When you’re in business to sell products, you might think it’s a no-brainer that to succeed you need to always be focused on increasing the QUANTITY of sales.
While increasing your customer base and the number of sales is obviously always going to be a goal, don’t overlook the power of nurturing the audience you’ve already worked hard to attract.
Increasing the average order value (AOV) of the sales you get is the perfect example of working smarter, not harder!
So, here are some top tips for increasing your AOV…
ON YOUR WEBSITE
Chances are, you sell complementary products - am I right?
But, are you pointing that out to customers and incentivising them to purchase multiple items at the same time?
It can be as simple as having some suggested products on your website depending on which product page the user is viewing. That dress looks great with these accessories is a classic cross-sell technique that works.
If you can make these suggested ‘additional’ products add value to their order, that’s a really strong pull. It could be a discount for buying X and Y together or buying two of the same product, or buy this product bundle and get this [token item] for free.
Another option is to up-sell from the item they’re viewing. For example, let’s say you sell a 300ml bottle of shampoo and a (more expensive) 500ml bottle of shampoo. By pointing out the price per ml comparison and how much longer the bigger bottle will last, you could bag a higher value sale.
Do you have a threshold for free delivery? We know we all hate paying for shipping on top of the cost of the items we’re ordering, so it’s a great opportunity to remind customers of how close they are to benefiting from free delivery if they add something else to their basket.
IN YOUR EMAIL CAMPAIGNS
If you’re worried about losing a sale altogether if you push too many up-sell, cross-sell and bundle offers at your website visitors, follow up with a similar tactic in an after-sales email instead.
It could be as simple as did you know you can also get XYZ to go with ABC?
Or, offering a percentage off their next purchase is a great pull to get repeat business and make them feel like a valued customer, all at the same time.
IN YOUR ADVERTISING
If you’re spending money on lead generation adverts, return on investment is a key measurement of success.
Rather than going for an ambitious number of sales, focus on advertising products with a higher price tag and measure the purchase value instead.
You’ll need to have a strong advert that really emphasises the value and quality of these products, but you won’t need to chase a high conversion rate to make your advertising profitable.
Plus, you’ll likely get sales of your lower-priced items too, as they’re the low-hanging fruit.
And, if you’ve been able to sell MORE to your current customers through your website and email marketing strategies, you’ll have more revenue in the business to invest in seeking out these high-spending buyers with your advertising.
Hopefully these tips have given you some ideas of where to start when looking at your opportunities for increasing AOV.
If you’ve got any questions, just reach out – I’d love to help you strategise!
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