The Thousand Solutions Blog

Strategies to Increase Conversions and Profit (with TCommerce)

May 15, 2024

Go ahead.

Reach new audiences

An effective method to boost sales and boost your earnings is to reach new customers. It means that you are in a position to draw more people through your best-of-funnel marketing effort.

Much more challenging to achieve than to attract new visitors to your site can require diverse strategies. So to simplify it somewhat We've created two categories of things to consider when trying to get more visitors towards your top of the funnel.

Drive more traffic

TOP-of-the-funnel (TOFU) marketing campaigns aren't limited to any one technology. A well-planned strategy would invest in web, social media along with paid ads in affiliate marketing, paid ads as well as many other. Here is a quick outline of each

  • Leverage SEO Utilize SEO (SEO) is a method to optimize the content of sites to boost the visibility of search engines. When people search specific terms (keywords) that are related to your company, product or service, you will be on the result page.
  • Benefit from affiliate marketing. Businesses that have existing customers are able to draw customers with incentives for the sales that arise directly from their endorsements. For instance when you offer an affiliate with a 10% fee for the affiliates you have, they'll get 10% of each purchase they make using their referral links or by making use of their promotional coupon code.
  • Promoting referrals to other affiliate program can be an excellent alternative for writers who are capable of attracting large numbers of readers because they use huge networks. In the case of a college writer with an online blog that has a large following could earn significant income by earning a 10 percent fee by driving customers to your website. However, referral programs have become popular among regular customers that have less contacts. They encourage small-scale sharing with tangible benefits such as vouchers for discounts and gift cards or exclusive content to long-time customers.
  • The plan for paid traffic precisely is what it sounds like it's the outcome of advertisements that are paid for, promoted stories, content sponsored by sponsors as well as other. Most successful efforts with paid advertising are when you've got a specific or timely product that will resonate with a targeted market. Shotgun approaches, where you aimlessly throw money around to enhance advertisements or post content can increase traffic however, is not an organized strategy.
  • Make use of social networks. Social media sites, including Meta and Meta have a tendency to take your money. But just because they are able to isn't a guarantee that you'll. Facebook, Instagram, and Youtube are great ways to put your company's name, message, and content into the hands of prospective buyers.

Increase the size of your lead nurturing strategies

This section focuses on increasing the amount of leads nurturing process using digital content, which typically occurs between the middle and bottom the funnel.

Strategies for lead nurturing can include (but not exclusively):

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

Whichever tactic you decide to use, there's one common element that crosses across from category one to category two: delivering value.

When potential customers traverse the sales channel, you content are likely to become more appealing. But, the people who are in the middle of your funnel may not be in a position to make a option. Actually, they're trying for more information about you as well as about the products you provide and also about their business or problem. In order to meet these demands during the purchasing process, it's crucial to focus on providing value over all and begin to present your product as the perfect answer for their needs or issues.

Profitably increase your revenue by giving away gifts

The other tip for maximising conversions and revenue is to introduce gifting as an option at checkout.

A quick search of Google Trends reveals that searches for "online gifts" increase consistently since 2004and have reached record highs in the midst of the pandemic, and staying at the top of the list when compared with previous years.

The customers who offer gift options when they checkout can generate 6.2 percentage more sales, and there are no other changes. If you offer the possibility to give your courses away, to charity, you could increase revenue in only a few mouse clicks.

Optimizing conversion rates

The majority of checkouts conclude before a purchase is complete. The process of checkout can be simplified and making it more convenient for your customers to finish the purchase, they can maximize their conversion.

The idea of requiring users to look through their wallet, find the correct card and then need to input manually the credit card details is an easy technique to encourage cart abandonment. It's true that a majority of course developers are doing this. Therefore, one way to simplify your workflow is to reduce payment options.

  1. Buy Now, Make Payment Later Due to the cost of products rising, and record-breaking rate of inflation in recent years and students' tight budget. However, this doesn't mean the demand for online learning is waning. It's just that students are looking for an option to purchase immediately and then later (BNPL).
         
         In fact, Forbes found that GenZ usage of BNPL techniques has increased more than six-fold in the last few years, with millennial usage nearly two times. Furthermore, TCommerce customers who offer the option of Buy Now Pay Later experience bigger transactions, and earn 7.5 percent more revenues per year on average.

Increase the value of average order

One final suggestion for maximising the revenue and conversions is to use the feature of an order bump.

Order bumps are an automated process that takes place in a matter of minutes or even seconds prior to the final step in the checkout process. "Bump" refers to "bump" is the method of suggesting complimentary products that offer low-risk, cost-effective options.

The reason for bumping orders is that the student has already committed to an order, and therefore is more likely to commit to a second purchase, but of less money that can assist them to achieve their objectives or solve a issue.

This is an example of how order bumps could be for your company.

When compared to a course costing 600 dollars, when you consider an $600 course the price of $22 seems small. People who haven't yet added the course to their carts may get attracted, which could increase the price of Kristen's courses overall.

Another method to boost the average value of an order include bundles and upselling. If customers are looking for only one item, you can offer discount bundle rates when they add a related product to their shopping cart. Additionally, you could offer an upsell for students that will benefit the benefits of a bigger, but more expensive product.

Final thoughts

There you have it! Remember the four methods you can increase the conversion rate and sales, and also increase your revenue.

  1. Extend your reach with more traffic, and increasing the lead nurturing effort
  2. Increase your revenue through digital gifts
  3. Enhance conversion rates with new payment methods
  4. Increase sales and revenue by selling, bundling and cross-selling

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