Tripwire Funnel: A Secret Way to Generate Leads
Marketing a product and successfully marketing it to prospects are two different things, with most firms struggling to find themselves in the latter sphere. And then comes marketing online – a challenge to at least 64% of B2B marketers.
If you have a ground-breaking product to offer, but your prospects just don’t realize that or you’re unhappy with your conversion rate, maybe it is time to turn to tripwire marketing.
They are an easy-to-use strategy that can convert your traffic (who otherwise would have abandoned your site) into buyers within a few minutes. With only a few pages and offers, you can additionally gain trust of the prospects, sell your value, and establish credibility for your brand.
Tripwire funnels are the new normal for successful marketing.
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What is a Tripwire Funnel?
A tripwire funnel is a part of the marketing strategies used to accelerate lead conversion. It focuses on getting the value of your product to the consumer, through an initial low-cost purchase which also converts them into consumers.
Tripwires also measure the commitment of leads towards your brand and are excellent methods to push your leads into the sales funnel, from where you can guide them towards the final purchase with a combination of other tricks.
A Tripwire funnel and a 2-step tripwire funnel are the same!
There might be some confusion regarding a tripwire funnel and a 2-step tripwire funnel, but both of them are almost the same. In a tripwire funnel, you don’t usually down-sell after the high-ticket offer, but other than that, both terms can be used interchangeably.
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How do Tripwires work?
The working of tripwires is simpler than you think. Let’s check it out.
First, you create an offer that cannot be refused – a small product or a demo or anything that will allure them to try it out (70% of Americans want to be able to try out products in person.) – but with a tiny payable amount which does not push them to invest too much.
Select a product or service which has a high value, and delivers quality. Leads will not be interested if they do not find any value of the product.
So why do I charge them instead of giving a free gift?
For the exact same reason – if you are offering a giveaway, it means you do not value your output yourself, and hence you shouldn’t be expecting them to value it as well.
If your prospect refuses, you still have the chance to grab their email and add them to the long list of leads you have to convert, and if they make a purchase, they will go further down the funnel.
Tripwire funnels essentially mean that you trigger a larger process with a very tiny action. And when the lead-turned-consumer makes the first purchase, you bring up a one-time-only offer of purchasing an expensive product. You either do it immediately, but if you are offering a demo or a session, you can also send it sometime in the span of 24 hours.
The initial buy or the split purchase develops trust and reliability for your product in the consumer. It can be seen as a step in the relationship-building process, where the consumer learns the value of the product you offer.
If they now opt in to your high-ticket offer, they make a purchase and you convey them your warm regards, and if they don’t, you bring up the last gun you have – the mid-value offer.
A mid-value offer is less expensive than the high-ticket one but definitely more than their initial buy, but again, one-time-only. If they give in, you thank them, if they do not; you thank them again for leaving with you their contact information from the very first purchase.
42% of sales reps named prospecting as the most challenging stage of the sale process and a tripwire funnel serves you with leads on a platter. You can now send them promotional offers, feedbacks, launches, and the advertisements you send to the others.
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Tripwire funnels are a good marketing strategy. Here’s why!
1. Email list is increased
Of all the outbound marketing methods, 89% of marketers claim email is their principal lead generation channel, and to keep it running, you need to update it on a regular basis – with new and the old ones.
Tripwire does the work – they capture emails for you.
Regardless of whether the prospect or consumer makes a purchase, you get their email addresses which can be further utilized in your cold emailing efforts.
2. Sales are multiplied at zero cost
If a lead makes a purchase, they are likely to make a second one as well (not necessarily from the tripwire itself).
When you use a tripwire strategy, you earn revenue from the first purchase and also the small part of consumers who respond to your secondary offers.
The multiplication of sales takes place from the expanded email list which you expect to earn from in the future. B2B costs per lead (CPLs) often exceed $100, but an effective tripwire funnel is sure to help you reduce it by multiple times.
Tripwire funnels are extremely effective and have been in use for over a decade now. Even though they appear hassle-free to implement, it is not something you can organize and throw out for your prospects to catch. They need to be strategized in a proper way before they give you stunning results.
You have to be careful about the offer you are promoting, and it should be associated with the high-ticket purchase you offer.
The best part about tripwire funnels is that they’re flexible enough to be placed at the top or middle of your sales funnel. At the top, you can implement it in accordance with improved web traffic to generate leads, and in the middle of the funnel; you can use it on the leads to increase the conversion rates. And if you’re clever, you can even use it as a part of your retention strategy.
Overall, tripwire funnels are the best way to kick-start a large lead generation campaign and also derive revenue from it. You can look up to the thousands of successful examples online and create your own to boost your sales at no extra cost. However, if all of this seems too overwhelming for you, you can also contact professional B2B sales and marketing consulting firms for expert guidance. Since they are aware of the tripwires’ nitty-gritties, they can help you make the most out of it.
Still confused about where to start?
and we can figure it out together!