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

May 11, 2024

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Reach new audiences

An effective method to boost the conversion rate and increase your revenues is to reach new customers. That means you can attract more customers who are in the top of your funnel.

A lot more difficult to do than say, reaching new audiences can include several different strategies. To simplify the process somewhat, we've put together two types of categories to look at as you attempt to bring more visitors to your funnel at the top.

Drive more traffic

Top-of-the-funnel (TOFU) marketing campaigns aren't limited to any one platform. A robust strategy will invest on social media, the web and paid advertising, affiliate marketing, and much 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) relevant to your business, product, or service, you'll should be in the results page.
  • Make use of affiliate marketing. Creators with an active customer base can engage their clients by providing incentives for sales that result directly from the endorsements they have received. For example, if you pay 10% of the commission to affiliates who are your affiliates, they'll earn 10% from every purchase made through their own referral link, or by using their promotional discount code.
  • Promote referrals: Affiliate plans are ideal for creators who are able to attract large audiences since they make use of large networks. A student with a well-known blog can get a substantial income by earning a 10 percent commission by directing traffic to your products. But, referral plans are popular with everyday customers who have fewer contacts. These programs motivate small-scale sharing through tangible incentives such as discount coupons, gift cards, or exclusive content to faithful customers.
  • Plan for paid traffic Paid traffic is precisely what it sounds like it's the outcome of paid advertisements, boosted posts, sponsored content, and more. The most successful paid efforts occur when you've got a particular or current offering that can resonate with a targeted group of people. Shotgun tactics, which is when you squander money in order to improve posts or create ads can increase traffic however not to the extent of an intentional method.
  • Leverage social platforms Use social media platforms: Social media sites, like Meta, are eager to earn your money. However, just because they can doesn't mean you should. Facebook, Instagram, and Youtube can be a great way to put your brand's messages, and other content front of new audiences.

Make it easier to scale your lead nurturing strategies

This category focuses on scaling your lead nurturing strategies using digital resources that are typically located between the middle and bottom in your sales funnel.

Engagement strategies for lead nurturing include (but don't limit them to):

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

No matter what tactic you choose to use, there's one central behavior that carries across from category one to category two, which is to provide the value.

When potential customers traverse your sales funnel, the messaging will naturally become more salesy. However, users who are in the middle of the funnel aren't yet prepared to make a purchase decision. Instead, they're still trying to find out more about you, about the products you provide, as well as their industry or problem. To accommodate these needs during this phase of the buyer's journey and to be successful, you must focus on delivering value above all, while beginning to introduce your service as a great fit to their needs or challenges.

Maximize revenue with gifting

The second tip for maximizing revenues and conversions is to include gifting as a checkout option.

An easy search on Google Trends reveals that searches for "online gift" are increasing consistently since 2004, with record-setting highs being recorded during the pandemic and remaining higher overall compared to time prior.

Customers who offer gifting at the checkout can generate as much as 6.2 percentage more sales, with no other variables changed. By simply offering the option to donate your courses you can maximize revenue in just a few clicks.

Optimizing conversion rates

A majority of checkout sessions conclude before a purchase is done. If you streamline your checkout procedure and making it more convenient for your customers to finish the checkout process, you can maximize conversions.

Forcing customers to locate their wallets, search for the appropriate card, then input their personal payment information manually is a quick way to increase cart abandonment. Unfortunately, a lot of course designers are doing exactly this. One of the best ways to streamline your process is to simplify payment options.

  1. Buy Now, Pay later: Given the rising cost of goods as well as record-breaking inflation over the last few times, students are strapped for cash. But that doesn't mean the demands for online education are slowing down. Instead, it just means students are seeking an option to purchase now and pay afterward (BNPL).
     
      In actual fact, Forbes found that GenZ utilization of BNPL methods has grown six fold in recent times, and millennials' usage nearly two times. In addition, TCommerce customers who offer the option of Buy Now Pay Later enjoy higher transaction sizes and earn 7.5 percent more in revenue on average.

The value of average orders is increased

Another tip to maximize conversions and revenue is implementing an order bump feature.

Order bumps are a computer-controlled process that occurs just moments and sometimes even minutes before the final click in an order process. The "bump" refers to an act of offering complementary products that are low-risk and cost-effective options.

The reason for order bumps is that the customer has already committed to a purchase, so they're more likely to commit to an additional purchase of a smaller amount that will help them achieve their intended goals or fix a problem.

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

In comparison with a course worth $600, $22 looks small. Therefore, those who haven't added it to their cart might get enticed, thus adding to Kristen's average price.

Another method to boost the value of an order include Bundling and Upselling. If students are interested in only one item on your website, provide a discounted bundle rate when they add a additional item to their shopping cart. Also, you can offer an upsell for students who will benefit from a more comprehensive yet costly selection.

Final thoughts

There you have it! In closing keep in mind the following four methods you can increase conversions and boost revenue:

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