Tripwire marketing is a great way way to generate more sales, nurture leads and grow your business.
Are you satisfied with the conversion rate on your website? Business owners and marketing teams strive to get more customers invested in your brand. If you're in this position, you could benefit from adding a tripwire to your existing marketing strategy.
You may be asking, "What is a tripwire in relation to marketing?" Simply put, a tripwire is a lead-generation tactic that helps you get more customers and prospects by presenting a small and inexpensive offer.
When a customer takes you up on your offer, it sets off a chain of events where they are now more interested in your company. As a result, they are likely to make larger, more pricey purchases in the future, and they are more likely continue to engage with your business.
If you're interested in creating a tripwire funnel, stick around, because we are going to check out several effective ways to add this strategy to your business.
Create a low-cost value proposition
The first thing you should do is create a low-cost value proposition. Think about the products and services offered through your business, and come up with a creative way to present a cheaper offer to new customers.
For example, if you're selling online classes for $500, you may have a hard time getting visitors to pull out their wallets and make that initial investment. However, you can add a tripwire funnel that encourages users to buy a $20 introductory course.
Instead of spending $500 at once, users can spend a modest $20 and determine if your more expensive courses are worth their time. If new customers have an excellent experience and see the value in your less expensive course, they are likely to come back and pay for the pricier course next time.
Your inexpensive offer will vary based on your industry, but the concept remains the same: Create a value proposition that won't break the bank, and instills confidence in people that are on the fence about spending a lot of money on your website.
Use email to drip content and your offer
When enticing consumers with your offer, you should always ask for their email address as part of the sign-up process. Email is one of the best ways to nurture your leads and secure more sales, with an average return on investment of 4,400%.
Marketing teams often create drip campaigns to show off new products, announce promotions or educate customers with helpful content. You can use a drip campaign as a tripwire funnel to get more engagement from your subscribers.
A drip campaign is a series of emails that help build rapport with customers through exposure and one-on-one conversations. Your emails should flow the way you imagine a conversation would go with a friend. Here's a standard structure you can use:
- Email 1 - Welcome email/deliver lead magnet
- Email 2 - Pose a question that addresses a common pain point/goal
- Email 3 - Talk about a solution and touch more on the pain point
- Email 4 - Provide resources (blog content, case studies) showing that you're an expert and want to help
- Email 5 - Offer a tangible solution through one of your products or services
When a customer signs up for your email list, they may not be ready to buy your most expensive product. But people are likely to buy a product at a fraction of the cost.
You can now create a drip campaign so that your fifth email, you'll show a tripwire offer. At first, this might seem confusing because you already have the user's email address. The truth is, there's much more to tripwire marketing than grabbing new email addresses.
A tripwire drip campaign can help you learn more about your subscribers, secure more sales and even segment users based on the offers they accept. Segmenting your lead list is critical for growth, especially when you consider that personalizing specific elements of your emails can improve conversions by 26%!
Showcase offers on your most popular page
Visitors come to your site to do more than buy your products. Most of your website visitors have never purchased a single thing from your online store. Instead, many of these folks are spending time reading your blog content and researching your brand. In fact, a surprising 47% of people read between three to five blog posts on your site before making a purchase.
You can use a tripwire funnel to grab the attention of these people while they are browsing your blog. Check your Google Analytics to see your top-performing blog posts. These pages are where most people spend their time.
Design your popular pages with sidebars that feature your tripwire offer. Imagine you own a company that sells gift baskets. A customer is close to buying your $100 custom basket. They are browsing your blog, reading about how some of your products are made.
Suddenly, but they see an irresistible call to action for a smaller, mini-gift basket for $20. There's an excellent chance that the person who was already considering spending $100 will pay $20 for a smaller sample basket.
Now they have to sign up to complete their order, which adds them to your lead list. It's now easy for you to reach this customer with content, special offers and promotions, all of which will keep them coming back to your website.
Encourage customers who want to cancel to give feedback
Finally, let's talk about retaining customers with a tripwire after they decide to stop using your brand. You can pick the trigger point for this interaction, but it usually occurs after someone tries to unsubscribe from your email list, cancels their order or doesn't engage with your emails after six months.
After the trigger event occurs, you can use a tripwire to keep them interested in what you have to offer. Your strategy here will vary depending on what you see as a cancel.
For instance, if the trigger point is when a customer unsubscribes from your email list, you could create a poll and ask them to help you improve. Many customers, even those intent on unsubscribing, will take your survey. At the end, thank them for their feedback by giving them an extremely generous discount if they decide to stay subscribed.
Not only will you generate additional revenue from customers who take you up on the offer. But the poll data could give you insights on how you can improve. Last, the extra time it takes to complete the poll might encourage users to reconsider their decision to unsubscribe.
There's no question that tripwire marketing can work for online stores that sell physical products, SaaS businesses and everything in between. When working on your campaign, you have to start by understanding your target audience and what they need. Identifying pain points and goals through research can help you better grasp what people expect from your brand.
Use what you learn from your research to create a tripwire offer that helps your customers, saves them money and shows that you're interested in helping them reach their goals. Authenticity and relevancy are two factors that your campaign needs. If you can nail these two aspects of your strategy, it's possible to experiment with all of the tips mentioned here until you find the right combination that leads to exponential growth.