How to Make More Money by Upgrading Your Packaging

Packing is one element of products that businesses forget or pay little attention to when looking for ways to increase sales and profits. However, this is a mistake, as there are many ways that changing the packaging of a product can help a business to make more money. In this article, we take a look at several strategies that can help your business make more money simply by upgrading your packaging.

Businesses can create packaging for special occasions such as the King’s coronation; this limited edition packaging can encourage people to purchase your product. Some people also like to collect limited edition packaging to keep in a collection or to sell at a later date. Changing your packaging to suit an occasion or event can encourage new customers to buy your product. These customers may become loyal and repeat their purchases once they’ve experienced your product. Creating limited-edition packaging can make products stand out on the shelf and help businesses improve their profits and sell more items. 

If your packing is practical and useful, as well as great for storing your products, it can be an extra incentive for customers to purchase. For example, if you sell hand sanitiser and create packaging that can be clipped onto your keys, or if you sell hair dye and create packaging where the box can be used as a bowl for mixing. Both examples show how practical elements can be added to make packaging that’s more appealing to customers. People are more likely to buy products that come in packaging that has practical applications. 

An easy way to make money is to offer customers the option to pay more for the product to be gift-wrapped. Many customers will be happy to pay for this service and will appreciate the ability to purchase a ready-wrapped gift. This approach works best with items that are suitable for gifting, such as toiletries, candles, clothing, perfume, jewellery and chocolates. As part of the gift wrapping service for a ring, you may offer a range of elegant ring boxes, gift wrapping, ribbon decoration and a personalised gift tag. Ensure you show your customers what they will get when they pay more for gift packaging. This can help your business make more money as there will be a margin on the gift wrapping, and it will open your products up to potential new customers looking to purchase gifts. 

When you upgrade your packaging, customers may form a different opinion about your brand, seeing it as higher quality and even a luxury item. This change in brand perception may allow you to increase your prices to compete with more luxury products. Alternatively, you could develop a new product that better appeals to customers seeking high-quality items. Packaging is a good way to test brand perception and see how customers react and behave when you increase the quality of the packaging. 

If your packaging is boring and doesn't stand out, you may have an issue competing with your competitors. This is especially true if you’re in a crowded market with lots of other competitors vying for the same customers. By updating and upgrading your packaging, you may be able to grab the attention of new customers, persuading them to try your product over the competition. Make sure you do lots of market research to find packaging that’s eye-catching and appeals to your target market. Also, look at what is already available and try to make your packaging unique and different from everything else that’s already being sold.

When packaging is designed carefully with thought and consideration, it can make a huge difference to how many products are sold. There are also other ways to increase the money a business makes by changing the packaging alone. Limited edition packaging is great for special occasions or new product launches; practical packaging can appeal to customers and encourage them to purchase your product, adding gift options can open up a new stream of revenue and opting for higher quality packaging can change customers' perception of your product and brand. Consider how you can alter your packaging to increase profits.