Enhanced Offerings: Product Bundles and Starter Kits Enhancing Average Order Value (AOV)
Boosting Average Order Value in Affiliate Marketing Through Strategic Bundling
Affiliate marketers are increasingly turning to bundle strategies to maximise revenue from each customer, as the cost of acquiring new customers (CAC) is often capped. By encouraging customers to purchase multiple related products together, bundles help increase the average order value (AOV) without incurring additional customer acquisition costs.
One way bundles achieve this is by suggesting complementary products during the buying process. For example, offering a smartphone along with a case or a pair of headphones can encourage customers to add more items to their cart, boosting the total order value.
Another strategy is to offer discounts or incentives on bundled sets. Promotions like "buy one, get one free" or slight discounts on bundled sets can motivate customers to spend more in a single purchase, leveraging the perceived value of the bundle.
Bundles also enhance convenience and save customer effort by simplifying shopping. By reducing the need for customers to search for additional items separately, bundles increase the likelihood of completing a larger transaction.
In addition, bundles can help expose lesser-known products. Pairing popular products with less-visible items within bundles can increase overall sales volume and order value for the affiliate.
Test "micro-freebies" are also being used to entice customers to purchase specific SKU combinations. For example, offering a microfiber hair wrap, lip oil, or trial-size primer only when certain products are purchased can help boost sales.
To ensure that creators are effectively promoting bundles, it's important to provide them with bundle archetypes, key performance indicators (KPIs), and price-per-step copy in an influencer media kit. This will help them internalise the importance of selling depth, not just clicks.
It's also crucial to specify in briefs that creators must show the cart add-ons that have been engineered and give them unique deep links to those modules. This will help ensure that the bundles are effectively promoted and that customers are aware of the additional items available.
Finally, it's important to note that pricing only drives AOV if creators are contractually instructed and technically enabled to articulate it. By providing clear pricing information and incentives, affiliates can effectively leverage the instinct of customers to evaluate effective cost per result, rather than MSRP per SKU.
In summary, bundle strategies in affiliate marketing boost AOV by increasing the quantity and value of products per purchase, improving revenue efficiency within fixed acquisition cost constraints. By leveraging the power of complementary products, discounts, convenience, and lesser-known items, affiliates can maximise their revenue from each customer without incurring additional marketing spend.
References:
[1] Affiliate Marketing Tips: How to Boost Your Average Order Value (AOV). (n.d.). Retrieved from https://www.affiliatly.com/blog/affiliate-marketing-tips-boost-average-order-value-aov
[2] How to Boost Your Average Order Value (AOV) with Bundles. (n.d.). Retrieved from https://www.bigcommerce.com/blog/average-order-value-bundles/
[3] Boosting Average Order Value with Bundle Strategies in Affiliate Marketing. (n.d.). Retrieved from https://www.influencermarketinghub.com/blog/boosting-average-order-value-bundle-strategies-affiliate-marketing/
- In addition to smartphones, affiliate marketers can bundle health-and-wellness products like fitness trackers or vitamins, offering customers a comprehensive lifestyle improvement package.
- To extend the application of bundle strategies, finance products could be combined with home-and-garden offerings, such as loan packages for home renovations or gardening tool kits.
- Fashion-and-beauty brands can bundle makeup products with skincare items, providing customers with a lifestyle package that caters to both their fashion and health-and-wellness needs.
- Food-and-drink companies can bolster their bundling efforts by offering discounts on sets containing a selection of gourmet ingredients, recipe books, and kitchen tools, providing customers with everything they need for a culinary adventure.
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