outsourceeasilycom Blog

How to Maximize Conversions and Profit (with TCommerce)

May 11, 2024

Jump ahead to this page.

Reach new audiences

One effective way to drive the conversion rate and increase your revenues is by introducing new people to your website. This means capturing more people in your top-of-funnel efforts.

It's a lot easier said than done getting new customers to your website can involve several different strategies. In order to make it easier slightly, we've created two types of categories to think about as you try to bring more visitors to the top of your funnel.

Drive more traffic

TOP-of-the-funnel (TOFU) marketing efforts don't have to be limited to one platform. A robust strategy will invest in social media, web, paid ads as well as affiliate marketing and more. This is a brief overview of each

  • Leverage SEO, also known as Search Engine Optimization (SEO) is a process of optimizing content or websites to be indexed by search engines. When someone searches for certain terms (keywords) related to your business, product or service, you'll want to show up on the search engine results page.
  • Take advantage of affiliate marketing: Businesses with a thriving customers can attract current customers with incentives to sales that arise directly through their endorsements. For example, if you provide 10% of the commission for your affiliates, they'll get 10% on every purchase made through the unique referral link they have created or using their promo code.
  • Promote referrals: Affiliate plans can be a great option for authors who have large audience because they benefit from large networks. In the case of a college student, for instance, with a well-known blog can make a significant profit through a 10% fee in the form of directing visitors to your products. But, referral plans are more appealing for everyday users who have fewer contacts. They encourage small-scale sharing through tangible incentives such as discounts, gift certificates, or exclusive content to faithful clients.
  • Plan for paid traffic Paid traffic is precisely the same as it sounds, traffic that's the result of paid ads, boosted articles, sponsored content and much more. The most successful paid efforts occur when you've got a particular or timely product that is likely to resonate with a targeted audience. An approach that is shotgun-based, where you randomly throw money at to increase the number of posts you publish or ads--may increase traffic, but not at the rate of an intentional approach.
  • Leverage social platforms: Social media platforms like Meta have a desire to take your money. But just because you can doesn't mean you should. Facebook, Instagram, and Youtube are great ways to put your brand's information, and posts in the eyes of a new audience.

Make it easier to scale your lead nurturing efforts

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

Engaging lead-generation strategies can include (but aren't limited to):

  • Ebooks
  • How-to instructions
  • Templates
  • Webinars
  • Q&A-style 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: offering worth.

If potential buyers traverse your sales funnel, your message will become naturally more attractive. Yet, people at the midpoint of your funnel may not be ready to make a purchasing decision. Instead, they're still trying to find out more about you, about the product you offer, as well as about their industry or problem. To accommodate these needs at this point in the buyer's journey it is essential to concentrate on delivering value above all and begin to present your product as a perfect match for their requirements or challenges.

Increase revenue through gifting

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

An easy search on Google Trends reveals that searches for "online gifts" have been increasing steadily since 2004and unprecedented highs in the midst of the pandemic, and staying in the overall high range compared to years prior.

Our research has shown that those who provide gifting options at checkout generate up to 6.2 percentage more sales, without changing any other variable. By simply offering the option to donate your courses you can increase revenue with only a couple of steps.

Optimizing conversion rates

The majority of checkouts conclude before a purchase is done. 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 make it more difficult for them to abandon their carts. Unfortunately, many course creators do exactly that. Therefore, one of the best ways to streamline your process is to simplify payment options.

  1. Purchase Now and pay later: Due to the increasing cost of goods and record-breaking inflation in recent years, students are strapped for cash. This doesn't mean that demands for online education are stagnant. In fact, it's a sign that students are seeking an option to purchase now and pay afterward (BNPL).
     
      Actually, Forbes found that GenZ utilization of BNPL techniques has increased six fold in recent years, with millennial usage nearly doubling. Additionally, TCommerce customers who offer the option of Buy Now Pay Later experience bigger transactions and generate 7.5 percent more in revenue per an average.

Increase average order value

One final suggestion for maximising conversions and revenue is implementing an order bump feature.

Order bumps are a pre-programmed process that occurs just moments, sometimes seconds, before the last click of the checkout process. The "bump" refers to the act of suggesting complementary products that are low-risk and cost-effective options.

The thinking behind order bumps is the fact that the buyer has already made the purchase and is more likely to make another smaller purchase that helps in achieving their goal or resolve a problem.

Here's a sample of what a bump in order can look like in your organization.

If you compare it to a $600 course, $22 looks like a small amount. Students who haven't added it to their carts may be persuaded, effectively increasing Kristen's overall order value.

Additional tactics for increasing your average order's value are bundling and upselling. If customers are looking for an individual digital item, you can offer a discounted bundle rate if they add another additional item to their cart. Or upsell when students would get more from an extensive but costly offering.

Final thoughts

There you have it! As we wrap up, remember the four ways you can maximize conversions and boost revenue:

  1. Create new audiences by driving increased traffic and scaling lead nurturing efforts
  2. Profitably increase your earnings with digital gifting
  3. Increase conversion rates by optimizing your conversion rate with the most modern methods of payment
  4. Increase sales and revenue through cross-selling, upselling and bundling