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

May 11, 2024

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Reach new audiences

A great way to increase sales and boost your profits is to reach new customers. That means you can attract more customers in your top-of-funnel efforts.

Easier said than done, reaching new audiences can include many different methods. To simplify the process a bit, we've created two categories for you to think about as you try in bringing more customers to the top of your funnel.

Get more traffic

Top-of-the-funnel (TOFU) marketing campaigns do not have to be restricted to a single platform. A well-planned strategy can invest on social media, the web and paid advertising in affiliate marketing, paid ads, and much more. This is a brief overview of each:

  • Leverage SEO: Search engine optimization (SEO) is a process of optimizing content or websites for search engine discovery. When people search specific terms (keywords) that are related to your company, product or service, you'll want to show up in the results page.
  • Make use of affiliate marketing. Creators with an active client base are able to engage with their current customers with incentives for sales that result directly through their endorsements. For example, if you offer a 10% commission to your affiliates, they will earn 10% from each purchase that is made using their unique referral link or by using their promotional coupon code.
  • Promote referrals: Affiliate plans can be a great option for authors who have large audience because they capitalize on extensive networks. A student who has a blog that is popular could get a substantial income by earning a 10 percent commission in the form of directing visitors to your products. However, referral programs are more appealing for everyday users who have fewer contacts. These programs motivate small-scale sharing with tangible benefits such as discount coupons, gift cards, or special content for regular clients.
  • Make use of paid traffic strategies: Paid traffic exactly is what it's called and is the result of paid ads, boosted posts, sponsored content and more. The most successful paid efforts occur in the case of a targeted or current offering that can appeal to a specific group of people. An approach that is shotgun-based, where you squander money in order to improve posts or create advertisements--may boost traffic, however, not in the manner of an intentional approach.
  • Leverage social platforms Use social media platforms: Social media sites like Meta and Meta, are keen to earn your cash. But just because you can does not mean that you must. Facebook, Instagram, and Youtube are an excellent way to put your brand's message, and content in front of new audiences.

Make it easier to scale your lead nurturing efforts

This section focuses on sizing your lead nurturing strategies using digital resources that are typically located in the middle and bottom the funnel.

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

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

Regardless of which tact you choose to use, there's an underlying behavior that is carried over from category one to category two, which is to provide the value.

As potential students travel through the sales funnel, your messaging will naturally become more salesy. But, those who are in the middle of the funnel still aren't quite prepared to make a purchase decision. Instead, they're still looking to learn more about you, about your offering, and about their particular industry or issue. To meet their needs at this stage in the buyer's journey and to be successful, you must focus on providing value over all, while beginning to introduce your offering as the perfect match for their requirements or challenges.

Maximize revenue with gifting

The second tip for maximizing the revenue and conversions is to make gifting a checkout option.

An easy search on Google Trends reveals that searches for "online gifts" are increasing consistently since 2004and all-time highs occurring during the pandemic and remaining in the overall high range compared to years prior.

Customers who allow gifting during checkout generate up to 6.2 percentage more sales, with no other variables changed. Simply by offering the choice to gift your courses, you can maximize revenue in just a couple of steps.

Optimizing conversion rates

The majority of checkouts conclude before a purchase is completed. If you streamline your checkout procedure and making it more convenient for your customers to finish the checkout process and increase conversion rates.

Forcing customers to locate their wallets, search for the appropriate card, then have to manually input their credit card information is a quick way to make it more difficult for them to abandon their carts. The truth is, a majority of course developers use this method. One way to streamline your process is by simplifying payment methods.

  1. Purchase Now and pay later: Due to the price of goods rising and record-breaking inflation rates in recent years, students are in a financial pinch. However, that doesn't mean that the need for online learning is slowing down. In fact, it's a sign that students are looking for an option to purchase now and pay later (BNPL).
     
      Actually, Forbes found that GenZ use of BNPL strategies has increased by more than six times over the past few years, with millennial usage nearly doubled. In addition, TCommerce customers who offer the option of Buy Now Pay Later experience higher transaction sizes and earn 7.5% more revenue in average.

The value of average orders is increased

Another tip to maximize the revenue and conversions is to implement the feature of an order bump.

Order bumps are a computer-controlled process that occurs just moments or even seconds prior to the last click of an order process. The "bump" refers to an act of offering complementary products that are low-risk and cost-effective offerings.

The reasoning behind bumps in order is the fact that the buyer has already made an order, and therefore is more likely to be compelled to an additional purchase of a smaller amount that will help to achieve the goals or fix a problem.

This is an example of what order bumps could look like for your business.

When compared to a $600 course, $22 looks small. So, students who aren't yet adding it to their cart might be convinced, making it a part of Kristen's typical order value.

Another method to boost your average order's value are bundling and upselling. If customers are looking for one digital asset, offer discount bundle rates when they add a additional item to their cart. Or upsell when students will get more from an extensive however costly product.

Final thoughts

Here you go! When we finish, remember the four ways you can maximize sales and conversions, as well as boost your revenue.

  1. Reach new audiences by driving more traffic and scaling lead nurturing efforts
  2. Maximize revenue with digital gifts
  3. Improve conversion rates using new payment methods
  4. Increase sales and revenue by upselling, cross-selling, and bundles