06/09/2021
When it comes to increasing revenue, most marketers’ first instinct is to find more customers—but that isn’t the only way to grow.
Another angle to approach revenue growth from is this: average order value.
By increasing your Average Order Value (AOV) or Average Basket Value (ABV) as it is sometimes called, instead of (or in addition to) trying to win over new customers, you can squeeze more value out of the customers you’re already attracting.
1. Use Web Design to Highlight Higher Priced Plans
You want the visual aesthetic of your website to highlight those choices, both in terms of colors/layout and in terms of verbiage.
2. Add a Discounted Upsell After Order Completion
Let’s say a client buys a product for $100 and is about to leave the website. Instead of directing them to a thank you page, direct them to an upsell page. Propose a product related to what they just bought, and note that if they purchase that extra product now, they get a 30% discount.
3. Use a Minimum Dollar Threshold for Free Shipping
"If customers are near the threshold for free or reduced delivery, then a pop-up tells them this. That usually results in them adding more items to the cart to qualify,” Jon Deak of Hot Juice
4. Take an Analytical Approach to AOV
"First, look at your top-selling products and dig a little deeper. Why do customers buy them? How do they use them? What’s stopping them from being successful with them? Next, explore how additional products, higher quantities, or a subscription can help them with that."- advised Dennis Moons of Store Growers.