173: The Hidden Formula to Pick the Right Sales Funnel

Foreign hi there. Before we dive into today's episode, I want to ask you an important question. Are you wondering why your hard work isn't reflecting in your bank account? If so, I've got something that could change the game for you. With my digital product accelerator one on one coaching program, I'm on a mission to help entrepreneurs like you bank consistent revenue without sacrificing your time, time or sanity. Imagine shifting from 90% client facing work to enjoying consistent revenue from your digital products, all while reclaiming your time. You already know that you don't need another course and a one size fits all approach isn't going to cut it. What you need is a strategic long term plan tailored just for you. So if you're ready to build the profitable, freedom giving business you've dreamed of, apply to work with me by going to destinycop.com apply. I cannot wait to learn more about you and your business. Welcome to the Creators MBA Podcast, your go to resource for mastering the art and science of digital product entrepreneurship. My name is Dr. Destiny Kopp and I help business owners generate consistent revenue from their digital product business without the need to be glued to their desks, constantly live launching or worrying about the social media algorithms. I hope you enjoy our episode today. Foreign hey there, Destiny here. And in today's podcast episode, I am super excited to chat about this particular topic. I'm very passionate about it and I know that there's lots of confusion about this. In one of my recent emails newsletters I had mentioned the difference or talking about tripwire Sales funnels vs evergreen Sales funnels and I mentioned if you had questions about those, if you didn't know or understand the differences between the two, email me back and I'll be more than happy to give you a little bit more information. Well, I got so many questions about it that I wanted to do a special podcast episode just on this topic. Now I think first, before I go into when you would want to use one versus the other, I really want to describe and kind of paint a picture of how each one of these sales funnels look like. So for a tripwire sales funnel, basically what you would do for a funnel like this, you would have your lead magnet. And then once they sign up for your lead magnet, they input their name and their email address and they hit submit. And then on the next page you're going to have this page that pops up that says, you know, wait, before you go, I have the special offer that, that I think you'll be interested in and this is going to be what we call your tripwire offer. Now I know a lot of people don't like that term tripwire offer, but that's kind of a standard term in the industry. So it's what I'm going to use here. So you have this tripwire limited time offer. Generally it's going to be like 15 minutes, 20 minutes, maybe even 30 minutes where they can make a decision to buy this special offer at a greatly reduced price. And the goal is to make that a very much a no brainer type of offer. So that when they see it, they read the information on their sales page, they're like, yes, this is exactly what I'm looking for. It's a great way for your new email subscriber to get a quick win. It's tied into your lead magnet. They click to buy, they go to the checkout page and on the checkout page you have this order bump. Possibly that's another kind of a no brainer type offer. It might even be something super cheap, $7, $9, something like that, but gives them a lot of value. They input their credit card information, maybe give you a little bit more name in terms of their name and their address there and they click to buy. And then from there you can even have additional upsells or downsells or cross sells in that particular funnel that is a tripwire offer. And you can set this up on the back end of one of your lead magnets. If you're, you know, maybe hosting a summit, you can have a VIP pass on the back end of this. Maybe you are hosting a bundle. You can put something like this on the back end of that free bundle where you have an upsell premium type bundle that people can, you know, purchase. And you can have a sales for this tripwire sales funnel on the back end of this. I mean there's a lot of different ways that you can use a tripwire funnel in your business. And I think for most of you out there, having these set up in your business running kind of constantly in the back end is a very good idea because we know and the research has proven to us that once somebody purchases from you, they are more likely to purchase from you in the future. And I can about tell you that every single one of my higher end customers, meaning people who have signed up for maybe my one on one coaching services or one of my higher end products, products or offers that I have, they have purchased one of these tripwire type offers from me in the past. So they've gotten to know me, they know My teaching style, they like how I teach, they like working with me. And it was just a really good kind of introduction, if you would, into my business. Okay, so that is my definition of a tripwire funnel. An evergreen sales funnel is a little bit different from this and I think a little bit more difficult because you're dealing with a little bit higher priced offers in one of these. They're a little bit more difficult to optimize. Doesn't say, doesn't mean that you can't and it certainly doesn't mean that you shouldn't have them in your business because I absolutely believe that you have, especially if you have like a higher priced offer in your business. Okay, so let's say that you have a course or program or offer or coaching program that you want to sell. And let's say for sake of argument here it is, you know, close to $800, so $797, let's just say that is your offer here. So not a super cheap course or offer and not something that you would sell in a tripwire funnel. Somebody's, for the most part, somebody's not going to make an $800 decision. Even if you have a payment plan, they're not going to make that decision within 15 minutes or 20 minutes, especially if they don't know you. Okay, so for something like this, you're going to set up an evergreen sales funnel. And generally what you're going to do for one of these, it's going to be a webinar type format. So somebody's going to come in, they're going to sign up for your webinar, they're going to watch your webinar, they're going to, you know, maybe buy directly on that webinar. So at the end you're going to do a pitch for your offer. So you know, they've spent 45 minutes with you or 30 minutes or even an hour. You know, some webinars are an hour if you can get somebody to sit through an hour webinar format. So and at the end you're going to make this pitch and you might give them some bonuses, some fax action bonuses. So that's an option to kind of, you know, encourage them to take action. And you're also, you're still going to give them a set time frame. So it could be that your cart open period for this evergreen sales funnel, maybe it's five days. Okay, so let's say for argument, we're selling an $800 product. We might have some payment plans in there. We're going to have some fast action bonuses in there and we're going to have a cart open for five days. Okay? So they sign up for the webinar, they watch the webinar that triggers that cart open in that cart close, period. And generally you're going to use a timer, like a deadline funnels for something like this and that will track that particular email subscriber and tie in all of their emails into that particular sales funnel and that timer. So they watch the webinar and let's say they don't purchase what you're going to have. Then you're going to have some follow up emails, some that might address their objections, some that might, you know, give some testimonials of other students who have completed your program and have had success. Success. So you don't have a series of emails that go out and then possibly on the last day when the cart is closing, you might have at least two, maybe even three emails that go out that day and you know, remind them of the cart closing and the, you know, any bonuses that they might miss out on. So that is an evergreen sales funnel, but that is for a higher priced offer. Now you can combine the two, right? You can have somebody come in from a lead magnet, go to Tripwire, you know, even have some of the upsells and downsells there. And then you have some nurture emails that might go out for, you know, a week or so or two weeks or however you have set that up. And then you invite them to the webinar and that will kick in your evergreen sales funnel where you promote one of your other higher priced offers. So you can combine the two, you can keep them separate. You know, there's a lot of different ways that you can set this up in your business. So I hope that kind of. This is a very, very short episode, but I really wanted to take this opportunity and walk you through the differences between the two and when you would use one versus the other. If you have any questions whatsoever about setting up these sales funnels, whether it's a tripwire sales funnel or evergreen sales funnel in your business, let me know. I do have some free resources that I'm going to put in the show notes. I have a workshop that will help you kind of walk you through figuring out what offers to have in your tripwire funnel. So your tripwire, your order bump, your upsells, your downsells, your cross sells, I have a workshop that'll walk you through that. And then for setting up your profitable evergreen sales Funnel. I have a planner to help you with that. Also a Spotify playlist for a ton of different podcast episodes that I have put together for setting up your profitable evergreen sales funnel. And I'll walk you through step by step by step on how to do it again. If you have any questions whatsoever, let me know and I will see you next week. Bye for now. Thanks for listening all the way to the end. I hope you enjoyed this episode today. If you love the show, I'd appreciate a review on Apple Podcasts or your favorite podcast platform. Have a great rest of your day. And bye for now.