Are you struggling to sell your online products? You’re offering some awesome ebooks, ecourses, webinars, or any other services, but the conversion rate is still low? You’re wondering how you could increase the number of your customers?
You’re not alone my friend. We’ve all started our blogs or online businesses hoping to see more of that final moment when people actually buy our products. But we’ve all been disappointed at some point and now we know that it’s just not as easy as we dreamed.
In this article I’m going to discuss a proven method that will boost the number of your customers. Stay tuned for the one method that will transform your online business for good.
The method is called the tripwire method. It’s in fact an add-on to the sales funnel, and the most important phase in Ryan Deiss’s Customer Value Optimization system.
For the sake of argument, I will first briefly explain the basics of a sales funnel and then tell you how the tripwire method could help you boost your sales.
When people head to your blog, what do you expect them to do? Do you expect them to click on the link to your product or service, be persuaded by your landing page, and then buy your offers? Really? Because if you do, you’ll be the most disappointed business owner on the planet.
The reality is unless you manage to get people into a sales funnel as leads and then nurture them until they convert, there’s no way you can expect them to buy from you. (emmm . . . if you’re interested to know how an inverted sales funnel could actually work, see my post on account-based marketing)
Your job as a digital marketer is mostly focused on what it takes to transform people from leads to customers. But how should you do so?Your job as a digital marketer is mostly focused on what it takes to transform people from leads to customers. Click To Tweet
The first step is to offer a lead magnet. A lead magnet is a value that you offer in exchange for people’s contact information. It’s the point where you distinguish between cold prospects with no interest in your offers (yet), and the leads who show at least a bit of interest in your products.
A simple ebook, like the SEO ebook I offer in my blog in exchange for a valid email address, a webinar, an infographic, whatever you think is worth to get people’s email or any other contact information, makes a good lead magnet. And it goes unsaid that your lead magnet should be relevant to your main offers.
The next step is to nurture your leads and turn them into customers. You do this by sending them follow-up content or offers and try to convince them that they need your products. Blog posts, ebooks, webinars, demos, free trials, whatever that incentivize your leads to take a step towards buying from you will do the job.
In a sales funnel people have to go through three general stages: first, the awareness stage, or when people find out about your products or services for the first time, second, the engagement stage, when people find interest in your products and try to compare you with others to make sure you’re the best choice, and three, the buying stage, or when people are convinced to buy from you.Three general stages of a sales funnel: awareness, engagement, purchase. #salesfunnel #marketing Click To Tweet
The tripwire method is placed between the engagement stage and the buying stage. It’s there to extend the sales touch points so that people actually get in the slope of buying from you until they do the final purchase.
Even when people get into your sales funnel and are convinced that they need your products, chances are a portion of them are not willing to pay for your main product or service, which is of high value and comparably more expensive.A highly skeptical portion of leads need more serious triggers than free trials or demos: use tripwires Click To Tweet
What they actually need is safe low-cost starter transactions that break the ice and prepare them for the main transaction(s).
This has a great psychological impact on the buyers. More sales touch points between your business and your customers result in more engagement and trust which turn your typical customers into valuable loyal ones.More sales touch points between your business and your customers result in more engagement and trust. Click To Tweet
Fair enough. When people start buying from a particular business and when they find the business quite satisfactory in terms of products and post-sale services, it is kind of hard to convince them to buy from another business. Unless there is a major advantage to the new competitor, people are typically resistant to change.
Offering a tripwire is sure a great competitive edge for your business. It turns skeptical leads into low value customers and then nurtures and turns them into high-value loyal customers.
In other words it’s a kind of sales and retention program that captures customers early and nurtures them till they are loyal customers.Offering a tripwire turns skeptical leads into low value customers and then nurtures them into loyal customers. Click To Tweet
Now let’s say you’re a consultant and want to offer your full consulting services at a high amount of money, say $500 per session. This is your main product and all your efforts are dedicated to getting your cold website visitors to buy your consulting sessions.
You set up a sales funnel by offering a lead magnet (e.g. a free guide to digital marketing) and getting people’s contact information. You then start sending people more content to prove your knowledge and convince them that they need you.
The more engaged your leads get, the closer they are to purchasing the main offer. And of course, you have to remember that many of your leads will drop out — this is a funnel remember.
Upon detecting enough signs of engagement with your content (click-through rates, downloads, registration for free demos, trials, . . . ) you start offering your main product, which in this case is $500 consulting sessions.
Chances are your most engaged leads will purchase your main product and make you a happy star. But it occurs that some of the most engaged leads are too skeptical to pay you the full cost.
Here is where the tripwire method could help you convince your engaged but skeptical leads by entering them into a new sales funnel.
In this funnel, you nurture your skeptical leads by offering them low-cost products to extend the sales touch points and create more trust.
Instead of offering them ten $500 sessions, you could offer them ecourses, reports, white papers, etc, each worth $20 maybe. You can break down your full sessions into smaller periods and offer them at a lower cost — smaller programs could promise to be completed in the full programs.
The tripwire method could be a great help for getting the skeptical customers in the process of buying from you. However, it’s a good idea to consider how your customers respond to this method.
Setting the tripwire method for almost any sales funnel might not be the brightest idea, and offering lots of low-cost products for the sake of more profits could be harmful for your reputation.
But depending on whether your engaged leads are willing to buy your main product or not, you can offer smaller chunks of your main products or any other low-cost products to extend the sales touch points and create trust in your skeptical customers.