Without a doubt, technology has changed the way we do business. Nowadays, marketing has gone beyond simply advertising your products to prospects. It is no longer business as usual. Most transactions are now carried out online, making the challenge of gaining the trust of prospects and getting them to part with their hard earned cash even bigger.
On the other hand, technology has made attracting leads even less challenging. With inbound marketing, you can now generate as many leads as you wish from the comfort of your office.
However, for your business to succeed, you need to convert these leads into customers. This is where another major challenge lies for marketers. In many businesses, the number of leads is usually relatively bigger than the number of people who take action. Thus, only fewer people get to enter into the sales funnel. This can pose a bigger threat when it comes to marketing high-ticket items.
As an online marketer, how do you cross these hurdles? The answer? A tripwire!
What is a Tripwire?
A tripwire is irresistibly low-priced offers ($1-$50) that convert as many leads into customers as possible. This usually involves you asking prospects to make micro-commitments (i.e., buy products or services that require little commitment) and upselling those buyers into a high-priced core offer. The idea is that when they make these micro-commitments, they will connect with your brand and get drawn into the sales funnel. Thus, they will be more likely to buy again and spend more money.
While lead magnet (a free offer in exchange for a customer email address) can serve the same purpose, it only allows you to gain leads into customers on the back end. What makes a tripwire more powerful is that it can convert leads into customers upfront and also let you break even on your traffic generation.
Why Should You Use a tripwire?
According to Ryan Deiss of Digital Marketer, “People who purchased tripwires were ten times more likely to purchase their core offer.” You heard him right! The strategy is simple. It is much easier to sell something to someone the second time than selling it to them the first time. Here are the other benefits of a tripwire:
- Offsets traffic costs
- Get more conversion out your leads and more out of your traffic
- Helps your overall customer value by removing the trust barrier
- Gives you the advantage of time by segmenting people based on their relevance to your product line.
Types of Tripwire you can use
- Publish a book (OR e-book)
Publishing a book offers you the chance to show people what you are doing in details. It helps them to understand what they stand to gain by using your core products/services. For optimal results, offer the book for free, excluding the shipping fee.
- A Course
You can ask your prospects to pay for a beginner course that will introduce them to some core competencies. This will give them the chance to decide on whether your core service is what ordering or not. If they get valuable information from the course, they will most likely be willing to enter into the funnel.
You can offer your premium software at a discounted price to new customers. This software must, however, be able to solve the particular problems the customers are looking to solve. You can provide a 30 day trial for a small fee.
Top websites you can get Tripwire ideas from
- Boss Mom – offers its Trello Boards that can help business owners organize and grow their businesses at a discounted price. The website also provides a free video explanation of the product and the visual of the product you will receive upon purchase
- Digital Marketer – offers its Social Selling System for $7 in which marketers learn how to make sales on social media “without actually selling.”
- Trunked Creative – offers a monthly content planning kit that allows you build a powerful online presence at 50% off the normal price. The offer also includes a testimonial explaining who this product is aimed at and screenshot visuals of what you get purchasing.