Definition: It is a low-priced product or service offered to get people interested in purchasing other, more expensive products and services.
Explanation:
What if you could sell something for less than the original price? Could you still make money?
A tripwire offer can help you get started in growing your business by offering a great deal on a high-quality product.
This strategy is often used as an introductory offer that aims to engage the customer with an inexpensive product or service.
A tripwire product is a low-priced, typically inexpensive item that you offer to customers at the beginning of your sales funnel.
If the customer decides to buy your tripwire product, they might also get interested to buy more.
It’s a simple strategy for businesses because they can charge a higher price point for the product or service that they offer as an upsell.
How does it work?
A tripwire is a small offer that draws customers into your funnel and then into your main offer.
This can be anything from a single product to a bundle of things at a discounted price.
The idea behind this tactic is to provide potential customers with an incentive to take advantage of the offer right away.
Tripwires spur impulse buying and sales, giving you the opportunity to generate more revenue even if people weren’t even planning to spend more in the first place.
Examples of tripwire offers
A tripwire offer can help improve customer acquisition and retention rates.
There are different types of tripwire offers that companies and one of the best examples are:
- Webinars
- eBooks
- Free or paid trial period
- Books
- Digital products
The difference between a lead magnet and a tripwire offer
In marketing, there are many ways to get prospects to engage with your company.
The most popular way to do this is through a lead magnet or a tripwire offer.
Lead magnets are usually free offers with no strings attached, whereas tripwires involve the buyer paying money.
The point of lead magnets is to get your potential customer to enter their email address on your website (the lead magnet) in order to receive something for free.
Users are incentivized to sign up by offering something for free, such as a downloadable PDF, template, checklist, cheat sheet, or checklist.
Meanwhile, a tripwire offer is a low price offer that you want people to buy as soon as they visit your website.
This marketing strategy only targets the most serious of buyers while still providing an incentive when they make a purchase.
What makes a good tripwire offer?
Many people enjoy the thrill of bargain hunting, and may even find it as a once-in-a-lifetime opportunity.
However, if you are not careful with your approach to setting up an offer, then this could be a costly mistake for both yourself and your customers.
There are four things that make a good tripwire offer:
1. It’s enticing and cheap
No one likes spending their hard-earned money on something that isn’t worth their time.
If you want to hook people to your tripwire offer, it has to be something that they can’t resist.
It should also make them feel like they are getting a deal on something really special at a price that they can afford.
2. It’s only available for a limited time
This gives the customer the feeling that he/she is missing out if they don’t act right away.
By giving the customer a sense of urgency, they’ll think that it’s a missed opportunity if they don’t grab the special deal.
This also makes the sale more likely because there won’t be any other options left when the offer expires.
It could be as simple as having a special promotion where if you act fast enough, you get first dibs at this deal. (“Hurry! Available for a Limited Time Only!)
3. It gives value to consumers
If you’re offering a product/service that you want people to like, it has to be valuable enough for customers so they wouldn’t hesitate to get your offer.
You can do this by highlighting the benefits of your tripwire offer (“Save more when you get this amazing deal for $1 instead of paying the regular price of $15”)
This is also why discounts are not always effective because most people don’t care about saving money unless there’s something really good to gain from doing so.
4. It has to be relevant to your main offer.
The last thing you should consider before launching this type of offer is whether or not it will help sell your main offer.
You can’t give free crayons if you’re planning to sell software, right?
This is very important, so you can make more sales when the next offer comes up.
The goal of your tripwire offer is to get customers to buy more from you that’s why
it has to fit with the rest of your sales funnel and marketing strategy.
