On a private call with one of my ninja lab members, we talked about a special app that can do some amazing revenue related things for you.
The kinds of things that would help them boost their AOV in your online store. AOV, if you’re unfamiliar with the term, stands for Average Order Value.
Boosting AOV is where most of us start being profitable.
It’s rare that someone makes a profit on the first sale, or at the beginning of the sale.
So this app has made it easy to set up pre-purchase upsells as well as post-purchase upsells and cross-sells.
And here’s the best part…
When you understand these concepts, you can use them anywhere.
Even in a brick-and-mortar business.
Your traditional strategy would be to offer 1 product, and that’s great you’re selling something, but how much did you spend to get this purchase?
My guess is more than half of the product cost because the cost of advertising is increasing every year and someone put their time and effort into trying to sell it as well!
So in most cases, this is where you break even as tough as that is to confront… but we can learn a thing or two from our friends over at McDonald’s as weird as that is to hear.
Maybe you’ve heard the famous question, “Would you like some fries with that?” when a McDonald’s employee would ask the customer for an additional $1.49 to their order.
What they were really doing is increasing their average order value!
So the Shopify App I shared with one of my ninja lab members is called OCU (One Click Upsell) by Zipify which my friend Ezra Firestone created.
This isn’t an affiliated promotion, I actually use this for essentially all my clients and supplement company NaturalSlim.
So this app will allow you to present a pop up for another one of your products before or after your customer checks out.
And you can customize what the pop-up says like “Free Shipping when you get this product before the timer ends.”
“Limited Time Offer: 10% Off” with an added timer to the pop-up to create urgency.
And when you start increasing your average order value you start becoming profitable!
Because in all reality, selling 1 product isn’t going to last unless it’s in the thousands of dollars and eventually that will fade…
But there are solutions to this like the app I just mentioned, and that’s just the tip of the iceberg when it comes to being profitable.
Increasing average order value is how we secure being profitable, but the customer journey is how we build empires!
Think of Walt Disney.
You go online to buy a ticket but you see there’s something called a “fastpass” option.
You just increased your average order value and Disney has probably made its money back from their advertisements, but what happens afterwards is genius…
You come to the theme park they’ve spent millions of dollars building and operating.
You’re with your family, and what comes with bringing a family to Disney?
Food, drinks, toys, and all these things that are so priced jacked you start to complain, but you do it because you love your family.
So where Disney really started to make all their money was in the experience they made their customers go through!
High profit margins from foods, drinks, and toys created their profitability, all while people couldn’t go anywhere else to buy something at the closest convenience store because the park was so massive!
The first step to boost your revenue is doing it in the first transaction, and then you build an empire in the journey afterwards.
These are the kinds of strategies we always have room to share for our ninja lab members where we give them the tools they need for expanding their organization and get attention!
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