I’ve just completed this step of my funnel for one of my brands.
I haven’t tested it yet but I can walk you through what my set up is.
What Is A One Time Offer?
Literally exactly what it says.
A one-off opportunity for someone in your audience or going through your marketing funnel to take advantage of a special offer.
The theory is that it works because it’s an exclusive single-chance opportunity which they won’t be able to access again or won’t find anywhere else.
That urgency and exclusivity are what make it effective.
What Is The Difference Between A One Time Offer And A Tripwire?
They overlap and can be pretty similar.
A tripwire is a low cost offer that provides enough incentive for someone to want to become a customer, even for a tiny investment.
It takes away the psychological barrier to handing over money to someone, which makes selling something higher ticket easier.
It can be a front end offer – so you’re promoting the offer directly and openly, or it can be a secondary offer that’s a step further in the funnel.
If you’re promoting it openly, it’s not really a one time offer – because it’s obvious and not exclusive so someone might have multiple opportunities to go for the offer.
If it’s a step further in your final (like in my set up below), then if it’s presented as the only chance for someone to redeem it, it is both a tripwire AND a one time offer.
Which is the approach I’ve gone with.
How I Set Up My One Time Offer
First off, this is for a service based business so a heavy discount on that wasn’t a wise or scalable idea.
So I needed a digital product.
My service is based on writing ad, website and email copy so my product became some templates for people to be able to do it themselves.
I put the templates together, set up an account on Gumroad and created the product in there.
You can use any ecommerce/product creation/payment gateway/platform that works for you. I picked Gumroad because it’s free, easy to use and easy for customers to buy from.
Just bear in mind on their free plan, they take a higher transaction fee.
I set the price on Gumroad at £197 and added a button to my homepage for people to buy it.
(FYI, when I spoke to another expert he said it’s probably worth around £500 so £197 is still under-selling it!)
So if anyone wants to buy the product and they end up on my homepage, they will see it for the full price of £197.
I then duplicated the product, set it to unlisted, set the price to £47 and called it [PRODUCT NAME] – 75% OFF!
So now my funnel and lead’s journey looks like this:
- Ads or organic traffic to my homepage
- Enter email address to collect free opt-in
- Once email address submitted, they get the freebie by email
- They are redirected in their browser to a thank you page which has the one time offer and is written as a sales page would be. They might or might not buy.
- They get a follow up email 2 days later presenting the offer again as a last chance.
So yes technically it’s a two-time offer instead of a one-time offer, but it gives me a chance to follow up and offer it again – so it creates goodwill, and it also means that if the copy on the sales page wasn’t convincing enough, I have a second chance at getting the sale.
By the way, if you also wanted to grab the copywriting templates at the discounted price, you can by opting in to my mailing list here.
One time offers are often used to increase an order value when they’re part of a bigger sales funnel.
So if someone is already in the process of buying a product, the one time offer will be there to get customers to increase their order value without needing to pay more than once (the physical act of paying can create friction and a barrier).
When it is being used as part of a tripwire, the main objective is to cover your marketing costs.
If someone hasn’t heard of you before and is brand new to you, they’re less likely to trust you.
So less likely to buy.
Which of course means you should expect a lower conversion rate from lead opt-ins to buyers.
That doesn’t mean it’s not a good offer or a good product.
It just means the audience might not be as warm or trusting yet to take that leap and purchase.