What’s better than converting a brand new prospect into a customer? Selling to an existing customer! According to Marketing Metrics, the probability of selling to an existing customer is 60 to 70 percent higher than selling to new leads. The best way to do that…use a Tripwire Funnel!
Tripwire Funnels are a faster way to boost sales and convert leads into repeat customers. The best part – once you automate this funnel you can focus on your other business goals. It’s relatively low cost too!
So what exactly is a Tripwire Funnel and how does it work?
Simply put, a tripwire is a desirable product/service you offer at a lower cost (and for a limited time) with the aim of enticing your customers to make larger/other purchases in the future.
Tripwire products/offers should:
- solve at least one pain point of your ideal customer and give them a quick win.
- establish the Know-Like-Trust factor that makes your customers come back for more. Making it easier to upsell.
- have a high perceived value(to the prospect) offered at a lower cost. Enticing the customers to buy.
They are easier to sell as they:
- create a sense of urgency to buy (as the product might go away or the prices might increase after a certain time).
- are low risk and low investment (not too expensive or time-consuming).
They also help identify leads ready to spend, offset marketing costs, and bring back customers who have disappeared.
While there are a number of ways to create a Tripwire Funnel that suits your goals, let’s stick to the simplest one for now.
Here’s how a simple Tripwire Funnel works:
Step 1: Select one tiny aspect of your ideal human’s pain point and create a freebie (a lead magnet) to solve it. Give them a little win.
Step 2: When someone signs up to get the lead magnet, the page will redirect to the tripwire page. On the page, they have the option of buying a desirable, high-value offer for a highly reduced price within a limited time. If they buy the offer, they can make the payment and checkout with the offer. And regardless of whether they buy tripwire or not, the cart will send them the email where they can access the freebie.
Step 3: (Optional)You can also offer an upsell or an order bump to people who buy the tripwire. In this case, they will be led to the order bump or upsell page before being led to the checkout.
Step 4: Nurture your ideal audience by emailing them valuable, insightful, and useful emails.
Step 5: Once you nurture them, you can lead them to your mid-ticket and high-ticket offers.
You can use the Tripwire offer at:
- The top of the funnel: promote the tripwire offer directly on social media or blog posts or through Facebook ads and then upsell or do an order bump once a person buys the offer.
- The middle of the funnel: Offer it with your lead magnet funnel. You can just have a 2 step funnel or try to upsell, downsell, or do an order bump depending on your audience and goals.
- Any stage of your launch or sales funnel by emailing your list directly. In this case, you need to carefully consider how the Tripwire will serve your launch/sales process.
You can create a Tripwire offer out of anything.
- Mini courses
- Cheat Sheet or Checklist
- Mini Consultation
- Templates and Prompts
- Instructional Videos
- The main goal of the tripwire is not to make money (although that’s a great bonus!) but to entice your customers to buy more.
- Whatever your tripwire upsell is…it HAS to be related to your final/high ticket offer. The same goes for your lead magnet.
Need help building your funnel? Amazing OBM is a team of master marketers standing by to provide done-for-you content marketing, funnel building and launch support services. Contact us for a free consultation so we can chat about your business growth plans.
Boost Your Sales with a Tripwire Funnel
April 26, 2022