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The best way to maximize profits and conversions (with TCommerce)

May 16, 2024

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Reach new audiences

An effective way to improve your conversion rate as well as increase your revenues is to reach new customers. That means that you're in a position to draw more clients with your highest-quality efforts.

It's not as easy to say than done. Driving new clients to visit your site. It can take many different approaches. In order to make it easier somewhat, we've established two distinct categories you can think about as you attempt to get many more visitors to the front of your funnel.

Make sure you are driving more

Top-of-the-funnel (TOFU) marketing strategies do not have to be limited to one method or platform. An effective strategy invests in web, social media and paid advertising, affiliate marketing, and more. Here is a quick overview of every

  • Utilize SEO to benefit Search Engine Optimization (SEO) is a method of enhancing websites and content for indexing through search engine. When people search specific terms (keywords) that are relevant to your product, company or service, it is important to appear on the result page.
  • Make use of affiliate marketing. Creators who have a regular customer base may be able to attract new customers by offering incentives for sales that arise directly through the endorsements that they've earned. If, for instance, you offer 10% of the commission to your affiliates, they'll earn 10 percent of every purchase they make by using their own referral link, or through their promotional coupon code.
  • Promote referrals: Affiliate plans work best for those who are able to attract large audiences since they make extensive use of networks. An individual with a reputable blog may earn an impressive revenue from a 10% charge for directing visitors to your website. However, referral programs are best suited for consumers with fewer contacts. They encourage small-scale sharing with tangible incentives like discount coupons, gifts or other exclusive content designed for customers who are regulars.
  • Plan for paid traffic Paid traffic exactly what it sounds like it's an outcome of paid advertising, boosted articles, sponsored content and much more. Pay-per click campaigns are most efficient in the case of a timely or targeted product that is likely to be a hit with an audience that is targeted. An unplanned approach, one where you randomly throw money around to boost posts or publish advertisements may increase traffic but not at the rate of an organized strategy.
  • Make use of social media platforms. Use social platforms for media: Social media platforms, such as Meta are eager to make money from you. But just because you can does not mean that you must. Facebook, Instagram, and Youtube are great methods to get your business's image, brand, or messages or other material into the eyes of potential customers.

Scale your lead nurturing efforts

This section focuses on enhancing the scope of lead nurturing with digital content that tends to occur in the middle and the bottom of your funnel.

The lead nurturing strategies for engagement comprise (but not exclusively):

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

No matter what tactic you employ whatever tact you use, there's an underpinning pattern that's observed from category one into category two. That is to provide the value.

When potential customers go through the sales funnel, your messages will gradually become more salesy. However, users who are in the middle aren't in the position to decide whether they want to buy. They're looking to learn more about you, about the product you offer in addition to their particular industry or issue. In order to meet their needs in this phase of the buyer's journey, you must focus on providing value over all else, while beginning by introducing your product as a perfect fit to their requirements or concerns.

Increase revenue through gifting

A second way to increase the number of conversions and revenues is to incorporate gifting as a checkout option.

A quick lookup of Google Trends reveals that searches for "online gift" are increasing in frequency since 2004 at all-time highs during the outbreak and greater overall than the time prior.

Giving your customers the option to gift during the payment process could generate as much as 6.2 per cent more sales even without other changes to the variables. If you offer the possibility to gift your courses, you can maximize revenue in just a few steps.

Optimizing conversion rates

The majority of checkouts take place prior to the purchase being done. In order to streamline the checkout process and making it easier for the customer to complete the checkout process and increase the conversion rate, you will be able to maximize your sales.

Inducing users to find their wallets, look for the appropriate card, and then enter manually their payment information is a simple way to boost cart abandonment. Unfortunately, many course creators have been doing this. Therefore, one way to speed up your processes is by simplifying payment methods.

  1. Purchase Now and pay later: Due to the rising cost of goods along with records-setting inflation rates over the last couple of years, students are caught in a pinch. However, this doesn't mean the demand for online education is stagnant. More often, students are searching for the possibility of buying the course immediately, and later be able to pay later (BNPL).
         
         Actually, Forbes found that GenZ use of BNPL methods has grown by 6 percent in the past couple of years, and the use of millennials nearly doubling. In addition, TCommerce customers who offer the option to buy now pay later have larger transaction size and 7.5 percent higher revenues on average.

The value of average orders is increasing.

A different way to increase revenue and conversions is to consider implementing the option of increasing orders.

Order bumps are an automated process that occurs in just minutes, or sometimes even seconds before the final click in the order process. "Bump" is a term used to describe the "bump" refers to the method of recommending complimentary products that are low-risk and economical alternatives.

The main reason behind order increases is because the client has already purchased, so they're more likely to purchase a small purchase to accomplish the goal or resolve the difficulty.

Here's an example of what an order bump could be for your company.

Comparatively to a course costing $600 when as compared with a $600 course it seems that $22 is a small amount. Therefore, those who haven't added it to their cart could be lured by it, thus making it a part of the typical price for Kristen's orders.

Another method to boost the price of an item is to offer bundles or selling up. If students are interested in only one item on your website, provide discounts on bundles when they add a second complementary asset to their cart. It is also possible to offer an additional upsell if customers are more likely to benefit greater value from a large but costly item.

The final reflections

You've got it! As we wrap up keep in mind the four methods to maximize sales and conversions, as well as boost your profits.

  1. Extend your reach through more traffic, and improving lead nurture strategies
  2. Earn more money with the gifting of digital goods
  3. Increase conversion rates by using innovative payment methods
  4. Enhance sales and increase revenue through selling, upselling, or cross-selling bundles

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