You might be shocked to know that the number one way to increase your revenue is not increasing your products or offers. It’s also not running paid ads, having an email list of 10,000, or growing your presence on TikTok. It’s focusing on sales you are already making (or going to make).
Launching an online course can be an exciting venture, but it’s also a highly competitive market. To stand out and achieve success, you need more than just a great course; you need a strategic approach to marketing and selling it. Three essential elements in this strategy are tripwires, upsells, and downsells. In this blog, we’ll delve into the significance of these components in launching online courses and how each fits in to your marketing strategy.
Tripwires: The Irresistible Entry Point
Tripwires serve as the initial point of contact between you and potential students. They are low-priced, high-value offers that are hard to resist. The main purpose of a tripwire is to convert leads into paying customers and to introduce them to the quality of your content and expertise. They also have an added bonus of offsetting paid ads costs, if you’re using those as part of your strategy.
If you’re using a challenge or free webinar strategy, you can include a simple paid offer right after your audience opts into your freebie … before the launch even begins!
Here’s why tripwires are helpful:
a. Building Trust: Tripwires are a way for your audience to test the waters before making a larger commitment. When they see the value in your tripwire, trust in your expertise begins to develop.
b. Generating Revenue: Although tripwires are priced low, they can be profitable due to their high conversion rates. This revenue can help offset marketing costs and fund further course development.
c. Segmenting Your Audience: Tripwire buyers are more likely to be interested in your main course, making it easier to target them for upsells and downsells.
Upsells: Enhancing Value and Revenue
Upsells are an additional offer that can be added to the main offer for additional value (and revenue for you, too!). Once you’ve gained a customer’s trust through a main offer purchase, it’s time to offer them more value through upsells. Upsells are higher-priced products or services that complement the initial purchase. Upsells can be a great way to increase revenue dramatically in your course sales.
Imagine you’re a wellness coach, who is running a group coaching program. You can add an upsell for a 1:1 call with you to enhance the customer’s experiences and also increase you’re revenue! Upsells don’t have to be just 1:1 coaching – it could be an additional course, extra resource .. something that is not essential to have for your audience to be successful … but might be really nice or enticing to add on!
Here’s why they are essential:
a. Maximizing Revenue Per Customer: Upsells allow you to increase the average transaction value, which can significantly boost your overall revenue.
b. Enhancing the Learning Experience: Upsells can include additional modules, one-on-one coaching, or premium resources, all of which enrich the student’s learning experience.
c. Demonstrating Your Expertise: By offering advanced products or services, you showcase your deep knowledge and commitment to your students’ success.
Downsells: Retaining and Re-engaging
Not every customer will take up your main offer, and that’s where downsells come in. Downsells are alternative, lower-priced options for customers who decline your main offer. These are offered after the period to purchase your main offer has ended. This allows smaller amounts of revenue to be brought in, but ensures you don’t miss any opportunities.
They are crucial for these reasons:
a. Retaining Customers: Instead of losing a potential customer altogether, a downsell keeps them engaged with your brand and content.
b. Re-engagement Opportunity: Downsells can rekindle interest by offering a different perspective on your course or a unique value proposition.
c. Customer Lifetime Value: Even if a customer chooses a downsell, they may become more receptive to upsell opportunities in the future, increasing their lifetime value.
Check out my previous blogs for everything you need to know about launching an online course!
Getting ready to plan your first course launch? Make sure you grab my complete launch checklist here or book a strategy session to chat!