Does your business have a revenue stream that’s dedicated solely to covering your business expenses? No? Then you need to read this.
Do you have a tripwire in your business? No? Then you need to read this.
Do you have a tripwire but it’s not converting? Yes? Then you need to read this.
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Plain and simple, today’s post is dedicated to tripwires. Chances are, you’re leaving a ton of money on the table in your business by not having one or not optimizing one. Even the most influential business bloggers on the planet often neglect this strategy, and in doing so, they’re leaving thousands of dollars on the table.
At Reach and Make Millions, we typically work 1:1 with people who are already six and seven figure earners, and we’re surprised to see that many of these people don’t have a tripwire in place in their funnels! That’s literally thousands of dollars in revenue lost every single month that could be used to grow their business and their profitability.
But this strategy doesn’t just work for high earners, either. If you’re new to online business, having a tripwire could take you from having an expensive hobby to crossing the mark to entrepreneur. The only thing that separates an entrepreneur from an expensive hobbyist? A sale. With a tripwire, you can easily get that first sale. And if you can get one sale, you can get multiple sales. And the benefit? No cold calling, no sales calls. All you need to do is get someone to sign up to your list.
What is a tripwire?
A “tripwire” is a marketing term for a low-cost paid offer that appears directly after an opt-in.
The idea behind a tripwire is to make it a “no brainer” offer. Frank Kern, the granddad of internet marketing, basically explains it like this: Free offers (aka your opt-in) sound too good to be true. A low-cost offer, on the other hand, people are more likely to take you up on because it’s perceived as being very low risk for high value. People will invest in what they consider a no-brainer offer.
By no means is this new. Actually, it’s a pretty old strategy that people have been doing since the pre-internet era. Take a look at this example for 13 records or tapes for a dollar:
The front end cost - $1.00 for the records or tapes - is an excellent deal. Who wouldn’t want music at a close to free price in the pre-Napster era? Remember, this was offered following the post-80s trend of deals that paid no or few royalties to artists so it was beneficial for companies to offer this kind of craziness.
However, if you look at the fine print on the ad, opting in to the deal means agreeing to buy more selections (I believe it says nine) over the course of the next three years. From a little quick research - aka calling my mom - records and tapes were about $10-15 a pop, so at the low end, 9 more records or tapes would mean $90.00 in additional revenue for everyone who opted in to the baker’s dozen deal.
This is the power of the tripwire in action. While you can build up goodwill with your audience on the front end, on the back end, you can earn a lot of money from people who are primed and ready to buy because they’ve already bought once.
Where can I place a tripwire?
There are two main areas where you can place tripwire offers. The strategy behind these placements are a little different, so read closely.
After the opt-in for your funnel
A lot of advice in the blogosphere tells you to do one of two things when someone opts-in for your opt-in offer: Link them on the thank you page to your Facebook group OR to share the blog post with friends on social media.
Those are both valid strategies, but here’s the problems with them:
According to Moz, the lifespan of a tweet is on average… 18 minutes. And that’s under peak conditions. That means you’re hoping that your subscriber will actually take the time to tweet and share your content with you, and that all of their followers will see it in a span of 18 minutes. Let’s be real, that’s probably not going to happen.
Linking people to your Facebook group, of the two strategies, is definitely the better option. Growing your community is a necessity to grow your social credibility, increase your klout, and build a tribe of potential customers. However, there’s a lot of supposition in that relationship. You’re hoping the person is going to join your group. You’re hoping they’re going to add it to their favorites. You’re hoping they’ll see your offers in your group. And hope isn’t a strategy.
Why a tripwire is the better option
What a tripwire does is take the idea behind these strategies - spread your notoriety, grow your Facebook group, and cut down the time that these *cross your fingers* strategies of wishful thinking and actually converts people into buyers. Immediately.
Now, not everyone is going to convert, and that’s okay. Your goal isn’t to convert everyone, but it’s to convert as many people as possible. There really isn’t a reason to wait to convert people.
You can also customize tripwire offers based on the content of the blog post. For instance, if your business provides copywriting and content strategy for people, you’re likely not going to offer the same tripwire product on a post about creating epic Facebook post as you would on a post about writing a sales page that converts. You want to tailor your tripwire offers to the post.
The benefit of this? Multiple opportunities for revenue.
Let’s say someone purchases a $12 sales page kit and then on another post they purchase a $47 training about creating epic FB posts that convert like gangbusters.
You’d have made $59 from that person.
Now, let’s say your signature program is $497 or your done for you services are in the four figures. The client’s mindset is not at a place yet where they’re not going to drop that kind of money, even with a payment plan. You make 0$ from the person.
With the tripwire strategy, you’ve made $59.00 from that client, while with the FB group and share page strategies, you’ve made $0 because you’ve been building your list solely with the end goal of that larger ticket product in mind which they’re not going to buy.
Behind the opt-in for a funnel
When someone opts in to your main funnel, you should have a tripwire directly behind it. You want to be able to tell from the moment that someone joins your list whether they’re more or less likely to purchase your larger ticket program.
The people who buy your tripwire products are your best and most loyal customers because they require the least threshold of know, like, and trust in order to convert to buyers.
This is important information to know because it means that you can provide them with additional bonuses or incentives and reach out to them first when you have something to sell, since they’re the most likely to be responsive to pre-sales, and if you offer a special bonus because they were a quick action taker, it will increase the chances that they’ll buy your larger program even more.
Now, that’s not to say that those who don’t purchase your tripwire won’t buy your larger product. But a good tester group to test your product’s viability on will be that group of tripwire buyers. If they’re more likely to convert and you’re not seeing conversions - at least not at the level that you’d like, then it gives you the time to rethink your positioning, tweak your e-mail copy, etc. And you can still pitch the product again to these buyers with your main list, they just won’t have the exclusive incentives anymore from the previous offer.
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How are tripwires beneficial for my business?
By now, you should be starting to see the value of a tripwire as a strategy for increasing your revenue. We’ve talked about why it’s more effective to have a tripwire than it is to have a thank you page encouraging you to share your content or join your facebook group. Let’s dig in even further into how tripwires benefit your business.
Know, like, and trust. These are the three crucial keys to business success. Your audience needs to know who you are and they need to know that you provide amazing value. They need to like your content and your personality. And finally, they need to trust you as a business owner and expert and they need to trust that they’re getting at least they’re money’s worth, but ideally more than their money’s worth.
A tripwire allows you to show what you can do faster than any other method. When someone has the opportunity to purchase from you at a relatively low-risk price point and they receive amazing value, they’re going to want to keep coming back to you to consume more content and purchase more from you because they know that you delivered quality material that helped them at a low price point, so your higher priced items should be even higher on the value threshold. It helps abate buyer fear.
How much should I charge for my tripwire?
This probably isn’t the answer that you want to hear, but there’s no exact science for this, unfortunately. You have to know your audience as well as the value of your offering.
Don’t cheapen your offerings for the sake of a tripwire, think about it differently instead: Is there some way you can take a unit from a larger product and turn it into a standalone product with a few modifications?
Can you create a product that would be a prerequisite for working with you further or would be helpful in getting someone from point A (aka the tripwire product) to point B (your signature offering or next offering in your funnel)?
In general, tripwires will convert best if they are $50 or less because they’re considered low risk investments, particularly if you’re still newer in business and are building up goodwill and credibility.
How can I add a tripwire after my opt-in?
At Reach and Make Millions, our preferred way of adding a tripwire into our opt-in is through ClickFunnels (click the link for a free two week trial).
ClickFunnels handles everything for you, from the creation of your opt-in page right to the delivery of your training in a password-protected membership site. It’s an easy all-in-one system that’s designed specifically for business owners.
What we really love about ClickFunnels (and we’ll get more into this in the next section) is that it allows you to split test every element of your funnel. So you could show the same offer with two different sets of copy to see what converts better or even two different offers.
Alternatively, if you’re on a DIY budget, you can use a Squarespace or Wordpress landing page to set up your offer’s thank you page and link to a check out button on Stripe, Paypal, or Thinkific.
Let us know in the comments below whether or not you have a tripwire and which of these tips you’re going to implement in your own business this week.