complex installation or setup, include these services in the package. Many customers are willing to pay extra for the convenience of having professionals handle the installation process. By bundling these soft costs, you not only streamline the customer experience but also increase the perceived value of your product, making it more enticing compared to competitors offering standalone products.
Offer Personalization and Customization:
Incorporate soft costs by allowing customers to personalize or customize their purchases. Whether it’s engraving their name on the product, choosing unique color options, or tailoring features to suit their specific needs, personalization creates a strong emotional connection between customers and your brand. It not only enhances the value of your product but also fosters a sense of ownership and pride, resulting in increased customer loyalty and advocacy.
Provide Post-Purchase Maintenance and Upgrades:
Instead of charging customers separately for maintenance and upgrades, package these soft costs with your product. Offer complimentary maintenance visits or regular software updates for a specific period after the purchase. This strategy not only ensures that your product continues to perform optimally, but it also encourages customers to remain engaged with your brand and explore future offerings.
Include Access to Exclusive Content or Community:
Create a sense of exclusivity by providing customers with access to exclusive content, such as tutorials, insider tips, or industry insights. Additionally, consider building a community platform where customers can interact, share experiences, and seek support from both your brand and fellow customers. This approach strengthens the bond between customers and your business, fostering loyalty and brand advocacy.
Packaging soft costs with your product presents an exciting opportunity to not only increase revenue but also create meaningful customer engagement. By incorporating training and education services, offering extended warranties and support, bundling installation and setup, providing personalization options, and offering post-purchase maintenance and upgrades, you can deliver added value that resonates with your customers. Additionally, granting access to exclusive content or community platforms fosters a sense of belonging and encourages customers to remain loyal advocates for your brand. Embrace these creative ideas to differentiate your offerings, attract new customers, and keep them engaged throughout their journey with your business.