We know what you’re thinking, Mindvalley – a breeding ground of innovation and creativity – must be going crazy to be telling people to think inside the box. Let us explain.
Mindvalley offers three kinds of product bundles: digital, physical, and the complete collection. For years, we have offered the product bundles in a very linear way using multiple-choice buttons that customers have to tick to select their purchase.
It looked like this:
Drastic changes have to be made about how the product bundles are presented to customers. The presentation has to be innovated and sleek. It should not feel like it is a survey or a multiple choice question where they can choose a wrong answer. It should feel like a real purchase.
Why not put the prices inside boxes? Why not separate each bundle by putting each in a box? This is called the Triple Box Pricing Model. But the old pricing system still worked, it was not a broken system. It just needed to work better. Boxing the prices alone may not boost sales and may even hurt conversion. Hence, the two concepts were merged.
The prices were put in separate boxes, but the following rules had to be observed in keeping with a past practice that worked:
1. Retain scarcity with limited time offer feel on the complete package by crossing out the old price.
2. Kill one of the choices by making the price of the physical collection equal to the price of the complete collection. This limits the choice to two options (digital and complete), at the same time, the complete collection will appear to be a much more attractive choice than the first one.
3. Highlight the complete collection box by using different colored text and making it bigger than the other two. This is to draw attention to that bundle.
4. Add personal touch by using handwriting typography on the third bundle.
Using this concept, sales were boosted by 20.9%.
This is what the pricing option now looks like across Mindvalley websites:
[googleplusauthor] is the Project Manager of Mindvalley’s Analytics and Innovations Team.