What is a tripwire and 5 key elements to make one
The theory behind Tripwire strategy in marketing suggests that higher-cost purchases result in more friction and, consequently, a lower willingness to pay.
Its primary goal is to accelerate the conversion journey from prospects to customers. It works best when there has been a process to nurture leads, but they are still not interested in the main offer.
What is a Tripwire
A tripwire is a low-cost, attractive, and irresistible offer made to potential customers to convert them into actual customers.
This way, once a potential customer has been converted, they are more likely to do so again.
This type of digital marketing strategy can be applied to products or services of high value.
When to Apply a Tripwire?
This strategy is generally applied in the first stage of the conversion funnel, that is, for those who will make a first purchase.
At this stage of the funnel, you have captured more traffic and leads to your website with SEO, social networks, and paid ads. Once you have these leads, you can make them a tripwire offer.
Thus, the friction to purchase decreases because you start with a low-cost product, which will likely increase the probability of a higher conversion rate.
For instance, offering limited access to a platform, in the case of software, applications, educational businesses, or similar, including an offer with partial or limited functions of the services or for a specific time, is one of the most used ways to create an effective tripwire.
After they accept a tripwire offer, you generally should segment them into a separate list, which will allow for more specific marketing campaigns and additional sales, or emails with upselling or cross-selling strategy.
Another option to apply a tripwire could be in the middle of the conversion funnel, once you’ve captured prospects through a lead magnet by registering their email address.
This way, you can implement an email marketing strategy including a tripwire to further motivate leads to make an initial purchase.
5 Keys to a Successful Tripwire
For a tripwire to achieve the conversion rate goals you’re aiming for, it’s important to consider a combination of factors that will make it much more effective in your digital marketing strategy.
1. Low Cost but High Perceived Value
For success, your tripwire offer must be a combination of low risk, low commitment, low cost, and high value.
Always ensure that the perceived value of your tripwire product or service is much higher than the price charged.
Promotions that do not provide certainty will make the customer think something like, “If it’s too good to be true, it probably is.” So, send a clear message to your prospects that there is absolutely no catch or risk involved when they accept your offer.
2. The Product is High Quality
The product offered in a tripwire must be high quality to build trust and encourage your customers to continue doing business with your brand.
Therefore, it’s important that the product you offer is of the best quality and provides high value to your customers.
Additionally, you can offer a money-back guarantee, but not without first considering offering excellent customer service or user experience.
Making people feel heard will make the process much more memorable.
3. The Product or Service is Useful but Incomplete
You should make your product high in value to the customers but leave them wanting more.
This is very useful when you can offer specific packages in a tripwire offer, with limited functions, evoking in them the desire to return to your website and buy the “premium” features or more products.
For example, if you sell an online course, you could offer the first few chapters of the course for free as the tripwire product. This way, your customers get value from the chapters, and their next natural step would be to purchase the remaining chapters.
4. Create a Sense of Urgency
The success of many tripwires is the sense of urgency or scarcity that the promotion won’t last long, so the person will have to make the purchase decision sooner.
If it’s a physical product, you can tell your customers that you have limited inventory and that the products will sell out quickly if they don’t act fast.
In the case of a digital product, you can set a time limit during which the Tripwire offer will be available. Having a countdown timer showing the countdown can help a lot, though it may seem simple, these timers motivate the purchase action greatly.
5. Specific and Relevant
If you offer a tripwire product that is unrelated to the main offer, people will not be interested in making the purchase.
So, ensure there is a connection between the products you offer, both in the lead magnet and in the tripwire, in cross-selling, or in upselling.
Undoubtedly one product should lead to the other.
As a general rule,
try to tailor your tripwire offer based on your main offer and not the other way around.
As seen in the previous example, if you offer a virtual course with two free sessions, you can offer in this case, a lead magnet with a small ebook, and the main offer would be that upon completing the course, the person could purchase a complete manual on the subject.
Juan Esteban Yepes