Bundle Products Around Customer Experiences
(People Don’t Buy Tires, They Buy Into What Tires Make Possible)
Many retailers are turning to product bundling to increase cart size as well as create opportunities for multi-brand collaborations. Think about the entire experience of your product, not just the tires and parts themselves.
For instance, now that car travel is the dominant trend for spring and summer vacations, there could be opportunities to market new tires along with products related to outdoor activities like hiking, camping, and road trips.
Canadian Tire, with 500 locations across Canada, sells a wide range of products – from auto parts to cookware to tools. In the 3rd quarter of 2020, they recorded a 25.7% rise in sales, compared with the same quarter in 2019.
"With ongoing travel restrictions and limited entertainment options... families came to us to enable their creative summer vacation plans such as backyard staycations, camping and road trips,” Canadian Tire president and CEO Greg Hicks told investors on a call. “We believe that the macro trend with respect to the one-stop shop is here to stay.”
Even when a brand is not a one-stop shop, there are opportunities for bundling. Consider Peloton, which bundles their exercise bikes (hardware) with classes via their app (software); the company had a banner year in 2020.
According to the Head of Strategic & Analytic Services at Oracle CX Marketing Consulting: consumer product goods brands could offer a “cleaning bundle” that might include detergent, hand soap, cleaning wipes, and other products. Whether you look for other automobile-related products or think further afield, the key is to bundle around the customer experience.
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*Source: https://seekingalpha.com/article/4398157-peloton-one-of-2020s-best-performers-re- peat-in-2021
**Source: https://blogs.oracle.com/marketingcloud/how-coronavirus-has-shifted-consumer-pref- erences-and-how-marketers-should-adjust
