You’re doing it all: Facebook ads, Pinterest pages, SEO, blogging, email campaigns, the list goes on. You feel like you’re doing everything you can to increase your website traffic and thereby the number of customers. Despite all this, it’s not working. Why?
The problem is not the traffic source. The problem is the system. You can blog until your fingers break, but if you’re not steering your traffic into the Customer Value Optimization (CVO) funnel, your traffic will just drive on to the next site.
Until you master the system, focus on just one traffic source and steering that into the CVO funnel. Then gradually add more traffic sources once you get the hang of it.
First though, start with these steps:
- Offer a Lead Magnet
- Offer a Tripwire
A Lead Magnet is “an irresistible bribe that gives a specific chunk of value to a prospect in exchange for their contact information.”
While no money exchanges hands, this is the first transaction between you and your customer. The key is specificity. Create a Lead Magnet that is simple, specific, and irresistible. No one likes pop-up ads so you need to entice your customers with something that they have to have and only requires that they give you their contact info.
Great Lead Magnets solve a specific problem for a specific market and will generate more leads. This is not a good Lead Magnet:
It is very general, it doesn’t solve a problem, and there’s no incentive. And it’s boring.
This Lead Magnet is much better:
It’s for a very specific market: home gardeners on a budget, it solves a problem: how to grow lots of food in a small space, and it looks interesting and inviting. This Lead Magnet will generate far more leads and with more leads you can create more Tripwire sales.
A Tripwire is “an irresistible, super low-ticket offer (usually between $1 and $20 that exists for one reason and one reason only… to convert prospects into buyers.”
You may be thinking, “hey there, my pal, a cheap offer like that won’t make me any money!” However, the goal with tripwires is not to make a profit, but to increase the number of customers you have by turning all your leads generated with your Lead Magnet into actual customers. Even if your Tripwire sale comes at a loss it’s worth it because it is giving you the most valuable addition to your business: a list of buyers.
What makes a good Tripwire? It’s an offer you can’t beat. A ridiculously low price and an incredible deal. This Tripwire from Columbia Records is a classic:
While this ad is dated, the technique holds true for today. Columbia knew that they could dominate the music market by acquiring a list of customers. These are also great Tripwires:
Tripwire offers are great because they can be adapted to fit your business and your market. They can be physical products, books, software, even paid webinars and courses. While you may be hesitant about taking a potential loss with a Tripwire offer, know that they are key to setting you up for profit through the next three steps of the CVO:
- Core Offer
- Profit Maximizer
- Return Path
At CAM we will help you design and develop the perfect Lead Magnets and Tripwires for your business so that you can build a healthy and robust customer list.