Free course lead magnet VS paid tripwire?
“We think if our tripwire is free it will attract the wrong type of people. So we’d like it to be a $7 tripwire. “ – message received from client
How I look at it.
A tripwire is an impulse buy like a candy bar.
The first person this worked for really well was Ryan Deiss (on the back of his huge email list and conferences). He promoted the idea initially and other marketers repeated it like parrots (but barely any of them made it work).
His pitch went along the lines of “If a person spends even a $1 it means you are now building a list of buyers”
True OR it might kill your conversions.
The one other person I know that was able to pull this off well was Russell Brunson.
They’re both brands.
An impulse buy works best for a semi-cold audience that already heard of your brand. You give them something 10x the value OR something presented as a magic bullet on your opt-in page for a pain point the student is experiencing.
For this to work you will have to rely on remarketing for a large % of the purchases and even with that, I’d recommend an exit pop-up to grab the email of anyone that hasn’t purchased.
How much would you spend on a candy bar you’ve never heard of before. Even if the packaging and the pitch is attractive…
Is it $1, $3 or $7?
You’ll need testing to find the sweet spot.
If you want to push away the wrong people there are better ways to do it.
- Exclude audiences/countries that cause problems (free sign ups / ask for discounts / refund etc..).
I’ve had clients block certain countries from ads and from being able to see their websites.
- Write “who this is for” AND “who this is not for” on your opt-in page
A lot of the people who sign up and not buy initially just don’t trust you yet. I’ve written about this in the previous newsletters and how to address it.
I had a client with a list of 500K+ in the recipe/diet space that they were unable to monetize. They have tried multiple offers (courses, books, workshops etc..)
In the end what worked was a virtual summit (free) with a replay (paid) with extra bonuses.
They made $250K+ from it and made it an annual event.
The problem was not the list.
It was their offer.