What if I would tell you that you could double your revenue without getting more traffic? In today’s episode of Marketing in Minutes I will tell you about Tripwires and Upsells, two important tactics you can use to make more money – without getting a single click more on your website.
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Before you read on - we have various resources that show you exactly how to use social networks to gain massive traffic and leads. For instance, check out the following:FREE Step-by-Step Twitter Marketing Guide
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In this episode of Marketing in Minutes you will learn about Tripwire Products and Upsells – and how to use these two tactics to make more money with your online business without getting a single click more on your website.
All in under 10 minutes.
Check out the following articles on Tripwires and Upsells, Email Marketing, and more:
How Tripwire Offers Can Educate Your Customers
Using Email Marketing to Beat Your Audiences’ Trust Issues
How to set up a Modern Sales Funnel the Easy Way: Generating Subscribers, Email Marketing, and Landing Pages
5 Reasons Your Online Sales Funnel Isn’t Working
Hey, before you read on - we have in various FREE in-depth guides on similar topics that you can download. For this post, check out:FREE workbook: CREATE AWESOME BLOG POSTS
FREE Beginner's Guide: START A BLOG
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You can find the full transcript of this episode of Marketing in Minutes below:
Online marketing is ultimately about selling more stuff. One way is to get more traffic. But there are other ways.
I’m Jonathan Gebauer and this is marketing in Minutes.
After a one week break, I’m back. This is Marketing in Minutes by The Social Ms – the podcast that gives you everything you need to know about one marketing topic in a nutshell. I’m Jonathan Gebauer and today, let’s talk about selling more with Tripwires and Upsells.
Let’s face it – online marketing is about one thing only: Selling more.
Sure, it’s about selling great products that your audience really wants – but in the end, we only create those to sell them. If you ask me, then there is nothing wrong with that.
In the end, business is always about making money.
And to do that, we can use a lot of different tactics. One way is to get more traffic, which in turn means we generate more leads, and ultimately sales.
That’s why everyone wants more traffic. But getting more traffic isn’t the only way to make more sales. In fact, if you are only focusing on getting more traffic, you are missing out on a lot of money.
Another way is to get more sales by converting more leads into actual customers – or just to sell more products to our existing customers.
And, as marketers, we’ve got some tricks in our sleeves that allow us to do just that!
Today, I want to tell you about two of these tricks that help us make more sales on the same amount of traffic.
The first trick that I want to talk about today are Tripwire products.
Tripwires are a tactic that you can use to convert more people to your high-value product.
The idea is simple: If you are selling a high-value product for a high price, your potential customers are going to be careful. You expect them to pay a high price – and just look at yourself: Paying a high price for anything hurts.
So before they do that, they want to evaluate what they are paying that price for.
Tripwire products are there to ease your potential customers into trusting you enough to buy your high-value product.
So what exactly is a tripwire product? It’s a cheap product that allows your leads to make a test purchase. For instance, if you have an online course that sells for 200 Dollars, you could offer an ebook that sells for 20 to 50 Dollars.
A good tripwire product has several effects on your audience:
Data shows us that it is much easier to sell an expensive product to an existing client then to a new client. So the tripwire product will give you the opportunity to turn a lead into a client for cheap. And when it is time to sell your high priced product, they will already be your clients.
But a good tripwire product is even more – it’s a way of making your leads desire your high-value product.
Look at the example from before again – if you’re selling an online course, and you use an ebook as a tripwire, this ebook can make your leads even more aware what that course could do for them. Or you could send them automated emails after the ebook purchase on why they need to buy the course as well.
In an upcoming episode, I’ll tell you more about using email automation to sell more.
But the important thing is that a tripwire product is there to ease your leads into being paying customers.
Other examples of tripwire products are the typical “It’s free but you pay for shipping” sales funnels. What’s important is that a tripwire is cheap, but it’s not free – the customer does need to enter credit card data – otherwise, it’s just a freebie.
While tripwires are a way of turning more leads into customers, wouldn’t it be great if you could instantly make more money on many sales you already are making?
If I would tell you that it’s possible to increase your revenue by 50% by simply creating another product and offering it to anyone who buys your high-value product, would that be worth it?
That’s what upsells are for.
An upsell is an upgrade to your high-value product that you offer for a substantial price increase at the time of sale or shortly after a new customer purchases your high-value product.
As an example: You could offer a 2 hour consulting call right after the sale of your online course. If you sell your course for 200 Dollars, you could sell that consulting session for another 200 Dollars right after that.
And the truth is – if the offer is worth as much as you think it is, the chances are high that at least 50 percent of the people who buy the first offer will go for the upsell as well.
Congratulations, you just increased your revenues by 50 percent.
And why stop there – you can add more products for various prices at various points in time after the first purchase and increase your revenues even further.
In the example above, you could add an ebook with valuable information that you offer via email after a couple of hours after the initial purchase. And another upgrade course after a week.
If you play your cards right, you can probably double your revenues just by adding upsells to your sales funnel.
You can earn a lot of money by not focusing just on getting traffic to the start of your funnel. It’s just as important to focus on the middle and the end of your sales funnel.
As online marketers, we have a lot of tools at our disposal that we can use to make more money.
Landing page tools like Leadpages and Clickfunnels and email tools like Drip or Convertkit allow us to build these funnels quickly and set up Tripwire products and Upsells.
We should optimize all parts of the funnel and not just the beginning of it.
I hope you liked this episode of Marketing in Minutes – if you did, please subscribe to the podcast and share it with your network. And if you can, leave a review on Apple Podcasts.
For more information on Upsells and Tripwires, check the show notes which you can find at blog.thesocialms.com/MiM-27!
And for a complete marketing strategy for your blog or small business, check out our book The Social Traffic Code – which includes a bonus chapter on email marketing and sales funnels.
I’m Jonathan Gebauer, and this was marketing in Minutes!
That’s it for today, take care, Bye!