You will often hear phrases and terms used on a frequent basis in business and it may be that you don’t know what it means. One term that has been used by online marketers a lot recently is “Tripwire marketing”. This isn’t a new concept, it has been around well before the internet, but as you know, sometimes traditional methods become popular or very relevant at times.
The purpose of tripwire market is segment all of your individual leads into separate groups with an interest, sell them items that are low priced and then focus on the buyers, up-selling them to a main service or product.
The term Tripwire Marketing isn’t the nicest of terms but it is generally all about converting a lead to a customer through a low-cost offer and then once they are in the business sales funnel, sell them more expensive or higher-end products.
This style of marketing means that you don’t start off with enticing your audience with the most expensive services or products you have to sell. You can sell a lower cost item or take part of the expensive product or service and offer it in a way that provides value and teases what you have to offer.
The premise behind this style of marketing comes from the fact that once someone is a customer of your business, they will be far more likely to buy from you. The trick here is that the initial offer is a low price one, not a free one. With a free offer or product, many people will be suspicious and wonder what the catch is. However, if you can convince a customer to buy from you, even a low priced good, you’ll be far more likely to convince them to buy other products from you.
Selling inexpensive services and products provides a great way to provide your market with a sample of what you offer and then follow up with more focused and tailored products or services. This has always been a great way to make sales and develop a long-term relationship with an audience. The term may be a modern one but the thinking behind Tripwire Marketing is certainly nothing new.
If you are looking for ways to develop your Tripwire Marketing, here are 5 top tips.
Begin with a lead magnet
Long before you can think about making the initial Tripwire offer, you want to have people on your mailing list. This is where you should start with a free offer to showcase what you can do and to get people’s contact details. You need to make sure that you provide users with the right free gift, so think about what your audience is looking for and how they will look to engage with you in the future.
Watch this fantastic video from Justin Brookes about what lead magnet is best to use..
Make the Tripwire
A Tripwire product should be a “low-ticket” item that solves a very niche or specific problem. It pays to be as specific as possible. It could be a great deal on a range of products, it could be a consultation, it could be a webinar or even a checklist for people undertaking a specific task. What works for one business may not work for others, so have a think and feel free to try different products or services. You shouldn’t worry too much about making a profit (you don’t want to make a loss but your aim is not to get rich on this sale), the main aim is to make people customers and find out what they are interested in.
You can have more than one Tripwire on the go at any one time. If you have a business that operates in a number of areas, don’t neglect certain parts of your business, make sure that every area is covered.
Contact your list with your Tripwire
You have your list and you have your Tripwire, it is now time to bring them together. You can do this sending out two to three emails that offer your Tripwire product for a very limited period of time. You can do this by sending your list directly to your sales page that contains the Tripwire or you can provide them with free content that will then aim to sell the Tripwire at some point.
You’ll want to segment your contacts with specific tripwires & lead magnets, to learn how to do this watch this great video from James Nicholson:
You should be aware that not everyone on your list will be interested in the offer and that they won’t all click. This isn’t a bad thing because it provides you with the chance to segment your list into carious groups. You should look to send specific emails that deal with certain issues or problems with the Tripwire and email looking to provide a specific solution.
You will find that you will start to develop different groups of people who have an interest in certain products, services or parts of your business. You should then look to segment your list down further, allowing you to provide the right content to the right people.
Introduce your core products or services to your buyers
Now that you have segmented your buyers, you can lead each individual group of people to a more substantial product or service that you provide. You should be aiming to take them to a range of core products that are likely to be of interest to the customer.
An example of a Tripwire that is also a core product could be a trial period of a main product or service. You will be familiar with memberships or software packages that provide a 30 day trial for a small fee. The fact that there is a fee involved means that people are serious about the product but the cost is so affordable that many people can get involved. This is a great way to move the customer from your initial list into being a buyer of your core product or range.
Start again and repeat
Creating more and more Tripwires will allow you to segment your audience even further, hopefully allowing you to reach out to people in a more effective manner. This is a process that should be repeated on a regular basis, not done once and then left. You can fine-tune your offerings, but be sure to monitor and analyse as you go along. This is the only way in which you can tell what will work and what won’t.
An additional tip
This has already been highlighted but a great way to create a Tripwire is to take one section of your overall product or service, and offer it. If you are hairdresser, offer a cut at a low price, if you design websites and graphics, provide a cheap deal on a company logo. No matter what you do, take one aspect of your overall service, and offer it at a lower price. This is the starting point to convincing the user to upgrade to the rest of your services.