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Strategies to Increase Conversions and Revenue (with TCommerce)

May 11, 2024

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Reach new audiences

An effective method to boost sales and boost your profits is by reaching new audiences. It means that you are able to attract more users in your top-of-funnel efforts.

A lot more difficult to do than say, getting new customers to your website can involve various strategies. So to simplify it somewhat, we've put together two types of categories to look at as you attempt to drive more people into your top of the funnel.

Drive more traffic

Top-of-the-funnel (TOFU) marketing efforts aren't limited to any one technology. A robust strategy will invest in web, social media as well as paid advertisements in affiliate marketing, paid ads, and many more. This is a brief overview of each:

  • Leverage SEO: Search engine optimization (SEO) is a method of optimizing the content on websites to increase search engine visibility. When people search specific terms (keywords) that are related to your company, product, or service, you should be in the results page.
  • Take advantage of affiliate marketing: Businesses with an active customers can attract clients by providing incentives for sales that result directly from their endorsements. As an example, if you provide a 10% commission for your affiliates, they'll receive 10% of each purchase that is made using their own referral link, or by using their promotional coupon code.
  • Encourage referrals: Affiliate programs can be a great option for authors who are able to attract large audiences since they make use of large networks. For instance, a student who has a blog that is popular could earn significant income by earning a 10 percent commission by directing traffic to your offerings. However, referral programs are popular with everyday customers with 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 sounds like, traffic that's the result of paid advertisements, boosted articles, sponsored content and much more. The most successful paid efforts occur when you have a specific or timely product that is likely to resonate with a targeted market. A shotgun approach--one where you aimlessly throw money around in order to improve posts or create ads can increase traffic however, not in the manner of an intentional approach.
  • Utilize social networks The social media networks, like Meta and Meta, are keen to take your money. However, just because they can isn't a guarantee that you will. Facebook, Instagram, and Youtube are an excellent way to get your brand, message, and content in the hands of potential customers.

Increase the size of your lead nurturing strategies

This area focuses on increasing the size of the lead nurturing process using digital content that usually occurs between the middle and bottom the funnel.

Lead nurturing engagement tactics include (but not limited to):

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

Whatever tactic you choose to use, there's one common element that crosses across from category one to category two: offering worth.

As potential students travel through your sales funnel, your messages will gradually become more attractive. Yet, people at the midpoint of your funnel aren't yet prepared to make a purchase choice. In fact, they're looking to learn more about who you are, about your offering, and about their industry or problem. To accommodate these needs at this point in the buying process it is essential to concentrate on providing value over all and begin to present your product as a perfect solution to their wants or problems.

Profitably increase your revenue by giving gifts

The second tip for maximizing conversions and revenue is to introduce gifting as an option for checkout.

A quick search of Google Trends reveals that searches for "online gifts" are increasing consistently since 2004, with unprecedented highs in the midst of the pandemic, and staying in the overall high range compared to previous years.

Customers who provide gifting options at checkout make up to 6.2 percentage more sales, with no other variables changed. If you offer the possibility to donate your courses you can maximize revenue in just a few mouse clicks.

Optimizing conversion rates

65% of checkout sessions conclude before a purchase is completed. Through streamlining the checkout process and making it more convenient for your customers to finish their purchase to maximize conversions.

Inducing users to search their wallet, find the appropriate card, then have to manually input their credit card information is an easy way to boost cart abandonment. Unfortunately, a lot of course designers are doing exactly this. Therefore, one way to streamline your process is through reducing payment methods.

  1. Buy Now, Pay Later: With the price of goods rising and record-breaking inflation rates in recent times, students have a tight budget. This doesn't mean that demand for online education is stagnant. Instead, it just means students are looking for the option to buy today and later (BNPL).
     
      In fact, Forbes found that GenZ utilization of BNPL methods has grown 6 times in the last few years, with millennial usage nearly two times. Additionally, TCommerce customers who offer the option of Buy Now Pay Later experience bigger transactions and generate 7.5 percent more in revenue per an average.

Enhance average value of orders

The final tip for maximizing the revenue and conversions is to implement an order bump feature.

Order bumps are a pre-programmed procedure that happens in a matter of minutes or even seconds prior to the final click in the checkout process. The term "bump" is the process of suggesting complimentary products that are low-risk and cost-effective options.

The thinking behind order bumps is that the student has already committed to an order, and therefore is more likely to commit to an additional purchase of a smaller amount that will help them achieve their intended goals or fix a problem.

Here's an example of what order bumps could look like for your business.

In comparison to a course costing $600 when compared to a $600 course, $22 appears tiny. Students who haven't added it to their carts may get enticed, thus increasing Kristen's overall price.

Additional tactics for increasing your average order's value are Bundling and Upselling. If customers are looking for one digital asset, offer discount bundle rates if they add another related item to their cart. Also, you can offer an upsell for students who will gain from a larger however costly product.

Final thoughts

There you have it! In closing, remember the four ways you can maximize sales and conversions, as well as boost your revenue.

  1. Expand your reach by driving increased traffic and scaling lead nurturing efforts
  2. Maximize revenue with digital gifts
  3. Improve conversion rates using new payment methods
  4. Increase sales and revenue by cross-selling, upselling and Bundling