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The best way to maximize conversions as well as Revenue (with TCommerce)

May 11, 2024

Go ahead.

Reach new audiences

One effective way to drive the conversion rate and increase your revenues is by reaching new audiences. That means you can attract more customers through your best-of-funnel campaigns.

A lot more difficult to do than say, reaching new audiences can include various strategies. In order to make it easier slightly, we've created two different categories that you can consider as you work to drive more people into your funnel at the top.

Increase traffic

The top-of-the-funnel (TOFU) marketing efforts aren't limited to any one platform. An effective strategy invests on social media, the web as well as paid advertisements as well as affiliate marketing and more. Here's a breakdown of each

  • Leverage SEO, also known as Search Engine Optimization (SEO) is the method of optimizing the content on websites to increase search engine visibility. When someone searches for certain terms (keywords) related to your business, product or service, you'll should be on the search engine results page.
  • Embrace affiliate marketing: Creators with a thriving customers can attract clients by providing rewards for sales resulting directly through their endorsements. As an example, if you provide an income of 10% to affiliates who are your affiliates, they'll receive 10% of each purchase that is made using the unique referral link they have created or using their promo coupon code.
  • Encourage referrals: Affiliate programs can be a great option for authors with large audiences because they benefit from large networks. A student who has a blog that is popular could make a significant profit through a 10% fee in the form of directing visitors to your offerings. The referral program is better suited to everyday consumers who have fewer contacts. These programs motivate small-scale sharing by offering tangible rewards like discount coupons, gift cards, or special content for loyal customers.
  • Plan for paid traffic Paid traffic exactly is what it's called, traffic that's the result of paid advertisements, boosted articles, sponsored content and more. The most successful paid efforts occur when you've got a particular or current offering that can be a hit with an group of people. Shotgun tactics, which is when you aimlessly throw money around in order to improve posts or create ads can increase traffic however not to the extent that you would expect from a deliberate method.
  • Make use of social media platforms The social media networks such as Meta, are eager to take your cash. But just because you can isn't a guarantee that you will. Facebook, Instagram, and Youtube can be a great way to get your brand, messages, and other content front of new audiences.

Increase the size of your lead nurturing efforts

This section focuses on sizing your lead nurturing efforts with digital resources that are typically located in the middle and bottom in your sales funnel.

Lead nurturing engagement tactics can include (but don't limit them to):

  • Ebooks
  • How-to guides
  • Templates
  • Webinars
  • Q&A-style sessions
  • Email marketing

Whatever tactic you use, there is one common element that crosses across from category one to category two: providing the value.

If potential buyers traverse your sales funnel, your message will become naturally more salesy. But, those who are in the middle of the funnel still aren't quite in a position to make a buying choice. They're instead seeking to know more about who you are, about the products you provide, as well as their industry or problem. To meet their needs at this point in the buyer's journey it is essential to concentrate on providing value over all as you begin to showcase your offering as the perfect solution to their wants or problems.

Increase revenue through gifting

A second way to increase the revenue and conversions is to include gifting as an option for checkout.

An easy search on Google Trends reveals that searches for "online gift" have risen steadily since 2004and all-time highs occurring during the pandemic and remaining in the overall high range compared to time prior.

Our research has shown that those who allow gifting during checkout make up to 6.2% larger transactions--and that's without changing any other variable. Simply by offering the choice to gift your courses, you can increase revenue with just a couple of steps.

Optimizing conversion rates

The majority of checkouts are completed before the purchase has been done. By streamlining your checkout process and making it simpler for your customers to finish their checkout session to maximize conversions.

Inducing users to search their wallets, locate the correct card and manually enter their payment info can quickly increase cart abandonment. Unfortunately, a lot of course designers are doing exactly this. So, one of the best ways to speed up your processes is through reducing payment methods.

  1. Purchase Now and Pay Later: With the rising cost of goods and record-breaking inflation rates in recent years, college students have a tight budget. This doesn't mean that demands for online education are slowing down. Instead, it just means students are searching for the option to buy now and pay afterward (BNPL).
     
      In actual fact, Forbes found that GenZ usage of BNPL methods has grown more than six times over the past few years, with millennial usage almost two times. Furthermore, TCommerce customers who offer the option of Buy Now Pay Later experience higher transaction sizes and earn 7.5% more revenue on average.

The value of average orders is increased

The final tip for maximizing the revenue and conversions is to implement an option to bump orders.

Order bumps are a pre-programmed process that takes place just a few minutes, sometimes seconds, before the final button click during an order procedure. The "bump" is an act of offering complementary offers that are lower-risk, as well as low-cost options.

The reason for order bumps is the fact that the buyer has already committed to a purchase, so they're more likely to commit to an additional purchase of a smaller amount that will help them achieve their intended goal or resolve a problem.

Here's a sample of what order bumps could look like for your company.

In comparison to a $600 course the price of $22 seems small. Students who haven't added it to the cart may be convinced, making it a part of Kristen's typical price.

Other strategies to increase the value of an order include bundling and upselling. If your customers are keen on only one item on your website, provide discount bundle rates if they add another related item to their shopping cart. Or upsell when students are likely to get more from an extensive yet costly selection.

Final thought

There you have it! In closing keep in mind the following four methods you can increase sales and conversions, as well as boost your revenue.

  1. Reach new audiences through driving traffic to your website and increasing lead nurturing efforts
  2. Increase your revenue through digital gifts
  3. Optimize conversion rates with new payment methods
  4. Enhance sales and revenues by upselling, cross-selling, and Bundling