This blog post is about understanding your tripwire conversion rate – 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 optimized.
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. Get Your FREE Personalized Report
Tracking your tripwire conversion rate
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. Remember, there’s a difference between tripwire vs freebie conversion rates.
This is why when we track tripwire conversion rates, 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 highest tripwire conversion rate.
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 optimized. 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. Get Your FREE Personalized Report