How to Use Tripwire Marketing to Boost Conversion Rate
Are you struggling to sell your products and services? Every business can always use a conversion boost. Tripwire marketing accelerates your efforts to convert leads into paying customers. Many businesses have been using it as a core part of their marketing strategy as it works well for both offline and online businesses.
In this article, you will learn how tripwire marketing can work for your business and how to set up a tripwire marketing funnel.
What is Tripwire Marketing?
Tripwire marketing is a marketing strategy that increases your pool of paying customers by offering your services and product at little cost to encourage your leads to buy from you.
This strategy works because it is more difficult to get people to pay you for your product the first time than it is to get them to pay again. The first purchase is an opportunity for a customer to have a taste of your offering and get comfortable with your business. Once they have done so, it is easier for them to consider paying more for your product or service. The tripwire strategy eases the potential customer into their first purchase.
The product or service you choose to offer for a reduced price is called a tripwire. It causes the customer to start a buying journey with you with a plan for that customer to convert highly when paying for the more expensive version of your product or service.
You can offer part of a training pack that costs $1,000 for $20 – $100, then come back to sell the more expensive training pack to those who purchased the tripwire.
If you have decided to use tripwire marketing for your business, you must ensure that you do the following:
- Plan to put in place a tripwire funnel.
- Use A/B testing to leverage on your most engaged product as a tripwire.
- Properly forecast how you can profit from your upsell – the number of sales you get when you sell your more expensive product.
Below are some tripwire examples to help you plan an effective tripwire marketing.
Offering a Trial Period
A tripwire offer can be a 7 day or 14 days free trial with a customer signing up and inputting their billing information. At which they will be billed for the month if they do not unsubscribe from the service. This is a great strategy for SaaS solutions. You might also consider slashing the monthly cost down to $1 to get more paying customers after which the customer pays the full price for the next month.
Offering Bits of Whole Product/Service for Less Price
If you offer a service pack or training pack. You can consider breaking your product or service into small bits. You can create a training pack that offers an intensive course on building a house but offer a smaller chunk of that course with introductory lessons. You would price this course less than the price, the whole training package would normally cost. You can also break down your service offer in this manner.
Offering Free Products with Paid Shipping
You can consider offering a free physical product but the customer gets to pay for only shipping. This can work for eCommerce stores. It worked for a thriving market who offers free candy bars with paid shipping.
Offering Free Products Accessories of Main Products
For products that have accessories, you can offer to give its accessory for free, like the charger or ear-pod or pack for free. This would encourage people who see your tripwire offer to buy the main product, which is your upsell.
Once you have decided on the type of tripwire you would be offering. You would have to set up a tripwire marketing funnel. Below are steps to easily set up two kinds of tripwire funnel using MailOptin.
Setting up a 2-step Tripwire funnels
A 2-step tripwire offer allows you to make an offer to your customers using MailOptin Yes/No option. Get your customers to click “Yes” if they want the product or “No”. Once they click on “yes”, it takes them to a sales page where they can purchase the tripwire offer.
If they click “No” you can also set up your campaign to pop-up a simple form to enter their email for other offers. This way, you will be losing nothing.
Sign Up on MailOptin and select the template that you would like to use for your optin campaign. Get a detailed overview on how to set up your first opt-in campaign here.
After they have made the purchase, your sales confirmation page can be used to tell them about the upsell product or you can do so in a follow-up email which can be turned into a drip email campaign.
Setting up a tripwire funnel using drip email marketing
You can use MailOptin to send automated emails with tripwire offers to your email list. Your tripwire offers should be targeted to your customers based on how they have interacted with your product in the past.
Sending a tripwire offer is also a great way to get customers who might have abandoned your services back to the table. You can offer them an exclusive price slash on products they had previously subscribed to, then consequently send them emails with related upsell products.
Businesses that have used tripwire marketing effectively for their business have seen at least a 26% increase in their upsell rate. Surely that amount of increase is worth your marketing efforts.
Using the tripwire strategy would also help you get the money back for the cost of your marketing upfront and bring more paying customers to your table. It also cuts out the bridge you might have with a lead or a potential lead that has never used your product.