eBook: 10 Ways To Increase AOV In The Venue & Events Industry
Increasing average order value (AOV) is a challenge for any business, but can be especially difficult in the venue and events industry.
With most offerings being a one-off with a high price tag, it can be hard to convince consumers to part with that little bit extra.
Whether it’s through cross-selling or up-selling the importance of increasing AOV can’t be overstated. Research suggests (when done well), it can account for between 10% – 30% of annual revenue (and in the case of Amazon, as much as 35%).
So with the above in mind, this eBook analyses 10 key elements of website functionality that marketeers from the industry can look to employ to increase AOV. This eBook discusses:
- Time Sensitive Discounts
- Visual Cues
- The McDonalds Effect
- Fitt’s Law
- Loss-Framed Messaging
- Law of Pagnanz
- Incentivised Upselling
- The Sunk Cost Fallacy