The global VoIP market share is estimated to hit $55 billion by 2025. There will certainly be enough pie to go around, but gaining a significant piece of that pie will become increasingly competitive.
We’re currently riding through times where customers are increasingly surfing VoIP options for the latest and greatest deal. Furthermore, with companies moving more to agile IT infrastructure management, keeping customers loyal to your offering can be a challenge.
One way to entice customers and create a point of difference in a dynamic market, is to leverage the power of product bundling.
Here are three ways product bundling can drive your competitive advantage and ultimately drive customer acquisition and retention:
1. Maximize Efficiency of a Product Catalog:
The reality is, bundling products can lead to a better subscriber acquisition. Why? Because providing adjacent solutions that add value, make a powerful case for a customer to engage with your business.
The best way to increase the efficiency of your product catalog is to have a lucrative section promoting bundle deals for your customers. The possibility of earning a potential revenue by the sale of multiple products to a single subscriber increases here. A user wanting a network connection might also be interested in buying a booster pack that allows less charge per call made via that network.
The availability of such plans at disposal of your subscribers, makes them want to use it more often and thus find it easier to subscribe to and continue further. A great bundle can also generate organic word of mouth. With popular plans being opted by major subscribers, you increase a fair chance of your bundles being subscribed by new and upcoming subscribers too.
2. Increase Scope for Upselling:
The possibility of a new subscriber buying a mobile handset that is looking for a VoIP subscription is fairly high. Therefore a subscriber that gets a fair deal from your company on purchasing a bundle that offers both the VoIP subscription and handset, is a win-win. This subscriber is likely to continue using the same service if they get an option to add on more products to the same subscription or remove a product based on the usage.
Your scope to upsell new products that have been recently introduced to the product catalog, thus increases with the availability of it as a part of a bundle offering. This way, your hybrid catalog also remains dynamic and provides your customers with a wider range of options to select from.
3. Drive Likelihood Of Renewals:
When you provide your VoIP products as a bundle, your subscribers pay a single price for the whole bundle, thus enabling them to save a little money on the taxes too. With the subscription of a bundle, the subscriber also gets to renew all the products in a go, at the end of the usage cycle. This also means less hassle and ease of subscription renewal for the subscriber, which in turn is a secure revenue for your company.
The subscriber saves on a lot of money when they get a bundle deal offered at a lesser price than individual subscriptions. It makes it simpler for you as a company to have customers that are willing to spend a little more and get a bundle with more products than buying a single product, where managing their subscription and renewal would mean higher account management for your company.
Now that we have explored the benefits of bundling your VoIP products, have you thought about the ways you could go about implementing this? A smart subscription management software could help! An intelligent system that allows you to customize your own catalogs, offer different bundles to customers located in different geographies, can assist in attracting a lot of new subscribers. OneBill’s billing and subscription management software is designed to cater to this problem. We know what it takes to meet the demands of your subscribers, which is why we’ve designed our hybrid catalog that allows product bundles to be created on-the-go. Still wondering how it works? Book your first demo with us today.