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Strategies to Increase Conversions and Revenue (with TCommerce)

May 11, 2024

Go ahead.

Reach new audiences

A great way to increase sales and boost your profits is by introducing new people to your website. It means that you are able to attract more users in your top-of-funnel efforts.

It's a lot easier said than done engaging new audiences may require many different methods. In order to make it easier somewhat, we've put together two categories for you to consider as you work to drive more people into the top of your funnel.

Drive more traffic

Top-of-the-funnel (TOFU) marketing efforts aren't limited to any one platform. A robust strategy will invest in web, social media, paid ads in affiliate marketing, paid ads, and more. Here's a breakdown of each:

  • Leverage SEO: Search engine optimization (SEO) refers to the method of optimizing the content on websites to be indexed by search engines. If people are searching for specific phrases (keywords) related to your business, product, or service, you should be on the search engine results page.
  • Embrace affiliate marketing: Creators with an active customers can attract current customers with rewards for sales resulting directly through the endorsements they have received. As an example, if you offer 10% of the commission to affiliates who are your affiliates, they will get 10% on every purchase made through their unique referral link or using their promo coupon code.
  • Encourage referrals: Affiliate programs are ideal for creators with large audiences because they capitalize on extensive networks. For instance, a student with a well-known blog can earn significant income through a 10% fee in the form of directing visitors to your offerings. However, referral programs are more appealing for everyday users with fewer contacts. These programs motivate small-scale sharing through tangible incentives such as gifts, discounts or exclusive content to regular customers.
  • Plan for paid traffic Paid traffic is precisely what it sounds like it's the outcome of paid ads, boosted posts, sponsored content and much more. The most successful paid efforts occur in the case of a targeted or current offering that can appeal to a specific market. An approach that is shotgun-based, where you squander money to boost posts or publish ads can increase traffic however not to the extent of a planned approach.
  • Utilize social networks The social media networks, like Meta, are eager to earn your cash. However, just because they can isn't a guarantee that you will. Facebook, Instagram, and Youtube can be a great way to put your brand's information, and posts in the hands of potential customers.

Scale your lead nurturing strategies

This section focuses on sizing your lead nurturing strategies using digital content that usually occurs in the middle and bottom of your funnel.

Engagement strategies for lead nurturing comprise (but aren't limited to):

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

No matter what tactic you choose to use, there's an underlying behavior that is carried through from category one into category two: offering the value.

As potential students travel through your sales funnel, the messages will gradually become more attractive. But, those who are in the middle of the funnel aren't yet in a position to make a buying decision. Instead, they're still trying to find out more about your company, your offering, and about their particular industry or issue. To accommodate these needs during this phase of the buyer's journey and to be successful, you must focus on providing value over all, while beginning to introduce your product as a perfect fit to their needs or challenges.

Profitably increase your revenue by giving gifts

Another tip to maximize conversions and revenue is to include gifting as a checkout option.

A simple search in Google Trends reveals that searches for "online gifts" have risen steadily since 2004, with unprecedented highs during the pandemic and remaining in the overall high range compared to previous years.

We've found that customers who offer gifting at checkout generate up to 6.2% larger transactions--and that's with no other variables changed. By simply offering the option to donate your courses you can maximize revenue in just a couple of steps.

Optimizing conversion rates

The majority of checkouts end before a purchase is made. By streamlining your checkout process and making it more convenient for your customers to finish the checkout process and increase conversion rates.

Forcing customers to locate their wallets, search for the right card, and have to manually input their credit card information can quickly boost cart abandonment. Unfortunately, many course creators are doing exactly this. So, one way to streamline your process is to simplify payment options.

  1. Buy Now, Pay Later: With the increasing cost of goods and record-breaking inflation rates in recent years, students are strapped for cash. But that doesn't mean the demand for online education is slowing down. It's more that students are searching for the option to buy today and in the future (BNPL).
     
      Actually, Forbes found that GenZ utilization of BNPL strategies has increased by 6 times in the last few time, with the use of millennials more than two times. Additionally, TCommerce customers who offer Buy Now Pay Later experience higher transaction sizes and earn 7.5% more revenue in average.

Increase average order value

One final suggestion for maximising conversions and revenue is implementing an option to bump orders.

Order bumps are an automated process that takes place just a few minutes and sometimes even minutes before the final button click during the checkout process. The "bump" is an act of offering complementary products that are low-risk and cost-effective options.

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

This is an example of what an order bump might look like for your company.

If you compare it with a course worth $600 when compared to a $600 course, $22 appears small. Students who aren't yet adding it to their cart might get enticed, thus making it a part of Kristen's typical price.

Additional tactics for increasing average order value include order bundles and upselling. If your customers are keen on one digital asset, offer discount bundle rates if they add another complementary asset to their cart. Also, you can offer an upsell for students who would gain from a larger yet costly selection.

Final thoughts

Here you go! When we finish keep in mind the following four methods you can increase the conversion rate and increase revenue.

  1. Create new audiences through driving traffic to your website and increasing lead nurturing efforts
  2. Profitably increase your earnings with digital gifts
  3. Increase conversion rates by optimizing your conversion rate with the most modern methods of payment
  4. Increase sales and revenue through cross-selling, upselling and bundling