The Thousand Solutions Blog

How to Maximize Conversions and Profit (with TCommerce)

May 15, 2024

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Reach new audiences

An effective way to improve the conversion rate and increase the amount of money you earn is to introduce new people to your website. It means you should be able to attract more visitors who are on the upper end in your sales funnel.

It's a lot harder to do than say, getting new customers to your site can require various strategies. To make the process easier somewhat we've compiled two different categories that you can think about as you try to bring many more people up the funnel.

Traffic - Increase

Top-of-the-funnel (TOFU) marketing strategies aren't limited to one platform. Effective strategies invest in social media, web, paid ads in addition to affiliate marketing and many more. This is a summary of each

  • Leverage SEO: Search engine optimization (SEO) is the process of optimizing content or websites to increase search engine visibility. When people search specific terms (keywords) related to your business, product or service, you'll should be in the results page.
  • Embrace affiliate marketing: Creators with an active customers can attract current customers through incentive sales that result directly from endorsements they have received. For instance, if you offer an income in the amount of 10% for affiliates that are your affiliates They will earn 10% on every purchase made through the referral link of their own, or by using their promotional discount code.
  • Referrals to affiliate plans: Affiliate plans are ideal for creators who can draw huge audiences because they draw upon the vast networks. In the case of a college student with a well-known blog can make a significant profit by earning a 10 percent revenue by redirecting visitors to their offerings. Referral programs are popular with everyday customers with fewer connections. They encourage small-scale sharing with tangible benefits like gift cards discount coupons or exclusive contents for regular customers.
  • Plan with paid traffic Paid traffic can be described as exactly what it sounds like it's an outcome of advertisements paid for, boosted articles, sponsored content and many more. Pay-per-click is most efficient in the case of targeted offerings or events that can be a hit in the audience. The shotgun method, the practice of throwing cash around in order to improve the quantity of articles you post or ads--may increase traffic, however, it's not an organized method.
  • Utilize social networks: Social media platforms such as Meta and Meta are eager to earn money. But just because they are able to isn't a guarantee that you'll. Facebook, Instagram, and Youtube can be a great way to promote your company's brand, message, and information to prospective clients.

Facilitate scaling your lead nurturing strategies

This section focuses on increasing the size of the lead nurturing process through digital content generally found in the middle and at the bottom of the funnel.

Strategies for generating leads that are engaging can include (but do not limit them to):

  • Ebooks
  • Guides on how to
  • Templates
  • Webinars
  • Q&A-style sessions
  • Email marketing

No matter what strategy you choose to employ, there is an underlying behaviour that's carried from category one to category two: providing value.

If potential buyers go through your sales funnel, your messages will naturally become more salesy. But, the people who are at the center of the funnel aren't ready to make a purchase choice. They're instead seeking to know more about your business, your offering, and regarding their particular industry or issue. To meet their requirements at this moment in the buying process and for your business to succeed, you must concentrate on providing value to everything else as you present your services as an ideal solution to their needs or problems.

Increase your revenue by giving gifts

The second tip for maximizing profits and conversions is to introduce gifting as the option of paying for it during checkout.

A quick search on Google Trends reveals that searches for "online gifts" have increased steadily since 2004, at all-time highs during the outbreak and still higher overall compared to preceding time.

Customers who allow gifting during checkout experience 6.2 percentage more sales - it's without other parameters modified. By simply offering the option to gift your courses and increase the amount of money you earn with just few mouse clicks.

Optimizing conversion rates

A majority of checkout sessions end before the purchase has been completed. This can be accomplished by streamlining the process of checkout and making it easier for customers to finish the checkout process and boost the conversion rate.

Making customers search for their wallets and then locate the correct card and manually enter their payment info can be a simple method to increase abandonment of carts. The truth is, a majority of course developers are doing exactly this. One way to improve your efficiency is through reducing the complexity of payment processes.

  1. Buy Now and pay later In light of the growing costs of products along with an unprecedented rate of inflation in the past couple of years, students are strapped for cash. This doesn't mean that the demands for online education are stagnant. More often, students want to have the option to purchase today and later (BNPL).
         
         In fact, Forbes found that GenZ utilization of BNPL techniques has increased by more than six times over the past few years, with the use of millennials nearly twice as high. Additionally, TCommerce customers who offer the option of Purchase Now, Pay Later benefit from larger transactions as well as 7.5 percent more in revenue in an average.

Value of the average order

Another tip to maximize revenues and conversions is to make use of the option of a purchase bump.

Order bumps are an automatic process that takes place within a couple of minutes or sometimes even minutes before the last click of a checkout procedure. The term "bump" refers to the act of offering complementary products that are low-risk and cost-effective products.

The thinking behind order bumps is that the buyer is already committed to the order and is more likely to place an order in a lower quantity that could aid to achieve their goals or resolve a problem.

Here's an example of what orders bumps might appear like for your company.

If you consider it as a $600 course the price of $22 seems tiny. So, students who aren't yet adding the course to their carts may be persuaded, effectively making it a part of Kristen's typical pricing.

Additional tactics for increasing average order value include order bundles as well as upselling. If your customers are keen for a single item from your site, you can offer discounts bundle prices in the event that they add another item to their cart. Also, you can offer an upsell for students who benefit from a larger but costly range.

Final thoughts

You're done! After we've finished, take note of these four ways to increase conversions and sales and increase the revenue you earn.

  1. Reach new audiences through increasing traffic to your site and enhancing lead nurturing strategies
  2. Increase your income by profitably using the gifting of digital goods
  3. Increase conversion rates by using the latest payment techniques
  4. Enhance sales and revenues through cross-selling, upselling and bundling

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