← The Game with Alex Hormozi
The Game with Alex Hormozi
This Lead Magnet Strategy Will Increase Your Sales Conversions | Ep 919
00:33:31
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- [00:00]
A
What if I told you there are a way that you could get more leads than you're currently getting, sell more of those leads overall without increasing any of your advertising at all? And the strategy to share is something that most businesses don't do. And the few businesses that do it, do it wrong. And I'm going to show you exactly how to do it the right way in six steps. Enjoy. Here's the best way I know to multiply the number of leads a business is getting without spending any more money on advertising in order to sell way more of those customers. And so most people send traffic to their website and immediately ask people to buy something or just like submit for a quote. But here's the problem. Like most visitors aren't ready to buy yet, and so they just leave and they never come back. I mean, if you think about it for you, I often don't go to sites that I'm just, just finding out about. Where it says submit for quote, I'm just like, that's a lot, right? And so what I'm about to show you generated many millions of dollars across our portfolio companies. And I've used it in every business we've invested in and ones that I haven't invested in. And so in this video, I'm going to show you what it is, why it matters, and how to implement in your business. So what is it? So a few months back, I did a deep dive with Ashley, who is a fashion personal stylist, right? And so when we went to her site, she had the classic, you know, just book a call, right? CTA or just ask for a quote. But the thing is, is that that really only works if you already have an informed audience. So if people already know who you are, they've already gotten value from you, then you can for sure just say, hey, come buy my thing or come find out more, right? But if you're sending traffic there and you don't have as much traffic or it's not as warm, then you want to have something that is a better reason for them to give their contact information. Because if you think about like, what is the objective of submit for a quote or book a call? The only objective of that step is to capture their contact information and then if you have a booking to get them to book automatically. But fundamentally it's a lead capture objective. And so we should then ask ourselves, well, is there anything else we could do that would increase the likelihood that we would capture the lead as long as the way that we're capturing the lead indicates that they'd be interested in buying our stuff.
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Right?
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A
And so to be clear, what I'm suggesting is that you offer something kind of like a mini offer that's a complete solution to a narrow problem. And so it's typically lower cost or free, just to see who's interested and raises their hand, right? And then once you solve the problem, once that little mini offer solves it, it reveals another problem that's solved by your core offer. And this is important because leads interested in lower cost or free offers now are more likely to buy a related higher cost offer later. And if that sounded really well said, it's because I wrote it ahead of time on page 31 in the leads book. And so I talk about this concept in the book at length. And it's because so many businesses lack this. And I think part of it is because you can show that you have success if you just say, hey, come buy my thing. But if you want to dramatically increase the number of customers that you have access to, then if you have, like I said, you know, let's say you have 10 people that you say, hey, or let's say 100 people. So you have a hundred people and you say, hey, come buy my thing.
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Right?
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A
Maybe you get one of those people to raise their hand and say, yeah, I'll give you money. Here's my big bag of money. Yay.
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B
Right?
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A
I'll do that. But if we have those same hundred people and we say, hey, you don't have to buy anything. I just want to help you out. And then after we help them out, we say, hey, now do you want to buy something? Then all of a sudden, we're going to get that many people with our little money sign, but we might get three to five times that amount of people. And that's where the real magic is. And so the beauty of this is that you're actually not going to get more traffic, you're just going to convert a higher percentage of it. And this is why it's such an easy strategy for businesses to do. And you can do it immediately. You don't have to spend any more money on marketing. It literally just drops to your bottom line. Like, if you improve conversion, you just make more money, right? So let me tell you, the first time I had this big breakthrough for myself. So In April of 2016, I paid, you know, $25,000 to be in this group, and everybody there told me to do a webinar, and I did a webinar, and it didn't work. Now, to be Clear. So let's say the webinars didn't work. I didn't have the skill at the time to do one. And so I saw this dude just scrolling on my feed that said free case study on how I spent $1 and made $120,000 in a weekend. Right? So I saw this case study and I was like, huh? And so when I, when I opted in and watched it, the guy just did a screen recording of, like, how he did it. And I was like, well, that's pretty cool. I was like, I could do that, right? And so I swapped out my webinar for just a video with a headline that said, free case study how we added 213 members to a gym and $112,000 in San Diego.
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B
Right?
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To a small gym in San Diego. And as soon as I did that, the next morning, Layla asked me. She's like, what did you do? And I was like, what? What happened? And she was like, my calendar's full. I was like, really? Like, I was surprised that she was. She was like, yeah. She's like, people. And so my lesson on that was like. Because the webinar could be perceived as a lead magnet depending on how it's positioned, the thing is, is that the more advanced your audience, the more they'll probably understand it's a sales pitch, so the less likely it's to convert to a more business owner audience or more sophisticated audience. But when I just said, hey, here's this thing, consume it on your own time. Let me just show you what I did. A lot of people were really interested in that, and they were way more willing to exchange their contact information. And so even if, for example, you say, you know what, I am going to give up, you know, a little, a little lead magnet, if you, if you will, on the front end, if it doesn't work, doesn't mean lead magnets don't work. It means that that lead magnet didn't work. Just like the headline for an ad. Doesn't mean ads don't work. It means that that ad didn't work. And so this is why I'm actually so adamant about testing the wrapping or the packaging of a lead magnet even more than the stuff inside of it.
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B
Right?
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Because you can change how many people want your lead magnet by 2, 3, 10x by simply changing the headline of your lead magnet itself rather than changing any of the contents. And so provided the contents do clearly solve a problem for the person, it's really just about how we package it so that they want It. So here's why lead magnets works. If you've been to Costco, right, why do they have all these food samplers at the end of every aisle, right? On one level you could say there's some level of reciprocity, but I don't know if that's the main reason people then go by after they have a piece of teriyaki chicken, it's because they try it and they're like, that's good, maybe I'll have more of that. And so there's a number of different types of lead mags that you can employ. That where you give someone a tester is a small piece of something that's much bigger. It's a sample or a trial, right? That's category one. Category two would be a one step in a multi step process, right? So if I say, hey, we're going to turn your style around like Ashley does, well, the first thing you're going to need in that process is going to be like some colors that we can say, these go well with you. And so that's the first thing. But once you have the colors, you're like, okay, but I don't know what tops and bottoms and how do I do it formally and informally, it's like you're going to have other problems that are coming after that. So you just solve this very specific problem that then leads to other problems. Or the third is what I would just consider the assessment, the revealing of a problem, right? And the easiest example I can think of is, hey, free website speed test. And someone does the test and they realize that their website speed is slow. In which case your core offer is how to fix it, right? And so any of these three things or combinations of them can be a really effective lead magnet. So what we're changing is going from asking, hey, just buy my thing to do you want this free thing? And so then once they've consumed it, you can just say, hey, do, did you like the free thing? Then if you did, you're gonna love this paid thing because now you have their content info. And the main reason that this works is because when someone pays with time now, they're more likely to pay with money later. And so we want them to invest, but we just wanna make them have an easier investment first, a lower barrier investment so that it increases the likelihood they make a higher investment later. And again, for those of you who are like, man, lead magnets don't work now. They do they, they totally do. Bad lead magnets don't work. And the Problem is, when you're starting out, you just don't know that you suck. And so then you think this didn't work. So kind of like the example I gave with webinars. Webinars totally work. It was just I didn't have the skill to make a webinar work. I had the skill to make a lead magnet. And so much easier skill to just say, hey, let me screen record and show you how I ran this campaign. And these are the results. Not very difficult for me to do. Trying to figure out this magical box of like, how to get these people to show and then how to do this whole razzle dazzle to get someone to take out their credit card and buy the. It's like, oh my God, this is impossible. But just getting someone to opt in so I can just call them up and say, hey, how'd you like that thing? Do you want me to do that thing at your place? And I'll give you a risk free offer so if I don't perform, you don't have to pay. Not that tough, right? At least significantly easier than what I was trying before. And so you're like, okay, well maybe you're half sold on this because right now, if you don't have one of these, you are making less money than you otherwise could. And you're making less money than you otherwise could because you're getting fewer leads than you otherwise could get. Now, some of you may be like, well, I don't want freebie seekers and tire kickers. Okay, well guess what? You don't have to give the lead mags to everybody. You can only give to people who are qualified. Crazy. You just add a dropdown that makes somebody qualified and then redirect the people who are qualified to the good thing and direct people who are not qualified to the other thing that might they might be qualified for. Now, what other objections did you have around this? Well, yeah, I don't want freebie seekers. Well, we can qualify the leads. Duh. Well, I don't want to give away too much value. This is a real thing, sort of. So we don't want to solve the problem our core product solves with the free thing. That should seem obvious, but we do absolutely want to solve a problem that leads to our core issue. And so let me see if I can think of a different example besides the one I always use, because that was just such a good example. Basically, we want to make sure that the person is deprived of the thing that we sell and that that deprivation is triggered by solving the first issue, now, that sounds super complicated, but if you go to a restaurant and eat a big entree, and then after you eat the entree, they say, hey, do you want another entree? You might say, no, not because the first thing was bad, but because you already satisfied that need. Real quick, guys, I have a special, special gift for you. For being loyal listeners of the podcast. Laila and I spent probably, probably an entire quarter putting together our scaling roadmap. It's breaking, scaling into 10 stages and across all eight functions of the business. So you've got marketing, you've got sales, you've got product, you got customer success, you've got it. You've got recruiting, hr, you've got finance. And we show the problems that emerge at every level of scale and how to graduate to the next level. It's all free and you can get it personalized to you. So it's about 30ish pages for each of the stages. Once you enter the questions, it will tell you exactly where you're at and what you need to do to grow. It's about 14 hours of stuff, but it's narrowed down so that you only have to watch the part that's relevant to you, which will probably be about 90 minutes. And so if that's at all interesting, you can go to acquisition.com roadmap r o a D map roadmap. And so what you might not have satisfied was your dessert desire. And so at that point, they could sell you the dessert. Now, in a business, we would just want the dessert to be significantly more expensive than the entree. And the entree we'd be able to give away for free or at cost. And so that's the big misunderstanding that people have is you want to sell at the point of greatest deprivation, when someone hasn't drank water in a while, that's when you want to sell them the water.
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Right.
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But the moment after you give them the water is not. Is no indication of whether your water was good or not. They're just not thirsty anymore. But maybe after they're thirsty, they want some food. And so at that point, you would then sell the food. So you might be thinking, all right, I get it, and, you know, give away something upfront and hope that people will likely buy after. Got it. But what do I actually give away? So I briefly touched on those three. Let's dive into them in more detail so you can actually do this. All right, so type one is reveal a problem.
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All right.
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I personally love these type of lead magnets. Like, if you ever have the opportunity to build one of these for your business, like exceptional, it literally creates deprivation. So you just say, hey, here's a problem that you didn't know existed or you knew it existed. Let me tell you how bad it is, right? And so just immediately you just increase the deprivation of where they are versus where they could be. Now bonus points for not only saying you have a problem, but also saying this is what it could look like if you had it solved. And here's the delta. And so I, my favorite B2B example is the website example I gave, which is, you know, if I'm offering free, you know, free website speed tests to business owners and they didn't know their site was slow. And then I say, hey, on average for every second of load time, you lose 3% of your conversion. And so right now we know that our services could take you from a nine second load time to a three second load time. That's 18% increase. So what could you do with an increase of 18% of your business? They might be like a lot and I'd be like, now, relative to Your revenue, the 18% increase compared to what I'm charging for websites is nothing. How soon do you want me to start? And so this works great for problems that get worse while waiting, right? Posture analysis, right? If you're like, oh man, your posture is bad, but it's only going to get worse, right? Termite inspections, like they're already active, but it's only going to get worse. Financial audits, hey, you're, you're, you're back on taxes or your cash flow is bad, it's only going to get worse, right? Is that you want to have things because that builds in urgency. So the deprivation actually increases with every second after they find out. I'll give you an example. So one of my highest converting ads of all time for Allen, our software company, was four reasons why you'll never have a million dollar agency. And what was crazy about that is it just increased deprivation for the outcome that most of the people wanted, who we were selling to, which are small S and B lead gen agencies. And so once we listed out the reasons, many of them were like, shoot, all four of these reasons I'm also suffering from. And so if you can be very clear about the reasons that they're not going to achieve it, they also will assume that you can help them solve it, which hopefully you can't. And so you want to be incredibly specific on the negatives. And then what that allows you to do is Be significantly vaguer on the positives, which allows you to market more compliantly, but also set more realistic expectations. If I can perfectly nail all the problems in your life and you're like, oh, my God, this is me, I can just. And I, And I just said, I can help you with that, you'd probably be like, yeah, I believe you.
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Right.
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Rather than trying to increase in promise and set these crazy expectations, just nail someone where they're at. And so that's why the reveal a problem is so important, because one, it exacerbates the existing problem, and two, you, you just show how much it's going to continue to increase and they will lose over time. That increases deprivation for sale. The second is a free trial. All right, this is the, this is the classic taste test. This is the classic try before you buy. All right? Now this is as old as time. And I think that there are better and worse ways to do this. My next book talks about amazing ways to do free trials, but for the purpose of this, I'll just keep it on the lead magnet component. This is the Costco sampler. This is the teriyaki chicken. This is the trying room, if you will, at the clothing store. So many businesses have free trials and they do that because they're the lowest barrier. Like, are you going to want it? And so we actually have to do here, and this is where it gets a little bit interesting, is that we want to give them something and then basically have a full loop to the end of the trial where they will be deprived if we remove it. So it's almost like, hey, let me, like, let's say we take a normal person and then we say, hey, here's crack cocaine, right? All of a sudden they might not have had deprivation around crack cocaine, but let's say they try crack cocaine and then as soon as you remove crack cocaine, all of a sudden they want crack cocaine. And let's see how many times I can say crack cocaine.
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All right?
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And so the point here is that the free trial just makes the barrier so low that people can try something. And then the idea of us removing it is what then gets them to convert. So, so it's like we give them the solution and then take the solution away in order to create the deprivation to get them to buy, right? And so typically here you're going to be limiting some aspect of the product or service. You're going to limit the number of uses, the quantity, the time, or some combination of those. So it's a X day trial, or you get this number of hits, if you will, and all of those things kind of combine and sometimes you can combine them together to make it even more compelling. So when we own gym launch, one of the things that we would do in order to get people to basically roll into our higher level services is that they would, you know, basically buy the system that we had for monetization, which is how to make the gym more profitable. But then along that time we'd say, hey, we'll actually give you agency services for free for four months. And then after that four month period, once they were kind of like, okay, wow, this is great. I get these leads and I have a system for monetizing them. After that point in time, you're like, well, I still want leads. And we'd be like, yeah, but now you can pay for them, right? And so it's basically a built in upsell on the back end because they'd had four months of getting used to having this leads just dropped into their doorstep. And so that created the deprivation where at the end they're like, well, I want that to keep happening, right? So that's the second one. The third one is one of my favorites personally, which is the one step of many, right? One step of a multi step process. And so this is particularly effective when you have more complex products and services. Classic examples like if you have multiple coats of paint that you're going to be putting on a garage, you could sell the first one. It's like, well, you're going to need these other ones, right? A classic one would be like if you're doing hair removal for like laser hair for, you know, a med spa, it's like, well, it takes six to eight sessions to actually get completely removed. And so you doing one session is kind of worthless on its own. So when someone comes in, they come in for one and then you upsell the rest of them, right? If you give the first two videos away in a comprehensive course, those are things that would also function the same way. One step of many, right? And so hopefully now you know what a lead magnet is, why it's important, and the three types of lead magnets that work. And so now how do you actually deliver it? Real quick, guys, thank you, thank you, thank you. You guys are awesome. This podcast continues to grow. We had our highest month ever last month, which is huge. And we don't run ads to grow the show. It's just you guys. It's just you guys. And so if this podcast provided you value, if you could text it to a friend or you could send it on Slack or share it on your Instagram. That is how this podcast grows, and that is why I continue to make them. It's because you guys. So thank you guys, first and foremost. And if you have it in your heart there's somebody who could use this, then please send it. Lots of love. Enjoy the rest of the pod. And so there's four ways to deliver a lead magnet. So, number one is software or tools, right? You give them a tool that they can use that does a job for them, right? And so examples of these are like spreadsheets that calculate things, assessment tools, templates, or just like software itself. So I'll give you a good example. So Neil Patel has a really awesome one on his site where he basically has a little tool that you put in your URL and then it tells you, you know, it does a little assessment of the site based on the URL that you give it, right? It's a little tool, and then obviously on the back end, it can collect your information, right? And so there's tons of these examples, but that is one of the most classic ones. So if you have ways that you can say, hey, you're going to be in one of these four categories once you answer these, this information, you want some sort of tool that. That can assess or give them some sort of answer to a question, right? Or does a job for them. All of these things are ways to fulfill the other three things. Like you can use software to reveal a problem, you can use software to do a free trial, or. Or you can use software to be one step of many. All of those things work. Now, the second is information. All right? Now, this is a very classic one, and it's because it costs nothing to do and can also be very valuable. This is where I think information is really exceptional as a lead magnet is because it's infinitely scalable, it provides tremendous value, you can create deprivation, and there's basically no operational drag to do it. Fundamentally, all we're doing is teaching them something valuable. And so examples of this would be like mini courses, guides, interviews with experts, and again, templates, but that are not dynamic templates that just work. I'll give you my classic example. Here is my scaling roadmap. So this is maybe a combination of the tool and the information. So you go through the tool and then it gives you the assessment, which will then be information. But again, these are not static concepts. Like, you can combine them. And so, for example, if you would like to figure out what stage of scaling, you're currently at the problems you're dealing with right now and exactly how to solve them. We created this a hundred million dollar scan roadmap after studying all the businesses that we looked at for 200 plus hours to find those common themes. And so this is my free gift to you. You can enter information and if you want my team to actually look at your business, you can book a one on one call where we'll help and then we'll invite you out here if it makes sense for you to come out to our headquarters so you can go through mine as an example. And I think it's pretty good. It's not pretty good, it's fucking awesome. We spent really a lot of time on it and you will get a lot of value from it. So with that being said, that leads me to the third way of delivering this and is services. Now I think this, people sleep on this so hard, right? From a lead magnet perspective, do work for free, create lots of goodwill. People again get really bent out of shape on this free services one because they're like I don't want to do work for free. All these freebie seekers again only do the free work for people who are qualified. That's it. So let me ask you something differently. Let's say I want you to imagine your head, your, your perfect lead, right? The perfect, you know, perfect time customer. It's like they had, they have the budget, right? They have the authority to make the decision, they clearly need it and they want to act now, right? Well if you just only give the services away to people who agree to those things up front, that's probably a good idea. What's not a good idea is giving it to somebody who's broke, who can't make a decision, doesn't really need it and is kind of like not sure if they want to do it now or not. Probably a terrible waste of your time. So all of these things, you want to use them, just use them for the right prospects. And so this is where free audits with some level of implementation, same day service delivery, any sort of done for you component. And the way that you have to think about this, I'll give you some math behind it. So let's say it cost you one hour of labor, right? They actually pay somebody else to do in order to give something valuable away. Now let's say that $25 is your hard cost. But what people would realistically charge for this, and this happens all the time in services, you could probably charge $250 plus for something like this not a bad, like, pretty decent offer. 250 bucks for free. Where there's real service, real person does work that's fairly compelling. Now, let's say that we get one out of four of these people who you give this $250 thing away for to do it. Well, what does that mean? Our cost to acquire our customers 25 times 4. And so would we be willing to give away a lead magnet to four people to get one to buy? Would I be willing to pay $100 to get a customer? Well, provided I'm making a lot more than $100 in the customer, probably. So not a bad idea. And so for my very first business, to give you an idea, I trained people for free for a year. I call it the free training project. And I did that because I wanted to get a bunch of testimonials. And then once I got a bunch of testimonials, then I showed the world the testimonials. More people did it, and they did in exchange for money. In fact, it worked so well that after the year of time that I worked with those people for free, I said, hey, I have too much demand. Do you want to pay me now? And almost all of them said, yes. That's what's like people like, oh, they're all freebie seekers. Like, no, they actually, they were all happy to pay, and that was that, right? So if you get the right people, they will continue to stay and pay, provided you do a good job. So that leads me to my fourth way to deliver a lead magnet, which is physical, physical products. What's interesting again here is that you can combine these things. So what do you think? What do you think these are? What do you think these books are in the next book that comes out? These are lead magnets, right? Fundamentally. Now, obviously, they're incredibly valuable. And after you solve your offer problem and you make something that way more people want to buy and then you make more money, what are you going to want? You're going to want to figure out ways to advertise that and get even more people to find out about it. And if anytime you're like, hey, I would love help to just speed this process, you can call us, right? And if you're like, hey, I've done all of your stuff, and I went from, you know, 1 million to 50 million a year, I'd love to, you know, have you guys invest with us and partner, then that's why we do all this stuff, right? It's a very long game. And so you can absolutely have something that's a physical product and information.
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Right.
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A
Or the scaling roadmap is software plus information.
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B
Right.
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You can combine these as many times as you want, but these are fundamentally kind of categories that I think through and I'm like, okay, I get what I want to do now, how am I going to do it? But I'll give you a completely different example. So if you wanted to give away, let's say you go to a conference and you give pat away to anyone that says that they're a CEO. That says CEO.
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Right.
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CEO is pretty, you know, ego driven. Or a shirt that says CEO with lots of O's and zero dollar signs afterwards. A lot of people would do that. It's like, hey, but in order to get the shirt, you got to prove that you're CEO. So now I get an incredibly qualified list of CEOs that I gave a physical product to.
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Right.
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And so the idea here is like, just think, what would somebody who is the type of person that I'm looking for want? And then can I just give that to them? And how much does it cost me for a t shirt? Three bucks, four bucks. Fine. And maybe, maybe I convert only one out of 20 of those. $100 for a CEO feels like a good idea. So once we figure out what problem it solves, four ways to deliver that thing, the next is how are we going to name it? So this one is so slept on. People underestimate the value of this by a mile. And so I'm going to have you not underestimate it and appropriately value this, which is name your lead magnet the right way. And I'm going to tell you the real secret of this. You ask your audience. All right, so this might seem minor to you, but it's massive.
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Right?
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How you name your lead magnet will determine your engage rate more than anything else.
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Right.
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When I ran my first gym, I had something called my big booty boot camp.
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B
Right?
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Now why would I call it that? Because six week deadlift and squat seminar doesn't really convert with chicks. Who was my primary audience at the time.
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B
Right.
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And so again, was it the same thing? Yes. All we did was deadlift, squat and hip thrust. Like that's primarily what I did over that six week period for them and taught them his main moves. But if I had made my marketing about that, they'd have been like, ye. But if I said, hey, who wants big beautiful round glutes? They were like, I do. And I'm like, cool. This is just the way we're going to get you there. Like, I'm not going to advertise the vehicle, I'm going to advertise the result. And so now, big Booty boot camp might have been something that attracted a certain type of one. If I said tight and toned booty, Tight and toned glutes. If I said bubble butt. Right, Bubble butt Boot camp, that might have attracted a different person. The thing is, is that you can just test these names out so you can figure out which one not only attracts the most leads, but ideally the highest quality leads. And so this is how I actually test them. So I get super clear on who my avatar is. And then I run small ad tests comparing the headlines. Now if you don't have the capital for that or the money, you can just pull your audience. So if you have a hundred people who follow you, you can put it in your stories and say, hey, help me out here. I'm trying to name my lead magnet. Let me know which one sounds better for you. Now again, you want only the people who are the type of person that you're advertising to to respond. So you could say before you introduce it, by the way, if you're not a business owner, please don't answer.
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Right?
- [26:08]
A
Or that would be what I would say right now. If you're like, I don't even have an audience, don't worry, I got you. The next thing you can do is just open up your phone and then you use this amazing device and then you text. So you just text people and they say, hey, which one do you want? Or you just make a post and say, hey, comment A or B underneath of it, right? There's all these different ways that you can do it. And maybe you combine two or three of those ways in order to get a of copy close enough directional response. This book, $100 million leads. I split test six different headlines for this to get a hundred million dollar leads. Because I looked at advertising, I looked at promotion, I looked at marketing, and here's the cool part. I actually show the results of the test inside the book. So I split test the names, I split test the image that I was going to use. And on top of that, I split test the sub headlines. And so I did that because I want to make sure it's going to be a winner off the bat. If I'm going to spend two years writing the book, I can spend two days testing the headline, which is sadly going to influence how many people buy it more than anything. With one caveat. In the short term, in the Long term, it's the stuff between both the front and back cover that's going to be the thing that does it over the long term. Because word of mouth, especially in the book world, is really the only thing that matters long term. Anyone can launch a book. Very few people can launch a book that continues to sell. Next, I'll give you four different easy headline variations that work really well. So number one is number plus outcome plus time frame. So that'd be like three emails that can turn cold leads into clients in 24 hours. All right? The second would be something like how to do X or how to yay without boo, even if you greatest insecurity. So yay means good thing, boo means bad thing. Right? So how to build a funnel without hiring copywriter, even if you've never done it before.
- [27:49]
B
Right.
- [27:49]
A
Or even if this is your first time. Next would be, you know, the adjective type that good thing. Right? So the lazy funnel template that converts like crazy. The next one would be X mistakes. Now, there's a bunch of different ways you can do this one. I gave an example of it earlier. Like, you know, four mistakes that are keeping your business under a million dollars a year. It works great, right? But another version of this could be, like, three mistakes. You're probably making, you know, five ad copy mistakes that are killing your conversion rate. Just put X mistakes that are cool. See, they're killing your qtr. It's killing your business. It's preventing you from getting this goal, whatever it is. It's like these are the mistakes to keep people broke. All right, so now that you have a lead magnet, you know the objective, you know how to deliver it, and you know how to name it. The last step is how do you make money with it? So now you just got to ask him to buy. And so this is where most people fail, right? They create the great lead magnet, Then they forget the call to action, right? So we want people to do after they consume your lead magnet. And so the formula for call to actions is so simple, the only thing simpler is not doing it, which is what most people do. And not only do they not do it, they don't do it often enough. So even if they do it once, they forget to do it again and again and again. And I'll give you a fun little stat that they found about salespeople is that the salespeople who ask the most times get the most deals. And so in your marketing, you want to ask as many times as you can. Here's the caveat. How do you Ask so many times without turning someone off, right? Because if all you do is ask, then eventually they're like, they'll stop giving you the opportunity to ask. So you want to maximize your ability to ask times the amount of times you ask. And so maximizing your ability to ask means that you're continually providing value between your asks. And so you need to increase your value per second so that people, people are like, I'm willing to hear this ask because I just got value. And I will probably get value after this. The formula for CTA is very straightforward, is you want it to be clear, not clever. Be very clear. This is exactly what I want you to do. Clear, direct CTA, then exact next action, and then three freeze in to do now. So in all CTAs, you can still use scarcity, urgency, or both in order to incentivize someone to act now. Now, I'll be straight with you. It's great if you've got it, but if you don't have scarcity urgency, you just at least want to make the cta. So I'll give you a simple example. So I have, within this book or all the books, I turned to a magic page. How about that? At the end of every chapter, I have right here a CTA free gift. Everything you learn from X, Y, Z. And then they click that. Or you can click that and you go to my site, acquisition.com where you can watch more stuff about that. But on my site, you are getting one step closer to becoming a portfolio company or coming out for a workshop that we have every month. You could do any of those things, right? But we want to start walking them down the process. And so I will give you a little tidbit on number three. Is that the reason you can always have the urgency is just an additional great reason to do it now, or the scarcity is an additional great reason. But having any reason is better than no reason at all, right? So there's tons of, you know, research on this, but like people were trying to cut in line at a university and they said, hey, can I cut you? And people were like, no. If you said, hey, can I cut you because I'm late for class? People would say yes. If they said, hey, can I cut you because I have a dog? People would still say yes, even though it made no sense. Wild. So we want to use that same logic to get more people to respond to our thing. Ideally, we want the reason to make sense. But even if it doesn't make sense, it'll still work better Than no sense. So it's my one year anniversary of being in business and this is the promotion. So do this thing. Hey, my daughter just lost her first suit, so I'm running a promotion here. Go get this thing. Hey, it's National Dog Day. If you have a dog, you should do this more than anybody else. It doesn't matter.
- [31:29]
B
Right?
- [31:30]
A
So I'll give you an example. If you were in the fitness industry, obviously I came from there, obviously. I mean, if you can't tell if you're a fitness coach and you only have like so many spots, which you probably do, then tell people that they have to sign up now or they'll have to wait for until the next spots open up.
- [31:46]
B
Right?
- [31:47]
A
And so here's the cool thing about anything that's a service business. So this is unique to service, but 78% of businesses are service. So this probably applies to you, which is that you do not have unlimited capacity. If I said, okay, can you take a thousand customers tomorrow? You probably see no. So you do actually have a capacity limit. It might be four.
- [32:03]
B
Right?
- [32:04]
A
If four more customers will get you to capacity, then say so. Because the thing is, is that you assume that they know how big your business is and they don't. So if you're a small business, leverage that so that you have scarcity based on your existing small constraints. Not a bad idea. And if you're a big business, you're like, I have a huge amount of capacity, then what you can do is you can have cohorts that roll. So you can say, hey, I can only start this many people per week, and then you still back into some sort of capacity. Or if you want to get into this group of people, you should do it this Friday. And so what do we do here? How do we operationalize this? So one is we give value first, which is the whole spirit of the lead magnet. Now, we give value by revealing a problem, giving a free trial, or giving them one step of many. We then have four ways to deliver that magnet, which is software, information services, physical products, or combinations of those. We name it in a compelling way, which you can use any of these for. Or just ask your audience what they would find interesting, which is a great way to test this. And then finally make sure that you embed CTAs within your lead magnet and before and after lead magnet so that you increase the likelihood that they buy your stuff. And any business right now, if you don't have one, you don't give people a solid reason like a lead magnet in order to exchange their contact information on your site or in your promotions, you are leaving leads on the table. And to make sure that you're not getting tire kickers, just only give it to the people who are qualified. That's it.