3 Research Backed Tips to Increase Sales Revenue.
Looking for fool-proof ways to drive traffic, convert customers, and increase sales revenue? Putting too much emphasis on generating traffic is not the best idea to boost revenue. Rather, your focus should be more on conversions. Unfortunately, a majority of businesses just won’t spend enough on converting leads into sales. Thankfully, there are ways you can make your business more profitable.
Here are 3 research-backed tips to boost revenue for your online business:
1. Personalized email marketing
Despite the advent of new marketing mediums, email continues to be the most effective, both inbound and outbound. If you believe Direct Marketing Association statistics, you will find that every $1 spent on email marketing could bring you an ROI of $38.
Some research shows that email faces tough competition from search and social media, but email still continues to be the most popular marketing medium that converts and drives sales.
So if you are still wondering whether to invest in email marketing, it’s high time you started reaping the benefits of higher conversions and increased sales and revenue. Email marketing is just the beginning – start personalizing your messages to boost sales and take your business to new heights.
2. Up-selling and cross-selling
If you are yet to focus on cross-selling and up-selling, you are already behind the competition. Extensive research has shown that when you upsell and cross-sell, you improve your chances of increasing profits and boosting revenue. Statistics show that Amazon generates 35% of its revenue from cross-selling.
However, it is important that your content management system features capabilities to associate related products. This means offering an upgrade or a multi-item bundle will grab visitor’s eyeballs and convince them to click and go ahead with the purchase. However, make sure this feature is set up as part of the checkout experience, so no potential customer is turned off by displaying the same as a suggestion on the product page.
3. Improve trustworthiness
In the online world, trust is a critically important factor when it comes to making a purchase. It is therefore crucial to effectively optimize and improve your trustworthiness in the eyes of potential customers. Security of their sensitive data and transactions is one of the major factors that influences purchase decisions. It is indispensable to show yourself as a secure platform for business.
Visitors to your page expect to see “HTTPS” in your URL, which is enough of proof that you have adapted Secure Sockets Layer (SSL) technology. SSL seems to have become a standard in terms of online security. The green padlock and “HTTPS” in the URL can influence trustworthiness of customers and convince them to make the purchase.
Use security and trust seals:
By displaying security seals in your URL and website pages, you can instantly convince people to trust you and buy from you.
Make contact details more visible:
Another way of boosting your eCommerce store’s trust factor is to make your contact details, including phone and physical address, visible on your website. Studies show that it can boost sales by almost 5 percent. Live chat also boosts trust as site visitors think that if you are easily contactable, you should be trustworthy.
Dont put all your advertising and marketing budget into generating traffic to your site and hoping or actually thinking that it will increase sales. You will miss out on conversions. You should also work on increasing conversions that will ultimately affect sales and directly affect your bottom line.
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