We’re back with another question from our newsletter archives! Today, we’re looking at a marketing buzzword that gets tossed around by all kinds of self-proclaimed experts…
And while this approach can be a valuable part of your marketing toolkit, most of the gurus aren’t giving you the whole story.
Here’s the question that was sent in:
QUESTION: “Hi Charlie, what do you think about tripwire offers? It seems like every marketing guru out there is claiming that’s the way to go. What do you think?”
For those unfamiliar with the term “tripwire” – this is a low cost, introductory product designed to pull people into a marketing funnel.
For example, it could be a free book (just pay $7.00 in shipping) or the classic tripwire used for years by Columbia House Record Club: “13 records for $1.00.”
Tripwires work. They’ve been around for years, and have made companies LOTS of money – there’s no disputing that…
Keep in mind: that’s only ONE way to grow your business (not the “only way to go”).
Tripwires are only “one spoke in the Money Wheel.”
Of course, if you’ve been following me for a while, you know that the more spokes in your money wheel, the more predictable, reliable, and robust your profits.
A popular misconception is that you “need” a tripwire or it’s the “only way to go,” so allow me to give you another perspective…
Over the last week, I spoke with two 8-figure entrepreneurs who refuse to use tripwires in their businesses. They claim it’s because they receive higher-value/higher quality customers when they make an offer for a more expensive purchase, rather than teasing them with a $7.00 intro product.
A tripwire is simply one more way to attract buyers into your business. There are people who need nurturing before they buy… Or prefer a lower risk method of testing the waters before spending a lot of money with you – in these cases, a tripwire is valuable.
For other consumers, if properly marketed to, they’ll jump right into your more expensive products – and skip right over the popular tripwire offers.
As far as my experience goes, I’ve sold more with +$1,000 products (in industries littered with tripwires) than the income I’ve generated from tripwires.
So, in summary… The only “right” answer is to cast a wider net by creating a multitude of varying offers – tripwires and more expensive offers alike.
Hope this helps!
In your corner,