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

Skip ahead here.

•         Reach new audiences
•         Profitably increase with gifts
•         Optimizing conversion rates
•         The ability to increase the average order value
•    Final thought

Reach new audiences

One effective way to drive sales and boost your profits is by introducing new people to your website. That means you can attract more customers in your top-of-funnel efforts.

A lot more difficult to do than say, engaging new audiences may require various strategies. To simplify the process a bit, we've created two types of categories to look at as you attempt to drive more people into your funnel at the top.

Get more traffic

TOP-of-the-funnel (TOFU) marketing strategies don't have to be limited to one platform. An effective strategy invests in web, social media and paid advertising in affiliate marketing, paid ads, and many more. Here's a breakdown of each:

• Leverage SEO, also known as Search Engine Optimization (SEO) refers to the method of optimizing the content on websites to be indexed by search engines. When people search specific terms (keywords) related to your company, product or service, you'll should be on the results page.
• Take advantage of affiliate marketing: Businesses with a thriving client base are able to engage with their existing customers by offering rewards for sales resulting directly through their endorsements. If, for instance, you pay 10% of the commission for your affiliates, they will get 10% on every purchase made through the unique referral link they have created or using their promo code.
• Encourage referrals: Affiliate programs can be a great option for authors who are able to attract large audiences since they capitalize on extensive networks. For instance, a student with a well-known blog can make a significant profit from a 10% commission by directing traffic to your offerings. But, referral plans are popular with everyday customers who have fewer contacts. They encourage small-scale sharing by offering tangible rewards like gifts, discounts or special content for faithful customers.
• Plan for paid traffic Paid traffic exactly is what it sounds like it's the outcome of paid advertisements, boosted articles, sponsored content and more. The most successful paid efforts occur in the case of a targeted or current offering that can be a hit with an group of people. Shotgun tactics, which is when you squander money to increase the number of posts you publish or ads--may increase traffic, but not at the rate of a planned approach.
• Leverage social platforms The social media networks such as Meta, are eager to earn your money. Just because you are able to does not mean that you must. Facebook, Instagram, and Youtube are an excellent way to get your brand, messages, and other content front of new audiences.

Scale your lead nurturing efforts

This section focuses on sizing your lead nurturing efforts with digital assets that typically occur at the bottom and middle the funnel.

Lead nurturing engagement tactics can include (but don't limit them to):

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

No matter what tactic you choose to use, there's one common element that crosses across from category one to category two: providing value.

As potential students travel through your sales funnel, your messages will gradually become more attractive. Yet, people at the midpoint of your funnel still aren't quite in a position to make a buying choice. Instead, they're still trying to find out more about your company, the product you offer, as well as about the industry they're in or about. In order to meet these demands during this phase of the buyer's journey, you need to focus on providing value over all as you begin to showcase your service as a great match for their requirements or issues.

Increase revenue through gifting

A second way to increase conversions and revenue is to include gifting as an option to pay at checkout.

A simple search in Google Trends reveals that searches for "online gifts" are increasing consistently since 2004, with record-setting highs being recorded during the pandemic and remaining high overall relative to the previous years.

Customers who provide gifting options at the checkout can generate as much as 6.2% larger transactions--and that's with no other variables changed. Simply by offering the choice to donate your courses you could increase your revenue with just a couple of clicks.

Optimizing conversion rates

The majority of checkouts end before a purchase is made. Through streamlining the checkout process and making it more convenient for customers to complete their purchase, you can maximize conversions.

Inducing users to search their wallets, locate the right card, and input their personal payment information manually can quickly increase cart abandonment. The truth is, a majority of course developers do exactly that. So, one way to streamline your process is by simplifying payment methods.

1. Purchase Now and Pay later: Given the price of goods rising and record-breaking inflation in recent years, college students are strapped for cash. But that doesn't mean the demand for online education is declining. In fact, it's a sign that students are searching for the possibility of purchasing now and pay later (BNPL).
    
     In fact, Forbes found that GenZ utilization of BNPL methods has grown more than six times over the past few time, with the use of millennials more than two times. Additionally, TCommerce customers who offer Pay Now Pay Later experience bigger transactions and generate 7.5 per cent more on average.

Increase average order value

The final tip for maximizing the revenue and conversions is to implement an option to bump orders.

Order bumps are a computer-controlled process that occurs just moments or even seconds prior to the final click in the checkout process. The term "bump" refers to the act of suggesting complementary offers that are lower-risk, as well as low-cost offerings.

The reasoning behind bumps in order is that the student has already made a purchase, so they're more likely to commit to another smaller purchase that helps in achieving their objective or solve a issue.

Here's an example of what an order bump might look like for your business.

If you compare it with a course worth $600 when compared to a $600 course, $22 appears like a small amount. Therefore, those who haven't added it to their carts may get enticed, thus making it a part of Kristen's typical price.

Other strategies to increase your average order's value are Bundling and Upselling. If your customers are keen on an individual digital item, you can offer discounts on bundles when they add a additional item to their cart. Or upsell when students will gain from a larger but costly offering.

Final thoughts

There you have it! In closing take note of the four methods you can increase the conversion rate and increase revenue.

1. Reach new audiences by driving increased traffic and scaling lead nurturing efforts
2. Increase your revenue through digital gifts
3. Increase conversion rates by optimizing your conversion rate with modern payment methods
4. Enhance sales and revenues by upselling, cross-selling, and Bundling