1. Bundle the complementary goods together.
This is a classic strategy that is used by many companies. By bundling complementary goods together, you can create a more attractive offer for customers and increase the likelihood that they will purchase both products. For example, a software company might bundle its software with a hardware device or service to create a more complete solution for customers.
2. Offer discounts on bundles.
Another way to increase revenue for complementary goods is to offer discounts on bundles. This can further incentivize customers to purchase both products and can help you to move more inventory. For example, a clothing store might offer a discount on a pair of pants and a shirt if they are purchased together.
3. Upsell to customers who have purchased one complementary good.
Once a customer has purchased one complementary good, they are more likely to be interested in purchasing the other complementary good. This is because they have already seen the value of the first product and are already invested in the ecosystem. For example, a car dealership might try to upsell a customer who has purchased a new car to also purchase a car wash or extended warranty.
4. Create a subscription or membership program.
A subscription or membership program can be a great way to generate recurring revenue from complementary goods. By offering a subscription, you can give customers access to a set of complementary goods and services for a flat monthly or annual fee. For example, a streaming service might offer a subscription that includes access to movies, TV shows, and music.
5. Use cross-promotion.
Cross-promotion is another effective way to increase revenue for complementary goods. This involves promoting one complementary good in conjunction with another complementary good. For example, a restaurant might feature a special that includes a main course and a dessert for a fixed price.