34: Dip Your Toes Into Digital Products With A Tripwire Offer
Most talk about digital products comes with the promise of replacing your income and no longer trading your time for money. But for those of us that
enjoy working with clients, the thought of packaging our entire process feels overwhelming. Eden Fried re-frames that expectation by introducing a
tripwire offer, sharing how this simple product can turn your audience
into loyal customers.
I’ve been pushing away conversations about digital products for a while. I think it’s because so many businesses are popping up online promising to make you $100k overnight by simply packaging up what you already know.
I think about business differently. I want to work with experts who aren’t new to their craft. And to be honest, I’ve bought more than one digital product that looked great but packed in little value.
For all these reasons I was hesitant to have Eden on the show. But I’m so glad I did.
This conversation got me thinking about how much knowledge and information I’m holding close to my hands. It allowed me to think about a digital product as a way to provide more value to my audience and eliminating the need to invest thousands to learn from me at all. Better yet, the process she shares can be implemented in a day. Because really, who can set aside six months to perfect a product?
MEET EDEN FRIED
After bailing on her plan to attend law school back in 2016 (despite paying her seat deposit, securing an apartment, dropping thousands on textbooks), Eden Fried decided to try her hand at entrepreneurship instead. Since then, she’s mastered the art of making a full time income with digital products — ebooks, courses, workshops, etc.
Eden is a rebel — she believes that you shouldn't need to work for someone else in order to pay the bills — so she's dedicated her life to inspiring and teaching other rebel women how to turn their passion into a digital product they can sell and make an income online.
She started The Rebel Boss podcast after a period of immense friction between herself and her business. Feeling like the traditional 9-5 wasn’t for her, she realized still how out of the norm it was to go against the “go to school, get a job, work for someone else” narrative.
Today she helps women create and sell digital products. After working with a coach she was able to figure out that this was the area that brings her joy and falls in her zone of genius.
THE PURPOSE OF A DIGITAL PRODUCT
CREATING YOUR TRIPWIRE OFFER
DON’T OVERTHINK IT
I admitted to Eden that I’ve pushed away the idea of a digital product for a while. I’ve used excuses like, “My process is too unique,” or “I can’t possibly teach someone to do this on their own.”
Eden challenged me — and others who feel this way to think about the transformation I provide my customers. She asks how powerful and influential it is. Then she says, imagine what it would be like to be able to provide that transformation to more people than you could ever fill in your calendar. That’s the power of a digital product.
She also busts the myth that your product has to be the same as working with you. Eden admits that working with someone one-on-one should be different than selling a digital product to them. In order for someone to make the decision to work with you one-on-one at the price point that you’re charging, you have to create a personal connection. A digital product is a powerful way for someone to see your value and really understand how you can help them.
In her mind, a digital product isn’t to make you rich or develop heaps of passive income. It’s to turn leads into customers with a low barrier to entry.
Experts say that if someone has purchased from you already, they have a 60-70% chance of buying from you again. Thinking about it that way should make you think how you can turn your leads into customers as quickly as possible.
That does not necessarily mean you’re selling a massive online course or coaching program. It means you’re selling a tiny high-value digital product for an insanely low price.
If you’re wondering what the focus of your tripwire should be, ask yourself if you were sitting in a coffee shop with your ideal customer listening to them tell you about their problem and they turn to you and say, “What should I do first?” your answer should be the focus of this product.
Options for formatting include: ebooks, workshops, video, and templates. Her best advice — create whatever is going to be easiest for you to create and don’t let perfect be the enemy of good.
Once you set up your tripwire it’s on autopilot. Unlike other digital products, you don’t have to market it or plan a launch.
We rounded out our conversation by talking about investing in our own businesses. Eden says that working with a coach helped her niche down in a way she couldn’t do on her own. To anyone who is holding back from investing, she asks them to consider why they don’t believe in themselves enough to invest.
Speaking from experience, she held back for a while because she wasn’t sure about allocating funds. She also says that she recognizes quite a few business owners say investments aren’t financially feasible but are actually unwilling to reallocate money from disposable spending.
Taking on a limited number of one-on-one clients now, she admits her coaching is expensive. When she asks prospects how they’re feeling about the investment and they admit it feels a little uncomfortable, her response is: “Good.”
In her mind, when you’re a little uncomfortable, you’re going to show up and really be invested in the outcome. Putting yourself in that space will help you reach your goals because you’ve put money on the line.
We rounded out our conversation with an emphasis on doing things in your business that feel good to you. Simply showing up everyday knowing that everything is going to work out makes things more exciting, makes your business more enjoyable, and your life successful.
When you think about a lead magnet, the purpose is to attract your ideal customer and start to scratch the itch of the problem they’re experiencing. But it probably won’t solve their problem completely.
Now that you have their email address, you can help them solve their problem even more with a tripwire offer.
A tripwire offer is priced between $9-19 and is an easy, no-brainer purchase. It gives your customer a quick win and starts associating you as someone who clearly knows what she’s doing and what she’s talking about. This is where raving fans begin.
As soon as someone has signed up for your list, they’re immediately offered your tripwire offer. It can be something you already offer on your site, but it’s offered for a limited time at a discounted rate.
They’ll have 12-20 minutes to purchase before the page expires. This gives them an incentive to say yes immediately.
Eden stresses that we remember this isn’t a 200 page e-book. It’s something small that allows your customer to make progress quickly.