Since the beginning of commerce, businesses have faced challenges.
It’s really hard to get people to buy something, especially in the beginning.
But there’s always a way...
Traditional businesses developed strategies to convince people to make that initial purchase. They found ways to convert prospects into paying customers. These methods of conversion were almost always done face-to-face, and they worked.
But today, businesses face these challenges in a new way…
2 Big Challenges That Businesses Have
The face of business has changed drastically over the past 15 years. Technology has redefined the way we do business. The internet is fast becoming the primary way commerce is conducted.
And this has created two major challenges for online businesses.
The first of these challenges is making money. Yes, we have established this has always been the primary goal of businesses. But the way businesses make money online is unlike anything that has ever happened in the past.
Think about it. Up until the digital age, nearly every business made money by having face-to-face contact with their customers. Sure, businesses still had to launch marketing campaigns. They still used direct marketing. But there was almost always a physical location customers could walk into.
Now, everything can be done online. Customers can live halfway around the world. And reaching out to a global audience poses challenges when it comes to monetizing that audience. But there are tools we can count on to get the marketing message out, such as:
- Email lists
- Facebook groups
- Social media followers
- Facebook and Google advertising
But here’s the thing. Without face-to-face contact, building a relationship with this global audience can be challenging. And that makes it challenging to make the sale…
Increasing Conversion Rates
The other major challenge faced by online businesses goes hand-in-hand with making money. It is their ability to increase conversion rates.
The conversion rate is essentially the number of people who take action (sign up, buy, subscribe) relative to the number of people who have been exposed to the opportunity. The number of people who actually clicked on that button and followed through.
The higher the conversion rate, the more sales a business gets.
Once a consumer takes action, they enter into the sales funnel. This funnel guides them through to eventually making a bigger purchase. And most brands can greatly improve the effectiveness of their funnels. There is always potential to further optimize conversion rates.
But in order to do this, businesses need to get people INTO the funnel.
People Don’t Just Give Away Money
Anyone cruising around the internet will see brands all around them. Maybe they see a Facebook ad. Maybe they see someone talking about it on social media. But here’s the thing…
Just because someone stumbles onto a brand, it doesn’t mean they’re going to buy.
People need to build rapport and trust in order to buy anything significant. There needs to be a relationship. This is especially true when it comes to buying high-ticket items.
High-ticket items are the true money-makers. They’re the offers that online businesses should really monetize. But they have to build up to it. No one can put a high-ticket offer in front of a cold market and expect to make sales. There needs to be a relationship first!
The key is to get people through the door. And there is a special kind of offer that will accomplish this. This type of offer will gently bring people into the sales funnel, not scare them off with a huge price tag…
Introducing Tripwire Offers
Physical tripwires are usually booby-traps, motion detectors and all that. Basically, they’re meant to keep people out.
But when it comes to online marketing, a tripwire offer is actually a way to entice them to enter…
The sales funnel!
A tripwire offer is very simple. It is a low-ticket offer. Something that costs very little money and requires very little commitment. It takes advantage of people’s tendency toward the impulse purchase.
For this reason, the tripwire offer has to be interesting. It has to be intriguing. It has to be irresistible.
Once the customer has bought the tripwire offer, they have entered the funnel. Then they can be lead further along the funnel. And eventually, they can be sold a high-ticket item.
Benefits of Tripwire Offers
The key to bringing people into the sales funnel is to give them the opportunity to make small commitments—micro-commitments.
Through these micro-commitments they will interact with the brand and the person behind that brand. And this interaction will draw them into the sales funnel.
It is important to understand that getting people to spend money is the most challenging aspect of business. Getting them to buy is even harder than just getting them through the door.
But getting them to buy AGAIN is much easier. Once they have purchased once, they are warm. They have achieved a level of trust. They bought something and it all worked out just fine. They liked the product. They are interested in what else is available.
The key is that people have to take that first step. That is what the tripwire is for. And that is the greatest benefit it offers—getting that first sale.
But the tripwire offers a couple of other amazing benefits:
Offsets traffic costs: It is common to run paid ads when generating leads. While leads will turn into profit down the road, they don’t make any money upfront. But with a tripwire offer, it’s easy to make some of that advertising money back right away.
Just put the tripwire offer on the thank you page. When people subscribe and become a lead, they are directed to that thank you page. Then they can take advantage of the tripwire offer.
This works so well on thank you pages because it’s inexpensive, simple, and enticing. And it gets people into the funnel.
Increases conversion rate: Since the tripwire gets people into the funnel, it actually increases the conversion rate of higher-end products. This happens because people are taken through a series of micro-commitments, each one bigger than the one before it. This makes them repeat customers. And over time, it turns them from a cold audience to a hot audience.
Ultimately, it takes time for any business to make big money. But one of the fastest ways to make money quickly, while generating an email list, is to use a tripwire offer.
Case Study: Example of a Great Tripwire Offer
Tripwire offers work! We know because we have used them here at Lurn. My book Circle of Profit was created to function as a tripwire offer.
This book was offered for FREE. All people had to pay was shipping and handling charges. And people loved it!
Circle of Profit provided great content. Did we make money off the product? Not directly. But it got people into the funnel. They felt as though they received great value from this free book. It helped them trust us. It established a relationship. It opened them up to buying from Lurn in the future.
And this meant they were more likely to buy high-ticket items later on.
Different Types of Tripwire Offers
There are many different types of tripwire offers to make. They don’t have to be overly complicated. They can be either physical products or digital products. As long as they suit the niche and are appealing, they will be effective.
Let’s take a look at the two types of tripwire offers in more detail…
Physical products include anything that can be shipped to the customer. It doesn’t have to be extravagant. Just something small and inexpensive, such as a book or a product that fits with the niche and the brand.
For example, say an eCommerce business is in the dog niche. A great tripwire offer could be an inexpensive dog leash. This is something that costs less than $10. It could even be offered for free plus shipping.
It is easy to find products to sell on sites like AliExpress.com. And even when offering free plus shipping, it is still possible to make money—or at least not lose it. In fact, running an eCommerce business is a great supplement to any online business.
Digital products are the other option for a tripwire offer. And they are a great option. There are so many digital products that can be offered for very little money, such as:
- Digital reports
- Paid webinars
Here’s an example in the fitness niche: A $5 eBook that reveals a bodyweight workout plan. It could have the unique angle of showing people how to get in great shape while never paying for a gym membership again. The book can act as the tripwire for more expensive digital products, fitness supplements or even coaching services.
The key here is to focus on something very specific within the niche. Come at it from a narrow and unique angle, rather than using a general topic.
Creating digital products is easier than it might appear. And they are very lucrative. Once they are made, they can keep making money with no extra effort!
Quickest Ways To Create Digital Products
Many people are intimidated by the thought of creating a digital product. But it really isn’t difficult. There are three different types of digital products to create, including:
Chances are at least one of these will work for just about anyone. Let’s take a look…
Creating a video can be surprisingly easy. All that is needed is some good screen-capture software and a webcam or smartphone. Camtasia and ScreenFlow are great tools for screen-capture.
Any instructional content that can be written as a report or an eBook can be made into an instructional video. And when people can see the face behind the brand, it builds a relationship. Instructional videos can come in many forms, such as:
- Guest speaker
- Animated video
There really is no limit to what can be done with video. Get creative with it.
Content can also be turned into an audio product. All that is required is a good microphone and audio recording software. A microphone can cost as little as $50. When it comes to audio software, Audacity is incredibly high-quality and it’s FREE!
Audio recordings can be turned into podcasts. And podcasts can be used to produce any of the content that can be produced with video. They are particularly great for interviews and guest speakers. And they are much like a radio program, something everyone likes and can relate to.
Other audio products include audiobooks and audio courses.
Audio products offer incredible flexibility for people on the go.
When people are commuting or somewhere where they can’t read or watch something, they can often still listen. This gives the audio product a reach the other two kinds of products don’t have.
The third type is a written digital product. This is probably the most common digital product. It’s the easiest one to create and the one most people are familiar with.
There are so many forms of written content. Plus, it’s generally easier to create a great digital tripwire product this way. Written digital products include:
- A daily inspiration book
- A worksheet or workbook
Again, the only limit is the imagination.
Some people aren’t comfortable with writing. For anyone who struggles in this area, there are a couple of options:
Outsourcing: There are some great places—such as Upwork and Guru—to find freelance writers. These writers can produce a digital product for a reasonable price.
Dictation: Simply dictate the written copy into an audio recording. Then have it transcribed by a service like rev.com.
Now once the tripwire offer is ready, people need to be convinced to take advantage of it.
Tripwire Offer Sales Page
Any tripwire offer needs a sales page. This can be a simple written sales letter (WSL). Because it’s a low-ticket offer, a WSL will get the job done.
But when it comes to a WSL, writing good copy is key to its success. It is critical that the copy:
- Has headlines and sub-headlines that grab attention
- Is benefit-oriented
- Is visually appealing and has good flow
- Tells a good story
- Gives the “what,” not the “how”
- Provides value
In fact, the thank you page and the WSL can be the same page. Simply thank the subscriber, then follow into a great WSL.
With the right headline and an audience that has already made a micro-commitment, they will read. Their interest will be peaked. And they will buy.
There is no greater challenge for a business than monetizing the online consumer and getting them to buy.
People want to buy, but they don’t want to spend money.
To get them to spend, there needs to be a relationship and trust. And when the business owner can’t see the customer face-to-face, building that relationship and trust is more challenging.
That’s why it is so important to draw them into the sales funnel slowly. Get them to make micro-commitments. That is what a tripwire offer does. It provides the customer with a small, but enticing offer. It plays on their impulse to buy. And ultimately, the tripwire offer:
- Offsets the cost of generating leads
- Increases conversion rates further on down the funnel
Tripwire products can be physical or digital. Both work well, but digital products can be easier to use over the long-term. Digital tripwire products can come in any one of the following forms:
Each one of these is easy to create and very effective.
Of course, the best way to learn how to make profitable tripwire products is through hands-on experience and solid guidance.
And we can help!
Join us for our FREE Digital Bootcamp and learn how to make tripwire products that will help draw people into a highly profitable sales funnel.
This is an incredible opportunity to learn from digital product experts. And it is an opportunity that can get any online business soaring.
Sign up for our FREE Digital Bootcamp today!