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How To Win in a Crowded Market

How do you separate yourself… especially when you’re in a crowded market? I’ll share a recent example that had me paying a premium instead of shopping for the lowest price.

Big Ideas

How To Separate Yourself [0:46]

The last thing we ever want to do as business owners and entrepreneurs is to be caught up in a price war, where your potential buyers are looking at you and comparing you to somebody else, and deciding who they are going to buy from based purely on price. I was reminded of this recently because I’m in the midst of traveling right now for my Impact Mastermind and I needed to get some new equipment for recording the mastermind.

So I was searching for the microphones and recording devices on Amazon, and I was boiling it down to price. However, I ended up buying the same microphone and the same recording device from a vendor, and paying more than what everybody else was selling it for. So, why would I buy something that I could get for a cheaper price? Because this particular vendor created a bundle – they weren’t just selling the microphone and the recording devices, they were selling it with a case, some extra cables, a wind mic, some extra clips, and an adapter. So they created a bundle which immediately separated them from everybody else.

What Are Examples Of Great Bundles? [3:53]

It got me thinking about all the different ways that we can bundle in extras to add tremendous value and really separate us in a crowded marketplace. When we think about bundles, I want you to think about accessories. Are there accessories that you could add to your product or service that would complement it and help you separate yourself from others? Are there bonuses? What about a warranty or a guarantee that’s different from everybody else? Or what about adding on an extra service?

For example, think about a migration service for domain hosting. If there was a competitor to GoDaddy that offered a migration service, I guarantee you they would dominate the marketplace. If somebody were to make that easier by offering and adding on some type of extra service as part of the bundle, they would get a ton of people.

Peloton has recently done this. When people hear about the Peloton, they think it’s amazing, but then they get shocked when they find out how expensive it is. Now Peloton bundled in an opportunity to be able to buy it in payments with 0% interest. They’ve taken this product that would have been very expensive and would have had them and other buyers potentially shopping around and price comparing, and they’ve eliminated that by bundling in the option to get it in payment plans with 0% interest, making it much more affordable.

Creating A Whole Different Experience [6:37]

My wife and I, my sister and my brother-in-law, all went to watch the Toronto Raptors who were playing against Detroit at Little Caesars Arena. It’s a relatively new arena, but I was impressed that they bundled our tickets in an experience. It included premium parking, all-you-can-eat food and snacks and drinks. When you compare that to two weeks later when I was taking my family to the Toronto Raptors game in Toronto, none of that stuff was included. And it really changed my perception of wanting to go to games in Detroit when Toronto was playing there because it’s a totally different experience.

I’m sharing this with you because all this boils down to bundling some additional components, accessories, bonuses, warranty, guarantee, services, experiences, things that are going to separate you from the marketplace. I’ve also had friends and colleagues who have started to reach out to others and bundle in their products and services. Because it’s an opportunity for them both to get exposed to an audience and potentially generate some leads.

Memorable Quotes

“A great way and an easy way for you to separate yourself in a crowded market is to think about bundling. – Stu McLaren


Episode 144 – Bonuses That Move People To Buy

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