How to grow your Business using a Tripwire Offer
You may not know it, but you've definitely seen tripwire offers before, and maybe even purchased one. In this episode, digital product expert Eden Fried is explaining what a tripwire is, how to set one up, and why it can be instrumental in adding success to your business.
HOW DID SHE GET HERE?
Eden has a very interesting story for how she got into entrepreneurship. In her early 20’s, she had no idea what to do next, so she applied to law school. She got into 13 law schools and then decided she didn’t want to go, so she started a blog. With no background in online marketing or business, she hasn’t looked back since, and has been fueled by the drive to wake up every day to do something she enjoys.
Eden created her first online course a few months into blogging, and since then she has loved creating and selling digital products. Since then she’s created several courses and resources, her podcast Rebel Boss Ladies, a membership site for creating digital products, and a system for how to get instant customers with a tripwire.
IN BASIC TERMS, WHAT IS A TRIPWIRE?
A tripwire is essentially a low-cost digital product that is only offered for a limited amount of time. Typically someone will sign up for your freebie, then they’ll be taken to a page where before they go, they have the opportunity to buy a product that’s been seriously discounted, but they have to buy it before the timer on that page runs out (usually 15-20 minutes).
WHAT TYPES OF PRODUCTS SHOULD WE USE FOR A TRIPWIRE?
The only limit is your imagination. Books and digital products are very common tripwires, but things like mini courses, e-books, and workshops work well too. You can easily use this whether you sell digital products or run a service-based business.
WHAT DO WE NEED TO RUN A TRIPWIRE AND HOW DO WE SET IT UP?
There’s a few different tools you’ll need. There are free versions and paid versions of everything you’ll need. I love Deadline Funnel (a paid version) for the timer that you’ll connect to the landing page and emails that you send so that when the timer runs out, the tripwire locks down. In terms of a website, you just need the capability to have a landing sales page. So you would want a page that only has one call to action, not something with a menu to other pages. Lastly, you’ll need a payment processor, because you’ll need to collect money in exchange for the product.
WHAT IF WE HAVE TROUBLE COMING UP WITH A TRIPWIRE OFFER?
A lot of people do this process totally backwards. First you need to figure out what problem your customer is having. Once you’ve identified that, then you try to think of a product or resource that you have or could create right now that will solve that problem for them. After you know that, then you can come up with a freebie / lead magnet that relates to that problem that you’re trying to solve for your customer.
WHAT PRICE POINT SHOULD WE SET FOR THE TRIPWIRE OFFER?
There’s definitely a cap when it comes to tripwires. Unlike traditional product sales where you price by your value, tripwires are different because you have a limited amount of time to answer the objections that come with charging from your value (and a tripwire’s goal is not to get you rich). When someone buys something from you once they’re statistically more likely to buy from you again in the future.
Tripwires usually run between $7 and $47. Both ends of the spectrum work - it just depends on what the offer is and what value it provides. My recommendation is to stay between $9 and $19. In addition to a pricing sweet spot, there’s also a timing sweet spot. You should probably set your timer for 15 minutes, but it definitely shouldn’t exceed 20 minutes.
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