If you’ve been following me for any amount of time you’ll know that I highly recommend that you actively incentivise, and regularly encourage your social media followers to opt into your database.
Capturing your ideal clients’ email address is step 3 of my Social Marketing Profits Blueprint™ – right behind ‘attract’ at step 1, and ‘connect’ at step 2.
But what many business owners (including myself until very recently) are missing is an opportunity to benefit financially at the capture stage – and introduce a passive income stream way ahead of step 7 which is the point where your new follower feels ready to invest in what you have to offer.
So how can you expedite the financial benefit to your business and generate passive income without pushing too hard, too early?
The secret is to add a “Trip Wire” behind your Lead Magnet The official definition of a trip wire is;
“A highly compelling, low cost, high value offer which sets up the business-customer relationship.”
Let me explain… If you’ve created your Lead Magnet, and it’s available on your website now with an opt-in form to collect the name and email address of your warm leads, I imagine that when they hit the submit button, you either show them a ‘thank you message’, or you send them to a thank you page – yes?
Well here’s the thing – when you add a trip wire into your funnel, you switch out the thank you page for a sales page – where your copy sells the benefits of your trip wire
You make it clear that the offer is a one-time only (OTO) offer, and that once they leave the page, this amazing deal is gone forever.
If you’ve ever purchased online programs, after you’ve entered your credit card info, you may have been taken to another page that offers you something else related to the product you’ve just bought?
And if you decline that something else, you’re shown another page again with an alternative offer?
In that instance, what you saw were upsells and downsells. The trip wire is very similar, but the main difference is that their first “order” was for your free eBook/audio/video series/VIP Club that is your Lead Magnet. Make sense so far?
What are the benefits of adding a trip wire to your conversion funnel?
You’ll introduce a passive income stream into your business
#2: Better quality data
Instead of just collecting your prospects’ name and email address, to complete their order, they’ll also be providing their address and telephone number. That means you can segment your marketing locally at a later date (E.g. a JV promotion of an event that you send to people who live within xx miles of the event location)
#3: A more committed prospect.
Having invested in your trip wire, their level of connection with you will be higher. Meaning they are more likely to buy again than someone who hasn’t bought anything.
Now you might be surprised to hear that my trip wire is currently converting at 60%+ – so that means for every 100 people who opt in for my free eBook are then investing in my £12.50 trip wire.
For every 100 people who opt in for my free eBook, I’m currently generating 60 x £10 (+ VAT) = £600 + VAT
It’s FREE money! Well technically it isn’t ‘free’, but it’s passive income I was missing out on before I added the trip wire to my lead conversion funnel. And it’s so flipping easy to set up too – why didn’t I do it before?!
Are you reading this wondering why you haven’t set yours up already?
If you’re getting excited now, and thinking about creating your own trip wire, here are my top tips;
#1: The trip wire should be one step up from your Lead Magnet.
So in my case, people who opt in for my free eBook to learn how to attract your ideal clients and convert them into warm leads and paying customers, want more warm leads and to make more money.
My trip wire is my online mentoring program that will mentor you to create your own Lead Magnet within the next 30 days. It’s the next step up from my eBook
(By the way if you’re thinking “I WANT that!”, then just fill in the form on the right hand side of this page to get your copy of my eBook, and you’ll see the offer on the next page
#2: The amount you’re asking them to invest, should be low enough to be completely “no-risk” for your prospect.
Remember that at this stage, they barely know you, so it’s got to be an amount that your prospects see as “disposable” – you know, the amounts they are happy to spend without thinking about.
So I’d recommend you price your trip wire at less than £20.
If you are an online retailer who has a VIP club as your Lead Magnet, then think about what you sell, and what you could offer as your trip wire. One idea that comes into my head could be to offer a say, £20 spend on your site for say, £10?
#3: Your trip wire can be digital or physical – but the effort for you must be realistic
One kind of trip wire that is growing in popularity amongst the experts, is to offer their physical paperback/hardback book for free, but charge a small amount for P&P.
There are other types of trip wires that involve something being posted to you for a small charge – perhaps a newsletter or CD.
The thing is, this requires you to physically package up your trip wire, take it to the post office and send it to the buyer. You may be happy to do this every day for one or two packages, but what if 100 people each day are ordering your trip wire? You could spend all day in the post office like an eBay seller – but not making half as much profit from all the work as they are 🙂
Or it may mean that you need to work with a fulfilment house – someone who will do all the packing and posting for you. If so, remember to factor their costs into your P&P charge
A strategy that involves me having to pack and post something every day, for little or no financial reward does nothing for me. So my trip wire is digital.
The product is digital and the delivery of the product is digital – the whole process is automated. It’s entirely passive income.
The more people you can get your Lead Magnet in front of, the more passive income you could introduce. Imagine if your trip wire income was enough to cover your mortgage at least? The questions to ask yourself this week are;
- What can I offer as a trip wire?
- Will it be digital or physical?
- If physical, will I handle the P&P or outsource it?
Are you feeling inspired to set your trip wire up soon? Why not set yourself the challenge of putting your trip wire into place within the next 30 days? If you’d like my help with creating and selling your trip wire, take a look at my Trip Wire Academy Program