“Humble bundles” have been fascinating to watch over time. The act of allowing consumers to valuate your products and set their own prices puts a lot of trust on the consumers and a lot of pressure on the product makers. This concept works for indie and small publisher companies, but how can the concepts translate to larger and more mainstream companies?
Indie and small publishing companies don’t have the budgets or history that larger more mainstream companies have. Large companies can afford a multi-platform advertising and marketing campaign. But for the smaller companies, it’s all about reaching consumers via social media, word-of-mouth and less traditional communication outlets.
Small companies can utilize the humble bundle concept to get that initial contact with consumers, in order to start building relationships and grow a brand. Large companies already have that brand visibility, but are always searching for ways to reach new consumers.
What can companies learn from the humble bundle concept? Here’s just three points that have stuck out to me:
- Having a scale of prices for products allow consumers to determine product value. It can be a crowd source-style gauge of how your products and services are perceived. A less drastic method would be a survey of consumers asking if they received adequate value out of your products.
- Collaborating with relevant charities lets consumers know that you care for more than just you. It builds a sense of goodwill.
- Offering bonus products for consumers who pay a minimum pre-set value encourage consumers to add to their purchase. Incentives are effective motivators.
There are, of course, risks involved with these tactics. Not all consumers are willing to acknowledge product value, preferring to focus on self-entitlement and instant-gratification.
- Drive home the “so what” factor on your products that can connect with consumers. Building a relationship with your consumers creates a long-term link. When consumers care about your products, they believe in the value and are generally willing to pay the premium to get your product’s value.
- Sales and discounts are par for the course. To retain value and raise value in your products, inspire your consumers. Get them to put trust in you and your products. Brand trust can create a powerful link between companies and consumers.
Can these humble efforts make a difference to for large companies as well as small? I believe so. What about you?blog comments powered by Disqus