Easy creative tips

How to Maximize Conversions and Profit (with TCommerce)

May 11, 2024

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Reach new audiences

A great way to increase the conversion rate and increase your revenues is by introducing new people to your website. This means capturing more people who are in the top of your funnel.

A lot more difficult to do than say, reaching new audiences can include many different methods. In order to make it easier somewhat, we've put together two different categories that you can think about as you try to bring more visitors to the top of your funnel.

Increase 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, paid ads as well as affiliate marketing and more. Here's a breakdown 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 with incentives to sales that arise directly from the endorsements they have received. If, for instance, you offer an income of 10% to affiliates who are your affiliates, they will get 10% on every purchase made through their own referral link, or using their promo discount code.
  • Promote referrals: Affiliate plans are ideal for creators 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 by earning a 10 percent commission by directing traffic to your offerings. The referral program is more appealing for everyday users who have fewer contacts. They encourage small-scale sharing with tangible benefits such as gifts, discounts or exclusive content to regular customers.
  • Strategize with paid traffic: Paid traffic is precisely what it sounds like it's the outcome of paid advertisements, boosted articles, sponsored content and many more. Paid efforts are most effective in the case of a targeted or current offering that can be a hit with an market. Shotgun tactics, which is when you aimlessly throw money around to increase the number of posts you publish or ads--may increase traffic, however, not in the manner of a planned method.
  • Leverage social platforms: Social media platforms such as Meta and Meta, are keen to make money. However, just because they can isn't a guarantee that you will. Facebook, Instagram, and Youtube can be a great way to promote your company's brand, message, and content in the hands of potential customers.

Make it easier to scale your lead nurturing strategies

This area focuses on increasing the size of the lead nurturing process using digital content that usually occurs in the middle and bottom of your funnel.

Engaging lead-generation strategies include (but don't limit them to):

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

No matter what tactic you use, there is an underlying behavior that is carried across from category one to category two: offering worth.

When potential customers traverse your sales funnel, your message will become naturally more salesy. Yet, people in the middle of the funnel aren't yet prepared to make a purchase choice. They're instead seeking to know more about your company, your offering, and about their industry or problem. In order to meet these demands at this stage in the buying process and to be successful, you must focus on providing value over all as you begin to showcase your service as a great solution to their wants or challenges.

Maximize revenue with gifting

The second tip for maximizing revenues and conversions is to introduce gifting as an option to pay at checkout.

A simple search in Google Trends reveals that searches for "online gift" have been increasing steadily since 2004, with all-time highs occurring during the outbreak and still high overall relative to the time prior.

Customers who allow gifting during checkout make up to 6.2% larger transactions--and that's with no other variables changed. By simply offering the option to gift your courses, you could increase your revenue with only a couple of mouse clicks.

Optimizing conversion rates

A majority of checkout sessions conclude before a purchase is done. By streamlining your checkout process and making it easier for your customers to finish their checkout session and increase conversion rates.

Making customers search for their wallets, locate the correct card and manually enter their payment info is a quick way to boost cart abandonment. The truth is, a majority of course developers are doing exactly this. So, one method to speed up your processes is by simplifying payment methods.

  1. Purchase Now and Pay Later: With the increasing cost of goods as well as record-breaking inflation over the last few years, students are strapped for cash. However, that doesn't mean that the demands for online education are stagnant. It's more that students are searching for an option to purchase today and later (BNPL).
     
      In fact, Forbes found that GenZ usage of BNPL methods has grown six fold in recent time, with the use of millennials more than doubled. Furthermore, TCommerce customers who offer the option of Buy Now Pay Later enjoy bigger transactions and generate 7.5 percent more in revenue per an average.

Increase average order value

The final tip for maximizing revenues and conversions is to use the feature of an order bump.

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

The thinking behind order bumps is that the student is already committed to an order, and therefore is more likely to make the purchase in a smaller size that can help in achieving their goal or resolve a problem.

Here's a sample of what order bumps could look like for your company.

If you compare it to a $600 course the price of $22 seems tiny. So, students who aren't yet adding it to their carts may be persuaded, effectively 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 only one item on your website, provide discount bundle rates when they add a additional item to their cart. Or upsell when students would get more from an extensive yet costly selection.

Final thought

There you have it! When we finish take note of the four strategies to maximize sales and conversions, as well as boost your revenue.

  1. Reach new audiences through driving traffic to your website and scaling lead nurturing efforts
  2. Profitably increase your earnings with digital gifting
  3. Improve conversion rates using modern payment methods
  4. Enhance sales and revenues through cross-selling, upselling and bundling