Categories
Funnels Tracking & Analytics

The Latest Tripwire Sales Funnel Conversion Rates

This blog post is about tripwire funnel conversion rates – measuring how well the tripwire funnel is working in your marketing.

A tripwire is a low-priced offer you show to people who opt-in to your email list, usually by signing up for your lead magnet. It’s usually priced between $5 – $30 and the goal is to convert your website visitors into customers. It gives you more information about those customers, and it means they’re more likely to buy something else.

Specifically, this is a blog post about how to track your tripwire funnel conversion rates. A conversion is any specific, desirable action that’s taken by a website user or email subscriber.

It can be as simple as signing up for a lead magnet, or making a purchase, or booking an appointment. Tripwire funnel conversion rates is the percentage of people who buy your tripwire offer out of those who sign up for your email list on your website (and see your tripwire offer). 

You might have realized that just putting a tripwire funnel in place isn’t everything. The work starts when you’re trying to figure out how your funnel is performing and whether it needs to be optimised. 

If you’ve been trying to do this yourself, you’ve probably banged your head against the desk… a few times. With this post, you won’t have to do that anymore.

I will tell you how this process works – and provide you with the latest benchmarks we have, so you can figure out how to make the most of your tripwire sales funnels.

When you have your data and benchmark data, you can compare your figures to the benchmarks, and see where you’re not doing so well.

Don’t try to fix everything at once. Focus on the bit where you can make the biggest difference most quickly, as I’ve explained in this blog post, how to identify what is the biggest hole in your sales funnel. 

Remember: every hour you’re working on the wrong thing, that’s one hour you’re not working on that thing that’s going to make the biggest difference. 

Tripwire Sales Funnel Conversion Rates

A tripwire funnel is not the first step in your sales process. Usually , to capture new email subscribers, you’ll begin with a lead magnet. This is a free resource like an ebook, an email template or a mini training course delivered via email.

This is why when we track tripwire conversion rate, we start with the benchmarks for opt-in rates (the percentage of people who sign up for your email list out of all your website visitors).

This conversion rate data we’re sharing is for online course creators and info products.

What’s a good opt-in rate?

Across the website, we’ve seen conversion rates for opt-ins varying from 3% to 8.6%. The highest we’ve seen was 10%.

For individual landing pages with traffic from paid sources, the best we know of is 60% (that was for online course creators). The lowest was 11.7% (That was for education for entrepreneurs interested in the BnB model).

What’s a good conversion rate for a tripwire sales funnel?

I’ve heard this question from many business owners in the online courses industry, and there isn’t an easy answer. There’s no preset good conversion rate for this type of sales page. 

The main reason I can’t give you a clear benchmark for this is that there are too many price variants and conversion models to take into account. What I can tell you is that out of everything we’ve tested so far, the magical price for a tripwire offer has been $17.

Another detail that needs to be taken into account is the traffic a website gets. 

The lowest conversion rate we’ve seen for a tripwire page was 0.5%. And the best ones we’ve seen have hit 5%. Most commonly we see tripwire pages hitting anywhere from 1.5% to 3%.

What is a good conversion rate for an order bump?

The order bump is usually offered at the checkout, right as someone is looking at buying the tripwire. 

It’s a great way to up your sales and average order value of each new customer that comes through your funnel, especially if you get it right and it is relevant to the tripwire and your audience’s pain points. 

The lowest conversion rate we’ve seen for this stage of a funnel is 20%, and the highest would be 60%. On average, the order bump would convert at 40%. 

What is a good conversion rate for an upsell (or OTO)?

Upsells are where the money is. Offering an upsell, also known as One Time Offer is encouraging a customer to purchase something more expensive than the tripwire that has brought them into the funnel. 

In many cases, there are one or two upsell opportunities in funnels, and one of them is usually the core offer (your main offer).

With upsells it’s not just the traffic that impacts the performance. Positioning, anchoring, design and copywriting are going to make or break how that upsell is converting. 

The lowest conversion rate we’ve seen for an upsell offer was 19% and the highest one was 28%. On average, we feel comfortable with 20%. Which is in fact a very good number.

If there’s a second upsell in the funnel, the conversion rates for it varied in our experience from 8% to 25%.

STILL NEED HELP?

You might not have the same results as the benchmarks listed above. 

If they are lower, that is probably a sign that you can improve your results. 

The good news is that you’ve got plenty of opportunities to change them for the better. You can keep fine-tuning your tripwire sales funnel until you find the strategy that results in the most conversions.

Knowing your numbers and comparing them to the benchmarks is a great way to start. However, if you hate crunching the numbers, I’ve got just the right thing. 

I asked my team to help me put together a free calculator that helps predict how much money you could be earning if your tripwire funnel would be optimised. Go check it out right here.

If your numbers are better than our benchmarks, that’s amazing! I’d love to hear from you and add your numbers to this post so we can help other online business owners.

And who knows? Maybe we can help you get them even higher.

Categories
Funnels

Two Best Sales Funnels For Online Course Creators

I work with amazing online course creators. They are great at what they do – creating and improving courses, communicating with students… That’s their full-time job. On top of that, they are trying to figure out how to scale their business, and to learn all the best ways to do that. I admire them. It’s not easy to do all of that. 

There are so many different suggestions out there about how to market your online course:  drive more traffic, run more ads, start a YouTube channel, record your own podcast, do a webinar, write more SEO friendly content, set up a funnel… It’s overwhelming.

Do you feel the same? 

I can’t tell you what to do in other marketing areas, because I’m not an expert on everything. But when it comes to funnels, I will share with you three proven strategies for scaling your online course business.

You don’t have to learn about all of the different sales funnels. I’m going to give you a shortcut so you can implement what’s proven to work. I talked about this in a lot more detail, with many examples, in my webinar, Funnels for online course creators. 

But if you want a short summary or you prefer to read, then keep reading 🙂

There are two funnels that we use on a regular basis at Data-Driven Marketing because they are the best for online course creators. These are:

  • The tripwire funnel 
  • The webinar funnel

We also spend a lot of time on email promotions, because they’re such a great way of getting customers into your funnel. Email promotion to a funnel is the third most effective tactic for selling more online courses.

Ok, now that you know, let me give you useful resources about these three tools, so you can go ahead and set them up. 

TRIPWIRE FUNNEL

A tripwire offer is a cheap but useful offer you give to your audience right after they sign up for your lead magnet (a free gift you give to your audience to subscribe to your list). The idea behind a tripwire is simple: make an irresistible low-cost offer to gain a new customer. 

Once people have bought an inexpensive item from you, they are more likely to purchase something else. Additionally, if your traffic is high enough, your tripwire sales can cover your ad costs. That’s the real value of a tripwire funnel. 

Using this method gives you the best opportunity to upsell your new buyer once they are in your sales funnel. If you’re interested in turning more visitors into buyers, then read this blog post.

WEBINAR FUNNEL

The webinar funnel is a bit more complex and it will take you more time to set it up. But webinar is a great tool for selling online courses. 

Webinars are great for building trust and showing people how you can help them. They’re a powerful tool. You can set up an automated webinar funnel and then you’ll be literally making money on autopilot. It’s not easy, but it is possible. 

One of our former clients, James from BNB Mastery, has an automated funnel that brings him 271% ROI.

This is what an ideal webinar funnel looks like:

I wrote a very detailed guide on how to create the ideal webinar funnel. You can read it here

Creating an evergreen automated webinar funnel is one of our specialties. If you need help, book a call here.

EMAIL PROMOTION

Some of the best online course creators I work with do at least two email promotions to their list monthly. They are great at using all the resources they already have. 

If you have an email list and people who applied to receive useful content from you – use it!

Can it really make a big difference?

One of our clients, Seonaid, is making an additional $10,000 per month just because she started doing two promotions per month. If your email list is smaller, your results won’t be like hers but it will still make you additional money.

Is email promotion a funnel? No, but you can send people to a funnel from your email promotion offer. If you add an upsell and order bump to your offer. 

Upsell is a more expensive offer you show to people after they’ve bought something. Usually, it’s related to what they already bought and it can be your other course or level 2 of what they already purchased. 

An order bump is a small offer shown on the order page. People can just check the checkbox to include the order bump in their offer. It can be a workbook or something additional that goes well with the purchase. 

Both of those can increase your average cart value and your profit. 

I hope you see now there’s no need to try and figure out everything by yourself. You now know what works and what are best funnels for online course creators. 

If you end up stuck at any point, need help, or have additional questions book a call here.

Categories
Tracking & Analytics

Sales Funnel Conversion Rate and Analysis

Do you ever feel like you have 1,000 things you could be doing in your marketing, but you don’t know which is the most important? You’re working on improving your sales funnel conversion rates but you’re not sure if what you’re doing is working? You work on something for weeks and it makes no difference.

Can you imagine how it would feel if you knew for sure what to do? If you could do the 80/20 analysis, meaning find which 20% of your marketing efforts are bringing you 80% of sales? Wouldn’t that be awesome?

We specialise in working with people who run online courses, so this blog post is mostly about that market. But it should be helpful whatever business you’re running. 

It’s all about making better use of your data and analytics.

Is tracking sales funnel conversion rates really that important?

What we see with the most successful businesses is that they know exactly what their numbers are. Those businesses are great at tracking what their customers do on their site. They make data-driven decisions, and that means they can improve their sales funnel conversion rates.  

If you want to scale your business, numbers should be your friends. 

Let me explain why…

There are hundreds of different parts of a funnel you can improve. 

But how do you know which part to work on next? Which one will earn you the most money? 

To find that out, you need to know two things: how you’re doing right now, and how that compares with everyone else.

In other words, you need to have data showing how well you’re performing, at each stage of your funnel. 

And you need to have benchmark data, which lets you understand how everyone else is performing.

How can data help you?

There are two big benefits from having this information.

  1. You can easily see where you can make the most difference

When you compare your current results with the benchmark data in your industry, you can see which number is furthest from the benchmarks and is likely to make the biggest difference. That will help you decide what to work on.

For example, let’s say your current opt-in rate on your website is 4%. You know that in your market the average is 3.5%. Your numbers are already good. You almost certainly can improve further, but it will be really hard. So we won’t worry about that. 

Let’s imagine now you have a 0.5% opt-in rate and you know 2% is normal in your market. Well, in this case you can potentially quadruple your opt-in rate. That can make a big difference. You can have a lot more people into your email list. And it should be reasonably doable, as you’re so far below the standard. So that’s worth putting on the list of options.

  1. You  can react fast if some part of your funnel breaks down

Sometimes, you change something in your marketing funnel and it can mess up your results without you even noticing. If you don’t track your data, you might not realize it for ages. That’s why you should track your data at least weekly. Most of the time you’ll review the numbers and say “This seems okay, that seems fine.” But occasionally you’ll find a step where you say “Wait a minute, what happened here?” And then you’ll know that something needs fixing.

A client of ours changed a part of their funnel. Someone in the team changed a sign-up form to be more secure, and something broke without them realising. 

Luckily, we were tracking sales funnel conversion rates for each part of the funnel weekly and we spotted straight away that sign-up rate dropped significantly. Our insight meant they could dig into it and find out what the issue was. They found that they had made the password system more secure, but it broke something else. They were then able to quickly fix the problem. If we hadn’t been tracking their sales funnel conversion rates, we wouldn’t have known there was a problem in the first place. 

I hope this gives you a nice overview of why tracking your sales funnel conversion rates is so important. It is the most important thing in business and marketing. Without it, you’re trying to reach your goal destination blindfolded.

Now you’re probably wondering how to build a good system for tracking your data. That’s what we’ll talk about next.

In this second part of the blog post we’re going to show you how to:

  • Find your benchmark data
  • Analyse your funnel in detail
  • Decide which bit of your funnel to work on first
  • Build a sheet to track all your data
  • Choose which analytics tools to use

How to track KPIs

Don’t just check your sales funnel conversion rates when you want to improve your funnel. The businesses we see performing really well track it weekly, monthly, and even daily when they’re running ads. 

What data should you be tracking?

Leads KPIs

The first thing you should track regularly is the number of your leads. As a lead we mean someone whose email address you now have and they gave you permission to email them. They are your potential customers.

Each week you want to know:

  • Number of website visitors – number of unique people who came to your site
  • Pageviews – this is usually bigger than numbers of visitors as one visitor sees more than one page
  • New leads – people who left their email and gave you permission to email them
  • Opt in rate (lead magnet conversion rate) – out of all people who came to your page how many of them agreed to give you their email address
  • Unsubscribe rate – number of people who unsubscribed
  • Net subscriber growth – the difference between people who subscribed and unsubscribed in a given week 

This is how leads tracking sheet should look like:

Where do you get these numbers from?

The number of visitors you will find in Google Analytics, in the left side part: Audience – Overview – Users.

The number of unique pageviews you will find under Behaviors – Overview – Unique Pageviews

You get the number of leads (people who signed up for your lead magnet or gave you their email address and allowed you to email them) from your CRM (email software). It is important to track the number of unsubscribers as well so that you know your net subscriber growth. 

These basic data gives you information about your opt-in rate. You can calculate your opt-in rate with this formula: new email subscribers per month/website visitors per month * 100.  

As a rule of thumb – if your opt in rate is around 2% – it’s considered decent.  5% is great, and the best we’ve ever helped a client to get to is 8%.

We suggest you look at your average for the week and compare it with your average over the past year, and in the same period a year ago. We do this for all our clients. If the weekly average is going up, and it’s higher than last year, you’re moving in the right direction.

Revenue KPIs

Seeing weekly data is important because you can track which offer converts better and you can make decisions faster that will lead you to earning more. 

Your goal should be to track the following stats regularly:

  • revenue trends 
  • refunds
  • how many people are buying 
  • unique sales

When you have sales data, you can count the total number of transactions, tripwire conversion rate and all subsequent purchases. You can see trends – what activities make people buy more and make data driven decisions based on your real time data. 

Monthly KPIs

Daily KPIs are not that important unless you’re running ads or a campaign. However, weekly and monthly KPIs are crucial. You want to see how your audience behaves and reacts to your offers.

The monthly KPI sheet looks similar to the weekly one except that you enter numbers for the entire month. Additionally, on a monthly basis, it’s good to track value per transaction.

What should you track?

  • Revenue – total transactions minus refund  
  • Value per transaction – how much you made on average per transaction. For example, if you sold 291 products and you made $8000. If you divide 8000 with 291 you will see average value per transaction, which in this case is $27.49. 
  • Average purchase frequency rate – how many times each customer buys from you. In most businesses, 75-80% of revenue comes from about 20-25% of customers. We call this the 80/20 rule. You should know who those customers are. 
  • Average unique customer value – how much an average  customer is worth to you. This data is important especially if you’re running ads. Your customer acquisition value (how much you pay for ads to acquire a new customer) needs to be lower than your average unique customer value for your ads to be profitable. 
  • Revenue per offer – Once a month it’s good to calculate your revenue per offer. It allows you to see what are your highest performing offers. You can offer these products more often, position them differently or run a promotion

You should also track your email marketing data and website data. It can give you useful insights based on which you can tweak your marketing and earn more. How?

Most important email metrics and benchmarks

One of the best marketing tools is to send a regular email newsletter. If you’re doing this, you should track how it’s performing. This is what you should track:

  • Open rate
  • Click rate
  • Number of unsubscribes 
  • Bounced and
  • Email subject lines

Here’s an example of a tracking sheet:

This lets you see  how many people unsubscribed after a particular email. You can see which email subject lines work best for your audience.

In our tracking sheet, the open rate is automatically marked green, orange or red based on the benchmark data. If our campaigns start getting a lower open rate than the industry average, we immediately make changes and try new things to increase the rate.

Benchmark data for email marketing vary based on the industry. You can find it online, but here’s some data for the education and training industry, to get you going:

  • The average open rate is 23.42%
  • The average click rate is 2.90%
  • The unsubscribe rate is 0.31%

The average total for all different industries is:

  • Open rate – 21.33%
  • Click rate – 2.62%
  • Unsubscribe rate – 0.26%

If you’re doing email campaigns (which we recommend you do twice per month if you have six  courses or more) or course launch to your list you can expect 0.1 – 0.6% of people to buy. If you have a cold email list, this percentage will be lower. 

Knowing this, your goal is to have more and more people on your email list. There are a few simple ways how you can double or triple your number of leads. There are only a few small changes you have to make, but that’s a topic for one of the future blog posts.

Now we’re coming to one of the most asked questions I get:

Which part of your funnel should you fix first?

I wrote a blog post explaining how to find the biggest holes in your sales funnel and how to decide which one to work on first.

I explain everything through an example, so it’s easy to follow. Once you read it and follow instructions, you can do it yourself.

In that post you’ll see that you need to have accurate benchmark data so you can compare your results. Here they are:

Benchmark data for online course creators

Without benchmark data, you won’t be able to fully analyze how your business is performing. 

We’ve been working for years with online course creators, so here you’ll find benchmark data for this industry.

Opt-in rate – sitewide

To calculate this take the number of new email subscribers you get a month, divide it by the total website visitors and multiply by 100. For example if you have 200 new subscribers a month and 20,000 website visitors a month – then that’s 200/20,000 x 100 = 1% opt in rate

The majority of people have a 0.5-1% opt in rate. 

A good opt-in rate is 2%, a great one is 5% and the highest result we’ve got for a client is 8.9%.

Opt-in rate – landing page – organic traffic

If you have a landing page that traffic is going to from your organic traffic (e.g. from your YouTube channel, podcast, blog posts, etc.) then we a good opt-in rate is around 30-60%

Opt-in rate – landing page – ads

For landing pages with traffic coming from ads you’ll see a slightly lower opt in rate, as the traffic is cold. Something around 25-40% is a good level to reach here. 

Tripwire offer

A tripwire is a compelling, low-priced offer that’s designed solely to turn a prospect into a customer. 

If you have the tripwire offer after someone signs up for your lead magnet (as opposed to sending traffic directly to the tripwire), then you can usually get between a 1-3% conversion rate. Anything above 2.5% is strong. The highest we’ve seen is 5%. This will vary depending on the price of your tripwire offer. 

Order bump 

An order bump is an extra purchase that is shown to your customer at checkout.

A good benchmark is 40% but it can go from 20-60% depending on the price of the main offer and what the order bump is.

Upsell

An upsell is an incredible deal you’re offering on a larger purchase. 

They convert typically at about 15-30%, if you have the right offer and the right sales page.

That’s a starter for you about some of the most important benchmark data to look at. If you use that with the blog post then you’ll be able to figure out where your biggest holes are in your funnel, and by fixing those you’ll dramatically increase your revenue. 

My advice: Don’t guess. Ever again. 

The Audit

As we’re reaching the end of this blog post, by now you should know that numb3r5 4r3 y0ur fr13nd5 🙂

However, if you’re not a big fan of numbers, we’re here to help.

Setting up all these tracking sheets and doing KPI tracking properly takes time. We offer this as a stand-alone service. 

We can set everything up for you. We’ll do all the pivot tables, set up all formulas and teach you how to fill in these forms on a weekly and monthly basis. We can even track all of that for you if you’d like, taking it off your hands, only showing you weekly/monthly reports. 

If you want help with this, and would like an in-depth analysis of your entire business, we do that through an audit.

With the audit, you get an analysis of your entire course funnel. We tell you where you’re leaking money and how you can fix those holes. We map out your existing funnel and then we map out your ideal funnel. With this, you know what you need to work on to sell more courses. You don’t have to guess.

Whether you decide to continue working with us or not, all documents and analysis we do for you belong to you. 

Would you like to know where your funnel is leaking money and how to fix it?

Let us know 🙂

Categories
Funnels

Upselling Examples: Learn From These Real Funnels

There are two main ways you could be earning more money. First is by selling your products/services to more people. The second is by selling more to your current customers – upselling. The second option is easier and less expensive because you don’t have acquisition cost, you’ve already established trust with your customers and if they bought once, they are more likely to buy again. I’ve included many upselling examples, so read on.

Some of the best performing online businesses know and use this fact. In this blog post, I’ll show how they are earning more with upsells. 

Upsell is an additional useful offer you show to your customers after they’ve bought something. It should be related to what they’ve bought. For example, if they buy a course about content management, your upsell can be a course about copywriting or ads. If they want to organize their content, they might find those skills useful.

WHY SHOULD I HAVE AN UPSELL?

You should have it only if you want to earn more money 🙂

With the upsell #1 in place, you can expect 20-40% of people to buy it. Upsell #2 will work as well but around 10-30% people will buy this one. That means you should definitely have one upsell in place.

Make sure to set up only one-click upsells. Those are the ones that convert the best. I’ll explain why.

Customer’s journey goes like this: They come to your website, browse, find a product they want to buy, get to the order page, leave their credit card information and click buy. After they’ve bought the product, instead of telling them “thank you and goodbye”, you show them your upsell page. On this page, you offer them something additional that goes well with what they already bought and you offer them just to click the buy button to get that additional product for only $x. They don’t have to insert their credit card number again because they’ve already done that. That’s why it’s called one-click upsell. They are just one click away from another purchase 🙂

CHOOSING THE RIGHT UPSELL

When deciding what you should offer as an upsell, think about what would be the next logical step for your customer to buy? How can you help them more? Offer them something additional or offer them the next step to reach their goal faster.

This offer should be connected to what your customer bought from you.

Upselling examples

For example, if someone bought an English language workbook or A2 course, the upsell can be an English language B1 grammar course as shown in the example below. 

Make sure that your upsell page clearly shows that their purchase is confirmed, but before they leave they should consider your other offer. Here are some upselling examples from Russel Brunson:

You will find plenty of upselling examples below, so keep reading.

THE PRICE MATTERS

The idea is to find an upsell offer you can price at that sweet spot that will get people to think “Oh yes! I have to have it!”.

What I’ve seen work best was $67 up to $199. From the calculations I’ve done based on my clients’ results, that is what brought their business the most revenue. But, it is not a rule and often clients are going for a different price. $300 upsells could also work, but you’ll need a really good product-market fit in order to maximize your offer. 

Like in the upselling example below. Our client decided to use the Bootcamp as an upsell after the main offer which was $27. Now, the price of the upsell is much higher but the value given to the clients is huge.

If you offer courses & memberships, you could try positioning the membership as an upsell. A different client of mine had the main offer priced at $199 going into a membership upsell for $79/mo.

How many upsells should you have?

You can have an unlimited number of upsells but you’ll probably annoy people. Generally, 1 is enough, 2 is preferable, 3 is maximum, more than 3 rarely works. What you will choose should depend on how many products you have. If someone doesn’t buy an upsell, you can offer a downsell – which is a lower-priced offer that’s still connected to what they’ve bought. 

In most cases, one upsell is enough to start earning more. 

Here are two upselling examples and a downsell. This is how it works: If a person buys upsell #1 they are offered #2. If they don’t buy upsell #1 they are offered the downsell.

In this example, the main offer was Facebook ads Bootcamp which cost $19 discounted from $199.

Upsell 1 is FB ads playbook:

Upsell #2 Google Ads Mastery for a special price – 80% off

Here’s a downsell example. This is for those who haven’t bought Upsell #1 so we want to offer them something cheaper but still very useful and connected to their main purchase (Facebook Ads Bootcamp).

Here’s another upselling example from Fit2Fat2Fit. First, there’s upsell #1

Then, there’s upsell #2. You can see and show that with the loading bar at the beginning of the page.

NUMBERS DON’T LIE

You are probably now thinking “Okay, it sounds like it could work but how do I know my clients will buy it?” Well, it’s all in the numbers and numbers don’t lie. Based on our experience and benchmark data we have, if you have good product/market fit, you can expect 20-40% people to buy upsell #1 and 10-30% will buy upsell #2.

What does that mean for your revenue?

If the product you’re offering is $67 and 100 people buy it, your revenue is $6,700. That’s already awesome… But if you have an upsell #1 at $149 and, let’s say, 22% of people take it, that’s another $3,278 in your pocket. Now you have $6,700 + $3,278 which is $9,978. 

See it now? I hope that by this point you get why upselling is important and why I always try to use them in my clients’ funnels. They work wonders.

FOLLOW-UP WITH YOUR CLIENTS

To make sure more people buy your upsell offer, set up follow up emails. I suggest setting up an email sequence of 3-4 follow-up emails which include more information about the product, detailed explanation of how they’ll benefit from buying it and a call to action. The emails should go out in 48-72 hrs.

So, if your clients don’t buy the upsell while purchasing the main offer, don’t worry, just follow up. 

After you’ve scheduled your follow up emails, upsells are set up. 
If you would like help with setting up your offers or if you want to learn more about funnels and upsells, contact us here.

Categories
Funnels

What Is A Sales Funnel And (Why) Do You Need One?

I’ve been working with online course creators for years. Most people I work with and talk with have amazing courses and a good amount of website traffic. 

So, they’ve got a great product, they’ve got lots of potential customers, but they’re frustrated because there’s a part in the middle that’s missing. The questions they all have are:

  • Why am I not making more sales?
  • Why is my conversion rate not better?

Does this sound familiar? Are you one of those people?

What do most of them do then? 

They do what they know best – they create more courses and they work on getting more people to their website. 

Now – when you’re starting out with your content marketing it’s (relatively) easy to 2x your traffic. But once you’ve been going for quite a while you’re not going to make those huge increases. 

When you have one course – then making a second one can lead to a huge increase in sales. But if you have 5 or 10 courses, then making another one is not going to make a huge difference. 

Increasing your traffic and creating more courses will bring results, but there’s another bigger lever you can pull. One that could allow you to 2x, 5x or maybe even 10x your sales.

That lever is a sales funnel.

WHAT IS SALES FUNNEL?

A sales funnel is everything you set up that’s going to convert visitors into leads, leads into sales and sales into repeat sales. 

Another way to explain is: A good funnel takes your audience on a graceful and beautiful customer journey. People go from hearing about you to learning more and trusting you. They opt in to join your email list and decide to buy something from you for the first time (usually a cheaper course). They start buying more expensive courses and finally, they become loyal, returning customers. 

And it’s really nicely explained (or at least I think so). Maybe it sounds like it would lead to a super organised funnel. Like those ones you see in blog articles about funnels:

But, in reality, most people’s funnels look something like this:

They’re pissing out money left and right. They’ve got so many holes you can’t believe and are nowhere near as neat as the first picture. If you watched any of my webinars, you probably saw these two pictures, I really love using them to explain imagination vs reality. 

Creating that funnel isn’t easy, and I’m not pretending it is. But it is doable. It’s not some mystic art, it’s a practical thing that you can do, one step at a time. 

For now, I want you to know that if you don’t have a funnel, you’re missing out on a lot of your potential revenue. You’re missing out on a huge opportunity to finally earn what you’re worth and to sell your courses to many more people. And to help those people change their lives through what they learn in your courses. Once you learn about this and implement it, then you will thank past you for this.

WHY DO YOU NEED A SALES FUNNEL?

When one of our clients, Seonaid, started working on her funnel she managed to grow her revenue 8 times while doubling traffic. Yes, eight times! That means she made 4x as much per website visitor. And that number is only going up. We believe she can make about 3x more from her current website traffic in the next year. I’ll keep you updated on Seonaid’s progress.

Another client of ours, Paintable, doubled their revenue while hardly increasing traffic at all.

That’s why you need a funnel.

If you have great online courses, over 2,000 website visitors a month, an email list of over 2,000 people, then a good funnel will definitely bring you results (more money). 

HOW MUCH CAN YOU MAKE FROM A FUNNEL?

After you saw the two images I showed at the beginning of this post, the question you probably have right now is: 

If I have funnel #2 how do I make it look like funnel #1?

Which hole should I fix first?

Well, in my opinion, the best answer is – the one that will bring you the most money. 

But, how do you figure that out?

You look at numbers. First, you must know your numbers for each stage in your funnel. Then, you must know the benchmarks. When you compare those numbers, you will see what you need to optimise. 

The best decisions in marketing are the ones that are guided by data. We believe in that so much we’ve put it into our company name. 

In this blog post, I’ve explained how to find the biggest hole in your funnel.

If you want to see how much you could be making if you optimise your current funnel, use our Funnel Revenue Calculator.

Categories
Tracking & Analytics

UTM tracking – What is it and why should you care?

Whenever someone was asking me to review their funnel one of the first things I ask them is if they have UTM tracking setup.  The normal response is what’s UTM tracking?

UTM tracking is kind of like flossing – it’s boring, and you probably don’t want to do it. But if you don’t then all your teeth will fall out. Metaphorically speaking.

UTM tracking – What is it?

It’s the system for telling Google analytics where traffic is coming from,  whether that’s:

  •  Facebook ads
  •  one of your email sequences
  •  Google ads
  •  etc

If you’ve ever seen a website address that looks something like this

That’s UTM tracking

What does UTM stand for?

Okay this is a bit of weird trivia that you’ll never need to know. It stands for Urchin Tracking Mechanism – which tells you almost nothing useful. It was originally built by a company called Urchin which then got acquired by Google and built into Google analytics. Hence the name.

Why should you care?

If you start using UTM tracking now then there will come a day when you are really grateful for it.

You can ask yourself are these working or is this email sequence actually converting into sales and if you’ve set up UTM tracking then you’re going to be able to use Google analytics to figure out the answer.

If you can go into Google Analytics and see what campaigns work then you’re able to know which ones to keep going with and which ones to stop.

And what’s really important is it actually doesn’t take very long to do it, and you don’t need to be doing it personally – you can set up a system or an SOP for it.

The places where it’s really important are with email marketing and with paid advertising. 

Google Analytics and Google ads actually connect really easily, so no need to worry too much about it for there.

But for Facebook ads you really need this lot.

UTM tracking SOP

You’ll need to be consistent across different campaigns so you need to decide  whether to use CPC or paidsearch for example.

1. Campaign Source

The source parameter allows you to track where the traffic originated from. The parameter added to your URL is utm_source. Sources you may track could be facebook, google, bing, inbound.org, or the name of an email list.

Example: &utm_source=twitter

2. Campaign Medium

The medium parameter tracks what type of traffic the visitor originated from – CPC, email, social, referral, display, etc. The parameter is utm_medium_

Example: &utm_medium=cpc

3. Campaign Name

The campaign name parameter allows you to track the performance of a specific campaign. For example, you can use the campaign parameter to differentiate traffic between different Facebook Ad campaigns or email campaigns. The parameter is utm_campaign.

Example: &utm_campaign=example-campaign

4. Campaign Content

In case you have multiple links pointing to the same URL (such as an email with two CTA buttons), this code will help you track which link was clicked. The parameter is utm_content.

Example: &utm_content=navlink

Now what?

If you do this in every campaign that you run then you will be able to figure out whether a campaign worked or not.

Go to  Google Analytics, click on Acquisition – Campaigns –  All campaigns

Here, you’ll be able to see data sorted by Campaign, or by the Source/Medium you’ve used:

If you don’t want to switch between table tabs, you can also go to Secondary dimension – select Source/Medium, and you’ll have all the info in one place, like this:

Tracking and analytics is crucial for making data driven decisions. We pay so much attention to numbers and analytics that we’ve put data-driven in our agency’s name. If you don’t measure, you can’t improve. The most important thing is to have precise data. UTM codes help with that.

If you want to learn more about scaling your business using funnels sign up for Scale Course Revenue On Autopilot Free webinar. I also mention and explain why tracking is important and what are some benchmark numbers you should strive for.

Categories
Funnels

How To Find The Biggest Hole In Your Sales Funnel

Do you ever feel like you have 1000 things you could be doing in your marketing, but you don’t know which is the most important? You are working on improving your sales funnel but you’re not sure what impact it’s going to have until after you’ve done it. 

This post is about the system that can help you with figuring out where to focus next in your marketing.

To figure out how much money you could be making if your funnel was optimised, we’ve created a Free Funnel Revenue Calculator. The calculator can help you see how much you could be making, and this blog post will tell you how to know what hole to fix first.

Can you imagine how you will feel when you know for sure what you should be doing? What would bring you the most sales and revenue? Wouldn’t that be nice?

This post is going to show you how. Let’s start.

I’m sure you’ve seen this picture before.

Whenever you read an article about a sales funnel, it looks like this. Very nice and neat. You pour the traffic in the top and lovely money comes out of the bottom. It’s perfect! 

Except that in real life it doesn’t look like that at all! In my experience, from what I’ve seen over 10 years working with funnels, this is how it actually looks.

The average sales funnel is pissing out money left, right, everywhere, and not enough money is coming out of the bottom. You keep pouring traffic in but it doesn’t make enough money. 

I’m going to talk you through the exact system you can use  to identify the biggest hole in your funnel and stop losing money. 

How do I know this system is something that works?

This is the exact system that we use repeatedly with our client to help them.

These are two simple truths:

  • Your marketing funnel is a key driver of your business. 
  • If you have holes in your funnel, you are losing money.

I didn’t always hold all the secrets to fixing marketing funnels.

As an agency owner and entrepreneur, I found myself in a similar place to where you are likely today.  In my case, I had a webinar funnel set up that was getting me some money, but I knew it wasn’t making me as much as it could. 

I knew I was losing sales every week and it caused me headaches and so much frustration. I must have driven my team to their wits end as I was trying all sorts of things to fix it.

After too many experiments to count, I developed a process to allow me to find where the biggest hole in a funnel is. With that process under our belt, we can come in to evaluate the damage, identify the biggest leak and fix it. 

That’s what I want to share with you in this post. 

Yes, it’s going to be a long post. But I promise it is worthwhile.

Would you like to know what is the biggest hole in your sales funnel? What is losing you the most money?

You can do this through a 5 step process. It’s not complicated. In the end you are going to understand how it works and what to do.

Step 1 – Map out your sales funnel

You can do this with a pen and paper, on the back of the envelope or on a chalkboard. However, I like to use a tool called Funnelytics. You can do this there. It’s free to use, you don’t need the pro version to do this.

Let’s imagine that you’ve got a webinar funnel for selling an online course, but you’ve got the most basic version of the funnel. 

Here’s what that would look like:

You’ve got Facebook ads (and maybe email), driving people to the registration page. 

After people sign up for the webinar, they go to the thank you page which tells people how to attend the webinar. 

Then you’ve got the actual webinar watch page. If people turn up to it and finish watching, they go to a sales page. If they buy your offer, they will be redirected to a confirmation page. 

This is the most basic webinar funnel I can imagine. If you map it up in Funnelytics, it looks like this:

Let’s imagine that you’ve got this funnel in place. 

You look at the numbers, and you know it should be better, but you don’t have a clue where to focus. Then, you start your research, you go and read articles, books, listen to talks, go through other people’s funnels to see what they’ve got in place. 

You eventually find that ideal webinar funnel looks like this:

ideal webinar funnel map

Whoa! It’s got all these emails, ads, reminder emails, FB ads, retargeting, webinar replay, additional emails. It’s got upsells and downsells, order bumps and all these stuff. 

This is an enormous amount of work. 

If you’re thinking about doing all of this you will be like: Where do I start?  What do I do first? 

Overwhelmed?

I get it. Your shock is normal. 

I’ve been doing funnels like this for people and it takes a few months to set everything up. 

I totally get it if you look at this and say: I can’t do all of this, it’s too much work!

So where do you start? What should you do first?

Step 2 – Create the spreadsheet with all the steps of your sales funnel

On the left side of the spreadsheet (in rows) put all the steps of your current funnel. Write down: Email, Facebook Ad, Opt In Page, Thank you page… Then, write down in rows the steps you’re thinking about adding as well. For example: order bump, payment plan…

In the columns add: My stats (Numbers), Model and Benchmark

Step 3 – Track your numbers for each stage

Go to all the software you are using, get the analytics, and put the numbers there next to each step that you wrote down. 

Reminder: use our Free Funnel Revenue Calculator to see what is your funnel’s potential.

Step 4 – Compare the numbers to benchmarks

Now find what is your number for each step and compare it with the benchmarks. Mark all the numbers where you see a big difference between your result and benchmark. This way you are marking areas where you have a big room for improvement. 

There may be many steps which are a long way from the benchmarks. That’s why you need to do step 5 to decide which will make the biggest difference. Then, you will know what is your biggest hole and what you need to improve. 

Step 5 – Test changing them to see what increases revenue the most 

If your numbers are much lower than benchmarks, it is relatively easy to get them higher. If by testing them you realize that it can increase your revenue the most, it is an important part to work on and change.

Let’s practice

I’ll take you through an example:

First I put up on the left side all the steps regardless of whether I have that in my funnel or not. Then, for the steps I have in my funnel, I add the numbers. Also in one of the columns I add the benchmark data I’ve previously researched and found. 

Have in mind that this data is different for different industries so make sure you find the one that is the most relevant for you and your business. 

In this example, I see that my conversion rate is 40%. The benchmark says that conversion rate usually is from 30 – 50% so that’s good. I don’t have to do anything with that part of the funnel. I could probably move it to 50% but it’s going to be hard, so let’s not worry about that right now. 

My cost per lead is $5, the benchmark says it’s $5 – $10 so this is fine as well. 

Conversion for the main product with upfront payment is 0.3%. The benchmark says it’s 1% – so this is the part that I’m going to highlight. There’s lots of room for improvement here. 

You get the point – we keep going to check other numbers and highlight all the numbers that are way off from the benchmark. 

  • We did Step 1 – we mapped out our current funnel
  • We did Step 2 – we created the spreadsheet and inserted all sales funnel steps in there
  • We did Step 3 – we took the analytics from our funnel and put the numbers in the sheet
  • We did Step 4 – we compared our numbers with benchmark numbers we previously researched and inserted in the sheet as well

Now, we are moving to the next step:

  • Step 5 – let’s test our numbers and see what changes. What if we can increase the number of people who made an upfront payment? 

Model A

We can see now that if we increase the number of people who make the upfront payment,  ROAS would be $2.99. This is good! 

Model B

What would happen if we could increase the number of people who use the payment plan?

ROAS here would be $2.7. It’s also a big deal.

Model C

What if we put the order bump?

In this case, ROAS would be  $1.7. 

This isn’t a very big deal. So now that we have all this data, we can conclude that we should focus on A or B. A will give us a bit better results, so let’s focus on that first. 

We’ve gone through mapping out the funnel, creating the spreadsheet, entering our results, entering benchmarks, and creating different model scenarios. Now we know which change in our funnel will bring us the most money. We finally know what ONE thing we need to change.

That feels good, doesn’t it?

You might find these challenging: 

  • Dealing with your fear of numbers – If you hate math and hate numbers, then you might feel a bit uncomfortable doing this. But you can do this even if you suck at math. Just use this template.
  • Finding out the benchmark data – You have to do research. Ask Google, check with your friends what results they are getting, find relevant people to compare your results with. The numbers I used for benchmarking are ballpark, but please do the homework and research the exact number for your industry. 
  • Comparing your numbers to the benchmarks – you have to go through the process. There are no shortcuts.

If you do all of this, you will be able to see immediately what part of your sales funnel you need to fix.

When you fix that ONE part of your funnel, it will reflect in your revenue. If you pay attention to the numbers, there will be no guesswork about what you need to focus on.  The numbers will tell you.

We can say at last – Mystery solved! You have found the biggest hole in your sales funnel.

Free Sales Funnel Revenue Calculator

When we realised people are not aware of how much money they could be making because they are not aware of benchmark data, we created a free funnel revenue calculator

You input your current monthly revenue, email list size, and how many website visitors you get per month. Based on the average data for online course creators, the calculator predicts how much money you could be earning if your funnel is optimised. 

We’ve recently updated and improved the calculator based on more accurate benchmark data. So, even if you have used it before, I suggest you use it again and find out how much you could be earning if you fix your funnel holes. It’s completely FREE. Calculate how much you could be earning.

Categories
Funnels

How Funnel Revenue Calculator Works?

Building a funnel is a lot of work, so many entrepreneurs are wondering if they really need one. The specific question they often ask is:

How can I know how much a funnel can make me?

Because of this, we’ve created the Funnel Revenue Calculator – a free tool you can use to calculate how much money approximately a funnel can make you – with your current website traffic and email list size.

Many people are skeptical and thinking:

“Is this real or are they just trying to make me think that I need a funnel?”

That’s a fair question, so we decided to write this post and explain to you how exactly we calculate how much money a funnel could make you.

It’s not magic and the numbers are not random. They are based on our experience and the data we’ve collected over the years.

Using the calculator is easy. You just input your current numbers and you get the approximate numbers you could be getting with a funnel.

But, let me take you behind the scenes…

How Funnel Revenue Calculator Works?

Get ready, it’s going to get complex.

Email subscribers and opt-in rate

So, you have

– about x email subscribers 

And you get: 

– about y website visitors per month

– about z new email subscribers per month

That means you’re currently getting (z/y*100)% opt-in rate on your website.

Most people have a 0.5% opt in rate. 2% is good, and 5% is great. The best we’ve ever got for a client is 8.5%.  

With that in mind – with you getting about y website visitors a month you should be able to get between (y*5%) and (y*8.5%) new email subscribers per month. 

Revenue

In terms of revenue. Let me explain the approach we take. I’ll mention some terms here that you might not know, and then I’ll explain later what they mean. 

The approach we recommend is to start with a tripwire funnel at the front end, followed by an automated webinar funnel to sell your high ticket offer, with two downsells, then two email promotions a month to something for $79 – $199 (depending on your audience) and then two launches a year for your high ticket offer. 

Ok – so how much could you be making if you had all of that in place?

Not including group coaching, one to one coaching or any other kind of higher priced offers. We typically see people make (((website visitors x 5% x 3%)  x (17 + (15 x 40%) + (99 x 40%) + (99 x 25%)) + (email subscribers x 0.2% x (99 + (99 x 40%) + (27 x 40%)) x 2) per month, plus an additional (email subscribers x 0.7% x $500) from launches twice a year.

That’s the average, and that number can go up to  (((website visitors x 8.5% x 3%)  x (27 + (15 x 40%) + (149 x 40%) + (149 x 25%)) + (email subscribers x 0.2% x (199 + (199 x 40%)+ (27 x 40%)) x 2) per month, plus an additional (email subscribers x 0.7% x $1000) from launches twice a year. That depends on the market you’re in, how engaged your audience is, and various other factors.

Where it starts to get really exciting is that if you increase your opt-in rate from (z/y*100)% to 5% or even 8.5%  then that’s going to give you an additional (website visitors x 8.5% – current email subscribers per month) each month.

What is happening long term?

Over the course of a year – that will add up to an extra (website visitors x 8.5% x 12) people on your email list (though of course, some will unsubscribe.

But for sake of simplicity – you’ll then have (current email subscribers + website visitors x 8.5% x 12). 

That means that at that point you could potentially be making (((website visitors x 8.5% x 3%)  x (27 + (15 x 40%) + (149 x 40%) + (149 x 25%)) + (((email subscribers + website visitors x 8.5% x 12)  x 0.2% x (199 + (199 x 40%)+ (27 x 40%)) x 2) per month, plus an additional ((email subscribers + website visitors x 8.5% x 12) x 0.7% x $1000) from launches twice a year.  

Numbers are based on the industry’s average

All the numbers we mention here are based on the realistic results you could have if your funnel and pages are optimised.

If this looks like a lot of math… well, that’s because it is. That’s why we’ve built the calculator in the first place – to make it very easy for you to calculate your business’ potential.

Now that you know the logic behind it, use the Funnel revenue calculator and find out how much a funnel could make you. 

Categories
Funnels

What Is A Tripwire Funnel And How To Use It In A Sales Funnel Strategy

A tripwire funnel is a popular type of sales funnels for one good reason – it works.

It’s a valuable tool in your overall marketing strategy to attract and convert website visitors into buyers.

But, even though tripwires have been around for decades, many people are still confused about how to use them.

The idea behind a tripwire is simple: make an irresistible low-cost offer to gain a new customer. 

Once people have bought an inexpensive item from you, they are more likely to purchase something else.  

That’s the real value of a tripwire funnel. 

Using this method gives you the best opportunity to upsell your new buyer once they are in your sales funnel.

If you’re interested in turning more lookers into buyers, then read on.

We’ll explain what a tripwire is, and how to use a tripwire funnel to boost your leads and generate more sales.

Table Of Contents:

  1. What Is A Tripwire?
  2. Why Use A Tripwire Funnel?
  3. How To Create A Tripwire Offer
  4. How To Use A Tripwire Funnel
  5. How To Test And Measure Your Tripwire Funnel 

What Is A Tripwire? 

Although the word conjures up images of someone getting caught in a trap, the definition is far from sinister!

A tripwire is a compelling, low-priced offer that’s designed solely to turn a prospect into a customer. They’re usually priced at between $5.00 – $30.00, but the majority are less than $20.00.

The price point you choose depends on how your tripwire offer fits in with your higher-priced products. 

It’s important to remember that a tripwire funnel is not the first step in your sales process.

To capture new email subscribers, you must begin with a lead magnet. This is usually a free resource like an ebook, a template bundle or a mini training course delivered via email.

When you have built an email list from your lead magnet signups, you’ll add a tripwire offer to your sales funnel to start generating revenue.

Keep in mind that the goal of a tripwire is not to make money, but to turn leads into first-time customers. 

Why Use A Tripwire Funnel 

Your tripwire funnel gives you 5 main benefits:

  1. It offsets marketing and advertising costs

When you’re promoting your business online, it costs money to generate traffic.

The costs of creating, marketing and advertising can add up quickly. A well-defined tripwire offer will help to offset those costs. 

  1. It fills your email list with buyers.

When someone purchases from you for the first time, they begin to develop their relationship with you via your email communications, social media pages, and your website resources.

This means that they are more emotionally connected to what you offer next – whether that is paid or free content. In other words, they are more likely to buy from you again.

  1. It allows you to test different offers.

Tripwire funnels allow you to test what your market is looking for. 

When you offer a selection of inexpensive products, you will see which topics interest your buyers the most, and customise your follow up communications with them.

This means that you target only those prospects who seek a specific solution to their problems.

  1. It creates audience loyalty.

When you get your tripwire offer right, people are thrilled that you gave away so much value. You’ll create happy and loyal followers when you consistently provide them with high-quality material at a no-pain price point.

  1. It encourages micro-commitments.

Micro-commitments are easier for people to accept because they’re allowed to make smaller decisions over time. Your prospect signs up for your mailing list, buys a small product, then buys a bigger one.

A tripwire offer is the best example of a small commitment which leads your customer to comfortably complete a larger commitment in the future.

How To Create A Tripwire Offer 

The key to a successful tripwire is to create an inexpensive, but irresistible, deal.

A deal so good that someone knows in a split-second that it’s something they must have.

But, first, you need to create your offer.

This is easier than you think because there are multiple ways for you to create tripwire products from content you have created already, e.g. your online course.

What are the main components of a tripwire?

  1. It’s inexpensive

While the price is usually relative to the cost of your main offer, most tripwire offers are under $20.00.

Numbers containing a “7” seem to prevail, so we often see tripwires promoted at $17.00 or $27.00.

  1. Very high quality

You can’t compromise on quality just because you’re selling something cheaply.

Your tripwire offer may be the first interaction many people have with your products. If you fail to impress them right from the start, then why would they buy a more expensive product from you?

  1. Simple to use or implement 

It shouldn’t take another product to explain how to use the first one. Whatever you offer, it must be easy to obtain and implement so that your buyer is clear on what they need to do.

  1. Related to your core offer

What happens if you’re building a mailing list that doesn’t care about your core offer?

You’ll be stuck with customers who won’t buy your flagship course or premium products. It’s easier to make this mistake than you think.

  1. Promises a quick win

Ensure that your tripwire offer allows people to achieve what you promise within a short space of time. For example, if you tell your customers: “Create Your First T-Shirt Graphic in 7 days,” then that must be an attainable goal.

Ideas For Your Tripwire Offer

A Single Course Module 

For example, you might sell an online course that includes written materials, video lessons, and a private Facebook group for members to network and interact with other learners. You could segment off one module from that course and offer it at a low price as a tripwire product.

Bonus Material From Your Online Course

How many digital offers have you seen that include bonus materials?

We’re guessing it’s quite a few.

To incentivize conversions, you might offer one or two bonuses from your primary course. It could include a couple of short videos, several checklists, and a few articles.

A Mini-Course Via Video

This is a relatively simple way to provide a ton of value to your leads. Once your visitor has opted in to your list, send them a welcome email and tell them what to expect over the next 5 or 7 days. 

During that period, you send them a daily email including a short video training on the topic they requested.

Another alternative is to provide a mini-course as an educational email series.

Template Bundles and Checklists

These days, we’re all looking for ways to streamline our processes and reduce the time it takes to complete certain tasks.

This is why downloads of templates and checklists are so popular.

A Low-Cost Trial

A low-cost trial is useful when your main offer is a monthly subscription or membership. The cost of your subscription may vary, but a typical range is between $30 – $75.00 per month.

You might promote your tripwire as low as $1.00 for a 7 or 30-day trial membership. At the end of that period – and if they don’t cancel – your customer gets billed the regular monthly fee. 

Each of the above offers is hard to refuse. 

That’s because they require little effort and cost on the part of your prospect, and they provide excellent value.

More importantly, these tripwire offers show your customers that you deliver what you promise. 

Now, we’ll cover how to use a tripwire funnel.

How To Use A Tripwire Funnel 

Step One: Your Lead Magnet Opt-in

This is the start of your tripwire funnel and it’s exactly what it says – a magnet to generate leads. 

Before you begin actively marketing to a prospect, you’ll need to build a list of email subscribers.

A lead magnet is a free resource that you offer in exchange for someone’s email address.

People discover your lead magnet:

  • Organically – through a search that leads to your website or a particular blog post that offers your lead magnet
  • On social media – from a Facebook ad or Google advertising.

Most businesses promote their lead magnets and free offers via paid advertising because it’s the fastest way to start promoting their paid products.

Once a visitor has signed up, they’re often sent directly to a “thank you” page.

Don’t do that!

Why?

Because you’re missing a great opportunity to sell something to a person who’s already shown an interest in your content.

That’s where step two comes in.

Step Two: Your Tripwire Offer

There’s nothing wrong with sending your new subscriber to a thank you page after they’ve opted in, but thousands of businesses ignore the chance to sell something here.

Present your tripwire offer immediately after someone subscribes to your list. You already have their attention, so make the most of it.

Step 3: Your Bump Offer

It’s always a good idea to include a bump offer in your tripwire funnel.

A bump offer is an extra purchase that is shown to your customer at checkout.

For example, someone decides to purchase your video course for $17.00 (the tripwire) and they get the chance to buy the worksheets that go with the videos for an additional $5.95. 

The worksheets are your bump offer. There’s even better news for you because, if your buyer purchases those worksheets, you’ve just increased the sale value by a massive 35%.

Step 4: Your Upsell Offer

When someone clicks to complete a purchase with the bump offer, you then send them to a new sales page that showcases your upsell.

An upsell is an incredible deal you’re offering on a larger purchase. 

A sense of urgency is often conveyed to your buyer at this stage of your funnel, so that’s why you often see a timer on these pages. 

You’re giving your buyer an incentive to act now, and playing into the psychological effect of FOMO (fear of missing out).

One thing to keep in mind is that the upsells must be relevant to the core product you want them to purchase, otherwise people will drop out of your funnel quickly. 

Step 5: A Second Upsell Offer

You might choose to include an additional upsell in your sales funnel. 

This would follow the one-click upsell above – after your buyer added that to their cart.

Of course, they wouldn’t see your second upsell if they refused the first one.

Step 6: A Downsell Offer

A downsell offer is used when a prospect has declined your upsell offer.

It is always a less expensive option, and we suggest using downsells sparingly.

That’s because you don’t want to give the impression that, if someone waits long enough, they will always see a better deal from you.

Downsell offers target buyers who said “no” by encouraging them to try your higher-priced offer at a low-entry cost.

You might offer a limited-time trial or a payment plan which allows your customer to complete their purchase in several installments.

These offers work well for membership and subscription-based programs. Downsells are usually delivered via an email drip campaign, shortly after your initial tripwire funnel campaign ends.

Step 7: Thank-You Pages

The “Thank-You” page always comes at the end of your tripwire funnel, e.g., after your upsell offers were declined or accepted. 

It is the last page in your tripwire funnel because if it were the other way around, then very few people would stay to view your upsell.

Your thank-you page confirms that an order is complete and that your customer’s product is on its way or available to download. 

Step 8: Facebook Ads and Retargeting Ads

Facebook Ads:

When you place ads on Facebook or drive traffic using any other method, you direct all the traffic to the first page of your tripwire funnel – the lead magnet opt-in page.

It’s possible to run ad campaigns specifically for lead generation and to create a target audience for your ads.

Ideally, you already have a clear customer persona. This enables you to make your audience as specific as possible and direct your advertising towards those prospects most likely to buy from you.

Retargeting Ad Strategy: 

Visitors who’ve been active on your site within the past 30 days are probably still interested in your offers and products.

Retargeting is your chance to convert some of those viewers into buyers. You do this by showing them ads for specific content that brings them back to your website, or to your opt-in forms and tripwire offers.

Step 9: Email Sequences

Every marketer knows that email provides the best ROI, so communicate regularly with your subscribers.

Your aim is to direct them back to your website – and offers – and encourage them to spend more money with you.

An email drip campaign is used throughout the sales funnel for:

  • Promoting your tripwire to your opt-in leads
  • Engagement with those people who bought your tripwire
  • Marketing your core offer to those who purchased your tripwire

In the end, your tripwire sales funnel will probably look something like this:

The right combination of the above pieces in your tripwire funnel can dramatically increase the number of leads and sales you receive. 

How To Test And Measure Your Tripwire Funnel 

It’s great that your tripwire funnel is in place, but you can’t set it and forget it.

To analyse the results you’re getting from your funnel, it’s necessary to track a few metrics.

Some of the data to measure includes:

  • Opt-in conversion rate
  • Tripwire conversion rate
  • Upsell rate
  • Cost per customer acquisition
  • Average cart value

Another way to judge the effectiveness of your tripwire funnel is to A/B test for different elements. A few simple changes will enable you to find out which components work best. 

Consider adjusting some of these details:

  • Page layout design and form placement 
  • The copy language, as well as text sizes, colors, and styles
  • The price of your tripwire product
  • The price of your upsell offer
  • The tripwire that you’re offering
  • The down-sell product that you offer
  • The copy and style of your email sequences

Your tripwire funnel is both a lead generation and a sales machine, so spend time testing different options to create a funnel that meets your targets.

Conclusion 

The tripwire funnel we’ve outlined maximizes the amount of money you make per conversion and gets the prospect used to buying from you.

It’s up to you whether you decide on a basic funnel with a few pages or a more complex one with several extra pages. 

To create and optimize a high tripwire funnel takes time. It’s hard work.

It requires a combination of professional copy, funnel and page design, and strategy. But, it’s a proven and successful model in today’s competitive market.

We don’t doubt that using a tripwire funnel is a fast track to generating leads and sales because that’s exactly what we do for our clients.

If you’d like us to help you do the same, then contact us today.

Categories
Funnels

Sales Funnel: What Kinds are there?

WTF is a funnel?

A sales funnel is all the steps that lead someone from hearing about you for the first time to becoming a lead, getting interested in your products or services and buying. Then buying again and again.

What kinds of funnels are there?

There’s five funnels that I use on a regular basis and I’m going to talk you through them and how to know which one you should use. These funnels are:

  • Tripwire funnel for selling info products
  • Webinar funnel for setting appointments for services sales
  • Webinar funnel for selling online courses
  • Sales funnel for services
  • Free trial funnel for SaaS businesses

There’s a whole lot of other funnels out there (e.g. Ask Funnel, FBA review funnel, FB messenger, Free + Shipping) and there’s tons of variations of all these funnels, but these are the ones I find to be the most common.

How they work and when you should use them

Tripwire funnel for selling info products

Tripwire is one of the simplest funnels, but it’s unbelievably underused. Anybody selling an info product should have a tripwire funnel set up.

You’re selling an info product and you have a lot of traffic coming to your website. You have lead magnets available and people are signing up for them. What you probably don’t have in place is a tripwire funnel.

So, after somebody originally signs up for the lead magnet, you’re probably just thanking them for signing up. And that’s it. 

This is a huge missed opportunity, because this is a magic moment in people’s minds.

Just after they’ve signed up for a lead magnet, they’re at this stage where they’ve had a problem in their lives and have been motivated enough to go and search the Google. They’ve gone through different listings, and then they’ve found your website. Excellent work!

Now that they’ve come to your website, they had a look around and decided that they trust you and your content.  But they wanted their problem solved more, so when they saw a lead magnet available (a cheat sheet, a video course, etc.), they decided to sign up for it. 

Now some percentage of those people (usually between 1-5%) actually want their problem solved more thoroughly right now and are willing to pay money to get that solved immediately. And out of those people, some of them will still buy later if you just follow up by email, but definitely not all of them because you lost their attention – you know how many emails we all get nowadays. 

So that’s why you should make something available for sale at that stage.

Now some of those people who bought the tripwire actually want something that solves their problem more thoroughly. And you can offer those guys your premium option as an upsell straight after someone’s hit checkout.

However, not everyone will buy the tripwire. Only 1-5% of people will. So you also want to offer the upsell to those people who didn’t get to see it because they didn’t get the tripwire. The easiest way to do this is by setting up an email sequence to promote the upsell.

And some people will drop out part way through the checkout process. So you’ll want to set up a cart abandonment email sequence.

And you can even have that FB retargeting at points where you don’t have their email address.

Then at every stage you want to set up some Facebook retargeting along with the emails to keep people on track.

That’s the basic idea of a tripwire funnel.

Webinar funnel for setting appointments for services sales

Ok – so another funnel that you might use is the free strategy call webinar funnel.

You’ve got a website with some traffic and you’ve got an email newsletter. Your emails point people to an optin. A while later, the webinar happens. At the end of the webinar, you hope that people become clients.

The first thing to add onto your funnel in this case is an option to book a call at the end of the presentation. They’ve just listened to the presentation and they are interested – so make it easy for them to book their free strategy call.

The next thing to do is to add some reminder emails in advance of the webinar so that your registrants are more likely to show up. Even then, only about half the people will turn up live. So you have to set up a replay for anyone who didn’t manage to attend live. This will increase attendance by another 10%.

And then set up more emails after the webinar to promote the free strategy call, and then before the call to remind them to show up.

Now you’ll get all booked up with calls – but not all of those people who book a call with you are going to be good prospects. You need to filter out the good ones, so you will add in an application form, so that they can only book a call if they meet the right criteria.

Lastly, set up Facebook retargeting at every stage to keep people on the right track. 

Here is the final version of the funnel:

Webinar funnel for selling online courses

If you’re selling online courses, this is the ideal sales funnel for you to set up. There’s quite a lot of steps in this funnel that most people don’t realise should be included, but they can make a really big difference. 

You have a webinar that you’re running. People get to your webinar optin page either through Facebook ads, blog posts, Facebook retargeting, your website and newsletter. There will, of course, be people who get to the optin page but don’t sign up. So you will be able to get them back on track with Facebook retargeting ads.

When someone signs up, they are going to be sent to the Thank you page and receive a confirmation email. You are going to be sending them pre-frame emails to make sure that as many people as possible show up on the webinar. At the same time, you would ideally have some Facebook authority ads shown to people who opted in, and the idea of these is pointing people to somewhere on the internet (not on your site) where you have been featured (a podcast, an interview, an article, etc). 

Ideally then, someone attends the webinar, and at the end of it they go to the sales page. But if they don’t go to the sales page, you will be sending them post-webinar email sequence and running some Facebook retargeting ads to point them to the sales page.

If they don’t attend the webinar, you will be throwing some Facebook retargeting ads and emails at them to get them to watch the replay. After they watch the replay, you are going to send them the post-webinar email sequence and show them retargeting ads to get them to the sales page.

If they go to the sales page but they don’t buy, you are going to want to show them a specific type of Facebook ads – testimonial ads. 

If they add to cart, but they don’t buy straight away, then you want to show them add to cart ads.

If someone goes to the sales page and they add to cart, and add in their credit card details, you should offer them something extra – an order bump. If they don’t buy the full-price offer, then you should offer them a reduced option one. You could even have a second, different order bump after that. At the end, they reach the order confirmation page.

After they’ve bought, you want to send them an email sequence with useful content that will occasionally point them to the sales page.

Free trial funnel for SaaS businesses

Another type of sales funnel is the SaaS free trial funnel. If you’re a SaaS business owner, this funnel could make quite a difference in terms of your conversion rates from free trials to customers.

So, naturally, you have a product and you have a website. You’re driving people to your website through guest blog posts, Google search and Facebook ads. You also have people sign up to your mailing list through a popup on your website.

Some people will go to your free trial page but won’t opt in. You will want to follow up with them with an email sequence that will eventually take them to the order page. You will also use Facebook retargeting ads to get them to the order page.

Some of these people will opt in for the free trial, but they won’t buy. You will again use Facebook retargeting to get them back on track and take them to the order page. If they reach the order page but don’t checkout – you know what’s next – more Facebook retargeting!

Free trial funnel for SaaS businesses

If you’re selling services, you should be able to implement this sales funnel to turn more of your leads into sales.

So, if you’re selling services, you most probably offer a 1-on-1 free strategy session to your prospects. Your prospects come to the page where they can book an appointment with you through various sources – email, website, blog, Facebook ads, etc. However, not all of your prospects would be good leads, so you need to filter them out. 

You can do so by adding in an extra step before they can schedule a call with you, and that step would be application. So, only if they meet certain criteria, they will be taken to the call booking page to schedule that free session with you. If they don’t take the application survey, you can use Facebook retargeting to get them back on track. If they meet the criteria but don’t book a call with you, you can point them back to the application again with Facebook retargeting ads.

As soon as they book a call with you, they will be prompted to a survey page where you will want to learn more about them and their business. Anyone who completes the survey, will be shown some authority Facebook ads until the discovery call takes place.

Once they’ve booked a call, they will receive a welcome email and will be shown a summary video about the call where you want to explain to them what they can expect on the call and how to better prepare.

At the same time, you want to do some research about them – connect with them on LinkedIn, Facebook, Skype, and send them a couple of reminder emails to make sure they turn up for the discovery call with you.

Ideally, after the discovery call, they will sign up for your services and then you’ll have a chance to offer them an upsell. You will also want to ask them for referrals at this stage.

If they don’t buy, you want to follow up with them via email. If they are not a good fit for your services and company, maybe they know someone who is, so make sure to ask for referrals in this case as well.

There will be cases when someone books a call with you and then they don’t show up on the call. You want to follow up with them and give them an option to reschedule. Once that they do, send them a couple of reminder emails to make sure they turn up for the discovery call with you this time.

Hopefully that gives you an overview of what funnels are and which one you should use in your business in order to make more money from it.

If you need any help with planning, setting up or automating your sales funnel, just get in touch.

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