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 🥇 Unlock Unlimited Customer Acquisition By Increasing Your AOV Average Order Value (AOV) -  Part 1:

A major challenge most brands face is effectively acquiring a limitless flow of customers on their initial purchase, without burning a hole in their pocket.

Ideally, they’d like to at least break even or, even better, turn a profit.

In the words of the famous direct marketer Dan Kennedy: “Ultimately, the business that can spend the most to acquire a customer wins.”

This boils down to the concept of Average Order Value (AOV). 

If you can increase the average amount a customer spends on each purchase, you're in a position to allocate more funds for their acquisition.

With a higher AOV, your Ecommerce business can justify more advertising spend, be more competitive in bidding for ads, and the potential to acquire more customers.

In this Deep Dive (Part 1 of 2): We will discuss the first 7 of our 15 actionable ideas, that you or your team can use immediately to get the AOV where you want it… High as can be!

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Let's get into it… 🚀

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Let's jump into it…

1. Understand & Track Current AOV: Whatever you track will grow.

We’ve got an AOV Tracker for you. First use this simple process to see where you’re at now, then we’ll take you where you want to go…

• Go to your Shopify Dashboard.
  

• Click Orders & Export Data.
  

• Shopify will email your data.
  

• Open up The TECO AOV tracker (Click Here)
  

• Now go to File > Make A Copy (to make it editable for yourself.)
  

• Open up the spreadsheet Shopify sent you.
  

• Copy your totals. (Total Purchases)
  

• Paste it in "Purchase Price Export."

Boom, now you have your AOV.

You can now duplicate that sheet each month and repeat the process to keep a closer eye on your AOV.

Now we know what our AOV is, let's take a look at 7 of our 15 practical ideas to Increase it…

2. Cross-Selling: Boosting Sales with Complementary Products

What's the next logical product for your customer to buy? Think ahead.

Just sold a customer a new pair of shoes?

Cross-sell them socks on your 'thank you' page. It's a match they might not have thought of, but one they likely need.

And don't stop there…

Maybe a shopper purchased a new laptop. Suggest a matching laptop bag or protective-case in your recommended section.

Someone just bought a new camera? Point them to compatible lenses or tripods in follow-up emails and ads….

By staying one step ahead and anticipating your customers' needs, you can not only boost sales but also enhance their shopping experience.

3. Bundling: Packaging products together to create an irresistible offer

Why sell one when you can sell a bundle?

Got a best-seller that buyers love? Pair it with another complementary item and present an enticing bundle deal. Bundling products, often makes the perfect pairing hard for shoppers to resist.

And you can step that up a notch…

Have you ever considered increasing value of physical products with digital additions? You can do that by sprinkling in some digital perks like checklists, calculators, or how-to guides.

For example, if you’re selling fitness equipment, you can bundle it with an exclusive workout checklist, or a beginner's guide to fitness.

Or if you’re offering a craft kit, you can throw in an instructional video, or a digital course to help users get the most out of their purchase.

By integrating tangible and digital products, you're not just increasing perceived value but truly enhancing your customer's experience and making sure they get the most out of their purchase.

4. Upselling: Elevating your buyer’s purchase

Why stop at “basic”, when there's an upgraded experience you can offer your customer?

If your shopper is looking at a basic model of a product, why not suggest its upgraded or premium version or that’s more feature-rich.

Just as a new iPhone 15 can be exciting, but when presented with an iphone 15 Max Pro, your customer can enjoy enhanced features that really stand out, for just a couple hundred dollars more.

In that way, offering a higher-end variation can enhance your customer's satisfaction while also supporting your own bottom line.

And there’s more you can do here…

Add One-Time Offers: Exclusive offers that are available for just a brief period… When it's gone, it's truly gone, creating an urgency to purchase.

But remember: context is key, so aways provide a compelling reason for your exclusive deals...

For instance, a "Warehouse Clearout Sale" signals a fresh start and it offers customers the chance to purchase items at potentially lower prices.

By mastering the art of upselling and leveraging one-time offers, you can elevate your sales and offer customers products they'll truly love.

5. Bulk Buying: Maximizing savings with volume-purchases

We've all heard the saying, "The more, the merrier." But in ecommerce, it's more like "The more you buy, the merrier your wallet feels."

Encouraging your customers to purchase in bulk is a win-win. They get more value for their money, and you increase your sales volume.

Take this simple pitch…

"Buy five or more and save 10% Off Your Entire Order."

It's not just an offer, it's an invitation to smarter shopping.

If you have a product that's used daily like skincare items or stationery - Try offering a three-month supply at a discounted rate.

Or if you’re selling gourmet teas or coffee…

How about offering that bundle you created with assorted flavors? it might tempt them to buy more so they can try other flavors.

Through bulk buying, you're not just moving stock. You're offering customers a chance to get more of what they love, while keeping some extra cash in their pockets.

6. Low-Cost Add-Ons: Enhance purchases with small extras

Sometimes it’s small touches that can elevate a purchase… It's those little things that often make a big difference to your customer.

Just sold a beautiful necklace? Try prompting your buyer with this: "Would you like this gift wrapped for $4.99?"

It's a small price for an added touch of thoughtfulness.

And there's more to offer…

Selling a book? Suggest a personalized bookmark for a dollar more.

Offering a skincare product? Propose a travel-sized version for their on-the-go needs.

Upselling with packaging, gift wrapping, and other low-cost extras not only increases your AOV but also enriches the buyer's experience, making them feel special.

7. Free Shipping Threshold: Encourage a Larger Purchase with a Simple Perk

We all know everyone loves a good deal, and nothing says "deal" quite like the promise of free-shipping.

But how do you ensure this doesn't eat into your profits?

Set a spending target for your customers.

When they know they're just a few dollars away from hitting that free shipping mark, they're more likely to toss another item or two into their cart.

For instance: "Spend $100 and get FREE Two-Day Shipping."

And it's not just about the savings for them... It's about the value.

You're basically giving them a reason to purchase more, while simultaneously providing the convenience of fast, free delivery.

The age-old tactic of Free Shipping isn't just about generosity; it's a strategic move that can significantly increase your average order value.

Part 1 In Conclusion... 🌟

By optimizing your Average Order Value (AOV), you not only pave the way for more profits but also give an enhanced shopping experience for your customers.

Each of these seven ideas in Part 1 serves as a catalyst to elevate your brand's offering and consumer trust.

Remember, it's not about charging more… it's about providing more value.

Hope you enjoyed our first 7 (out of 15) actionable ideas.
 
Stay tuned for Part 2, where we'll delve into the remaining strategies to boost that AOV and drive your Ecommerce success even further. 🔥

Based on an early TECO issue, written by: Zachry J. Radford
Edited and Enhanced by: Yahli Rashi

The Early Checkout Team

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