Tripwire Marketing – How to use it to increase conversions?
One of the ways to increase the conversion rate is to use the tripwire marketing strategy.
You may think that it is a difficult technique to implement and that it requires a lot of skills and technological tools, however, we inform you that tripwire is easier than you think. In fact, it is a strategy that has been implemented since before the Internet and it works well for both online businesses and traditional companies.
If you have an innovative product or service, but your potential customers are not interested, do not ask you and do not become real customers, maybe tripwire marketing is for you.
In this article we explain what tripwire is, its benefits and how to implement it in your business.
What is tripwire in marketing?
Tripwire in marketing is the strategy of offering a valuable product at low cost to potential customers with the aim of selling them more expensive products in the future.
Then, because the offer behind tripwire is valuable and relatively inexpensive, the customer is encouraged to make a purchase commitment that they consider low risk.
Your goal is not to make a profit from your tripwire offer, but to increase your customer base and brand awareness. You may even launch a tripwire offer knowing that it generates losses because its purpose is to encourage the purchase of more expensive products.
As a result, with tripwire marketing you increase the number of customers while increasing the reputation of your brand. To give you an idea of what a tripewire funnel would look like, just to give you an idea.
Components of a tripwire offer
- The tripwire offer must be affordable and accessible. Customers must feel that they are buying something significantly cheaper compared to what other providers are offering.
- The product or service you offer must be of very good quality. Keep in mind that you want customers to perceive that your brand is excellent and that in the future, they will buy more expensive products from you.
- Time of the offer, which must be limited to maximize the effectiveness of the tripwire strategy.
- The product must be related to the most valuable product you want the customer to purchase in the future.
- It should be something that is easy to use and easy to obtain, i.e., a product with simple instructions for use or a quick service that the customer obtains through a simple purchase process.
- Customer service must be excellent, the customer must be satisfied and happy.
How does tripwire marketing work?
Keep in mind that the goal of tripwire is not to make a profit, but to increase your customer base.
So, first you create a valuable and irresistible offer of a simple product or an attractive service.
After customers purchase the tripwire offer, you get a database that must be segmented in order to make the subsequent marketing campaign more targeted and successful.
As a result, you increase your sales and brand reputation.
Benefits of tripwire
Tripwire marketing is not only easy to use, but it is a technique that offers great benefits. Here are some of the main benefits of using tripwire.
- You convert prospects or potential customers into buyers because tripwire facilitates the recognition of your brand.
- You get a database of warm customers, emails from customers committed to what you offer to use them in a sales funnel.
- You manage to generate trust in your brand because customers recognize its value.
- Lower advertising and marketing costs by attracting customers using a shorter sales cycle.
- It definitely increases your chances of selling key products. If a prospect makes a first purchase, he is likely to make a second purchase as well.
How to develop tripwire in marketing?
The tripwire strategy must be different from the one you have developed for your standard products. To create a tripwire, follow the 5 steps below.
Step 1. Discover your tripwire offer
To discover the ideal tripwire offer, ask yourself: What irresistible product or service for my customers can I offer in a minimum amount of time and at a low cost? What is so valuable that will make my potential customers want to have it?
The best tripwires are those that are part of your core offering but don’t provide all the answers.
Your tripwire offer could include webinars, books, free trial, templates, checklists, freebies for reading a blog post, consulting.
Remember to always limit the length of the offer. For example: “free consulting for this month only”.
Step 2. Design a landing page
Now that you have discovered your tripwire offer, you need to market it. To do so, we propose the design of a landing page and a thank you page.
The content of the landing page should support your product or service and should contain a message that motivates people to click and get the benefit of the tripwire offer. If you are a WordPress website developer, install the WooCommerce plugin if you sell physical and digital products or Easy Digital Downloads which is very easy to set up.
It is important that you don’t forget the tripwire thank you page, in which in addition to thanking your customer, you will indicate shipping information. Also, include information about your most important product so that the customer knows about it.
Step 3. Develop the advertising campaign
- Set up an automatic tripwire email system. This system will serve first to promote your tripwire offers and then to promote your main offer. Send a maximum of 3 emails offering your tripwire product for a limited time. You can run a campaign using, for example, the Yes/No opt-in system offered by MailOptin. Prospects who click “Yes” will be taken to the sales page where they can purchase the tripwire offer. You can also send a discount to those customers who at some point showed interest but did not complete the purchase.
- At the same time, create and launch a paid advertising campaign to drive prospects to the landing page with the tripwire offer.
Step 4. Offer your core product to tripwire shoppers
You’ve grown your customer database and it’s time to present your most valuable offer.
You can make eye-catching calls to action (CTAs) as they purchase your tripwire offer.
Although it will depend on the product you offer, after 30 days, you can use email marketing and paid campaigns or use a combination of both. During that time, your customers will have already seen the benefits of the tripwire offer and your brand.
Step 5. Analyze, correct, and come back with a new tripwire strategy.
Analyze the results, and implement tripwire offers with the new ideas you probably received. New offers, new content, new ways to segment.
- Throughout the process, keep in mind that the goal of tripwire is not to make a profit from the tripwire sale, but to expand your database with new customers.
- To come up with a tripwire product idea, break your core product into several parts and one of those parts will likely be chosen.
- Consider creating a product similar to your flagship product but in a budget version.
- Before implementing the tripwire strategy, do your best to obtain an email list of prospects in order to promote your tripwire offer to subscribers.
- Your tripwire product must offer high real value because even if it is very inexpensive, it will not be accepted if its benefits are not really useful.
Examples of tripwire marketing
The tripwire product or service depends on the type of product and/or service and the business model of each company. Here are some tripwire examples to help you develop your own idea.
- Free trial period: It can be a great idea tripwire for companies that offer applications. For example, the SEO application Ubersuggest that offers 7 days for free.
- Parts of your main product/service: For example, a 5-stage crash course where the first, smaller part is free.
- Free shipping: To the customer who buys your product, you offer free shipping.
- Minor versions of your main product: For example, business cards, checklists, logo design, free perfume samples.
- Complementary products to your main product: For example, cell phone chargers, laptop cases, etc.
- Tangible products at low prices: They should be much lower than those of the competition as long as the customer pays the shipping costs. For example, sports shoes with 50% discount for 15 days.
- Attendance to online events: Such as a webinar, master class or webinar.
- Free technical advice or consultations: on the specific topic related to your line of business.
The tripwire marketing strategy can be effective and beneficial in many companies that have achieved substantial increases in their sales rate.
Although it seems to be an easy strategy to implement, it must be carefully analyzed and properly designed. Its main weakness is that you must be careful with the tripwire offer selected because it must be related to the high-priced purchase that you subsequently want to offer.
Certainly, creating a tripwire sales funnel will not be the only savior of your sales, however, you will get better results in terms of conversion.