Tripwire marketing is the practice of offering leads a low-cost product with the intention of selling them more expensive products later.
Tripwire marketing is a common practice intended to increase first customer acquisition. The theory behind marketing tripwires is that higher-cost purchases result in higher friction and reduced willingness to pay (WTP).
How dooes tripwire marketing work?
Once a lead has become a customer, they are more likely to become a customer again – and starting with a low-cost product makes more leads more likely to become customers.
After a tripwire offer is accepts, tripwire customers typically get segmented into a separate list, which allows for more targeted marketing campaigns and upsells.
How do I create a tripwire?
- Pull together all of your products and services
- Discover which gets the most initial sales
- Consider creating a more minimal viable product (MVP) version that costs less, but still retains most of the value
- Use paid media to show the tripwire product to new customers
- Send email drip campaigns to customers who buy the tripwire item for them to consider more purchases
What are examples of tripwire marketing?
Most commonly, marketers offer a product for free, plus shipping. The "shipping" price almost always covers the cost of shipping and the product production, allowing the business to convert a new customer for free. Often, the "shipping" price will also offset advertising costs.
A drip campaign is a series of marketing emails sent out on an automated schedule. Drip campaigns are meant to nurture leads through a triggered...
Paid media is marketing that you pay for. Paid media includes TV ads, print advertising, sponsorships, and other types of media.
Mass Email Marketing
Mass email marketing refers to sending one email message to a large group or list of contacts. Mass email marketing is useful for information...
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