Giving Away Free Stuff Will Make You Rich
Summary
TLDRThis video script offers insights on generating leads and boosting sales through the power of free value delivery before a sale. It emphasizes the importance of a 'lead magnet'—a complete solution to a specific problem—to build trust and attract customers. The speaker shares strategies from his book, '100 Million Leads,' and outlines a seven-point checklist for deploying effective lead magnets, advocating for high-quality free offerings that can lead to exponential demand and long-term customer relationships.
Takeaways
- 💰 The key to increasing sales is to generate more leads, which can be achieved by offering free value upfront to build trust and predict future value for the customer.
- 📈 A lead magnet is a complete solution to a narrowly defined problem, designed to attract customers and build trust before they make a purchase.
- 🔄 The difference between a core offer and a lead magnet is that the core offer is the main product or service that generates the most revenue, while the lead magnet is a smaller, often free, offering designed to attract leads.
- 🚀 Offering a trial or a discounted version of your service can be an effective lead magnet, as it allows potential customers to experience the value before committing to a larger purchase.
- 📉 The fear of giving away too much for free can be overcome by understanding that high-quality lead magnets can lead to exponential demand and increased sales.
- 📈 The cost of delivering a lead magnet should be considered an investment in acquiring new customers, which can result in a lower overall cost per acquisition in the long run.
- 📚 The speaker's new book, '100 Million Dollar Leads,' provides strategies and a checklist for businesses to implement lead generation tactics effectively.
- 🎯 Identifying the specific problem and target audience is crucial for creating an effective lead magnet that resonates with potential customers.
- 🛍️ The packaging of the lead magnet, including its name and presentation, is vital as it is often the first thing potential customers see and can significantly influence their decision to engage.
- 🎥 Providing multiple formats for consuming the lead magnet, such as audio, video, or written material, can increase its accessibility and appeal to a broader audience.
- 🔑 Ensuring the lead magnet is of high quality and delivers substantial value is essential to avoid negative perceptions and to encourage positive word-of-mouth.
Q & A
What is the main issue the speaker identifies that prevents businesses from making more money?
-The speaker identifies that businesses are not making as much money as they want because they are not getting enough leads, which they attribute to not giving away enough free value upfront.
What is the speaker's view on the importance of providing value before a sale?
-The speaker believes that providing value before a sale is crucial because it helps customers predict future value from the business, which can lead to more sales.
What are the two fundamental ways the speaker suggests to get leads?
-The speaker suggests two ways to get leads: one is by making an offer to someone for a product or service, and the other is by providing a lead magnet, which is a complete solution to a narrowly defined problem offered at a discount or for free to attract more people.
What is the difference between a core offer and a lead magnet according to the speaker?
-The core offer is the product or service that makes the most money for the business, while a lead magnet is something valuable given away before the core offer to attract potential customers and build trust.
Why does the speaker argue against giving away partial solutions as lead magnets?
-The speaker argues against partial solutions because they can lead to a loss of trust. Instead, a lead magnet should be a complete solution to a narrowly defined problem, which helps to build trust and attract more leads.
What is the speaker's advice on how to price a lead magnet?
-The speaker suggests pricing a lead magnet low enough to attract customers, even if it costs the business money to deliver. The idea is to acquire new customers at a lower cost than what they might eventually spend.
What is the speaker's upcoming event, and what will it involve?
-The speaker is hosting an event called the 'Super Bowl of Entrepreneurship' on August 19th, where they will be releasing their new book '100 Million Dollar Leads'.
What is the speaker's perspective on the fear of giving away free stuff?
-The speaker believes that the fear of giving away free stuff stems from a lack of understanding of the value it can bring in return, such as attracting more customers and building trust.
What are the seven steps the speaker outlines for creating effective lead magnets?
-The steps are: 1) Identify the problem and target audience, 2) Decide how to solve the problem, 3) Determine the delivery method, 4) Package the offer effectively, 5) Ensure it's easy to consume, 6) Make it of high quality, and 7) Make it easy for the prospect to take the next step.
How does the speaker suggest businesses should think about the customer journey?
-The speaker suggests businesses should map out the entire customer journey, understanding the 'before, during, and after' aspects of the customer's experience, and identify opportunities to solve problems at each stage.
What is the speaker's view on the importance of the quality of a lead magnet?
-The speaker emphasizes that the quality of a lead magnet is paramount. If it's not good enough, it can lead to negative word-of-mouth and a loss of potential customers.
Outlines
💰 Increasing Leads and Revenue Through Value Provision
The speaker emphasizes the importance of providing value before a sale to increase leads and revenue. They introduce a snippet from their book '100 Million Leads' and offer a seven-point checklist for immediate business application. The core concept is that people buy based on the prediction of future value, and offering value before a purchase can facilitate this prediction. The speaker differentiates between a core offer, which is the most profitable product or service, and a lead magnet, which is a complete solution to a narrowly defined problem offered at a discount or for free to attract customers. The goal is to build trust and entice customers to purchase the core offer. The speaker also mentions an upcoming event, the 'Super Bowl of Entrepreneurship,' where they will release their new book.
🛠 Crafting Effective Lead Magnets and Customer Journey Insights
This paragraph delves deeper into the strategy of creating lead magnets and understanding the customer journey. The speaker suggests solving the initial steps of a larger problem as a lead magnet to naturally progress customers to the next stage where they can be offered a paid solution. They discuss the importance of packaging and naming the lead magnet effectively, as it's crucial for attracting the target audience. The speaker also highlights the need to make the lead magnet easy to consume in various formats and to ensure it is of high quality, as this can significantly impact customer perception and future business opportunities.
🚀 Maximizing Lead Magnet Impact and Simplifying Next Steps
The final paragraph focuses on the importance of delivering high-quality lead magnets and making it easy for potential customers to take the next step. The speaker warns against providing low-quality free offers, as this can harm reputation and future sales. They stress the need to invest effort into creating valuable lead magnets that can impress the audience and encourage word-of-mouth promotion. Additionally, the speaker discusses the effectiveness of clear and direct call-to-action strategies, suggesting multiple avenues for potential customers to engage further with the business. They conclude with an invitation to a book launch event, emphasizing the value they will provide to attendees.
Mindmap
Keywords
💡Leads
💡Value
💡Lead Magnet
💡Core Offer
💡Trial Offer
💡Cost to Acquire Customers
💡Predicted Future Value
💡Customer Journey
💡Overdeliver
💡Call to Action (CTA)
Highlights
The importance of providing value before a sale to predict future customer value and trust.
Two fundamental ways to get leads: offering a product or service for money, and using a lead magnet to attract customers.
The definition and importance of a core offer versus a lead magnet, with the core offer being the most profitable product or service.
A lead magnet should be a complete solution to a narrowly defined problem, not a partial solution.
The strategy of solving a customer's problem at a massive discount to attract more business and build trust.
The concept of using lead magnets to create demand and the exponential growth potential of free, high-quality offerings.
The cost-benefit analysis of offering lead magnets and how they can lower the total cost of acquiring a new customer.
The long-term thinking of successful business owners who are willing to incur calculated costs upfront for greater backend profits.
The fear of giving away too much value for free and the strategy of providing exceptional value to overcome this fear.
The idea of solving problems in stages, offering initial solutions for free to lead to paid solutions later.
The importance of understanding the customer journey and anticipating their next problem to offer a seamless solution path.
The strategy of providing exceptional free offerings that are better than paid ones to become unstoppable in the market.
The seven steps for creating effective lead magnets, emphasizing the clarity of the problem and audience.
The method of delivering lead magnets effectively, considering different formats and channels.
The necessity of packaging lead magnets to maximize perceived value and increase the likelihood of conversion.
Ensuring lead magnets are easily consumable in various formats to cater to different learning preferences.
The critical importance of the quality of lead magnets and the impact of under-delivering on customer perception and referrals.
Making it easy for prospects to take the next step with clear and accessible calls to action.
The upcoming release of the book '100 Million Dollar Leads' and its significance in the entrepreneurship world.
Transcripts
you're not making as much money as you
want to make because you're not getting
as many leads as you need to have to
sell stuff to and you're probably not
getting as many leads as you need
because you're not giving away enough
free stuff and this is a sneak preview
of my 100 million leads book just a
snippet from just one chapter and at the
end I'm going to give you a seven point
checklist that you can use to
immediately deploy this in your business
so you can get more leads and also make
more money for Less the reason people
buy is based on a prediction of future
value so they buy because they predict
that they will get value from you later
what is the easiest way to get someone
to predict they're going to get value
from you after you buy by giving them
value before they buy there's two ways
that you can fundamentally get leads you
can one just make your offer to somebody
and say hey I will wash your car for a
hundred dollars now you can put lots of
Razzle Dazzle around it that is a offer
products or services that you exchange
money for and the terms under which you
do that exchange and so this is directly
from my first book 100 million dollar
offers or an Espanol
[Music]
sorry a core offer versus a league man
what's the difference right because
fundamentally you'll have something
that's valuable in both of these
instances the core offer is the thing
you sell that makes you the most money
if you're like which one is it the one
that makes the most money that's your
core offer then all of a sudden you
start making more money on your lead
magnet guess what that's actually your
core offer lead magnet is the thing
before the thing lead magnet is not a
partial solution all right what a lot of
people try and do is like hey I'm gonna
give you the first six minutes of this
12 minute video and get the rest click
here right I think that's that's not the
right way to do it I think you lose
trust and that's literally the opposite
of the objective of lead magnetic a lead
magnet is a complete solution to a
narrowly defined problem if you're gonna
do anything for a customer there are
many micro steps that happen to create a
bigger solution let's say I paint houses
there's a lot of micro steps that have
to happen in order for a house to get
painted first you've got to size up the
house then you have to give an estimate
of whatever then you have to do the
design component and you have to do the
3D visualization the bigger the thing is
the more steps there are the idea is
okay can I pick one of these very
painful steps for my Prospect and solve
it for them at a massive discount to
attract more people to want to do it
with me and I do such a good job at this
massive discount that I increase the
trust they have with me and now they
have one foot in the door we're not
giving away partially done work we're
giving complete work to a narrowly
defined problem that once completed
opens up the next problem for example
you do massage and you're like I can't
get enough massage clients well it's
usually because you're not giving enough
free stuff away because fundamentally if
you give something away for free you
almost always have demand for it and if
it's good you'll have exponential demand
for it if I give away a 10 massage to
get people to come in and then later
everyone buys packages of massages from
me or buys a massage subscription from
me the massage subscription or the
massage packages are my core offer and
the lead magnet would be the trial offer
of the 10 or discounted massage the
reason people do those discounted
massages they give those trials they
give those Mini offers the lead magnets
on the front end is because they they
make more money because if I go up to
100 people and say hey let me give you a
massage for 100 bucks a lot of people
might say no maybe one person would say
yes now if I then said to the same other
people I want to give you a massage for
ten dollars I might get 20 people to say
yes and then of those 20 get a third of
them to buy the hundred things after
they tried my massage and so you've got
one person getting a massage for a
hundred dollars versus six people
getting a massage thirty percent of the
twenty after giving them that first
trial and so my cost to acquire them is
the cost of delivering the lead magnet
so if it cost me ten dollars in cost to
give the massage then I break even on my
lead magnet if it actually cost me 20 I
might lose 10 bucks but am I willing to
lose 10 bucks on 20 people so I pay 200
to get six customers that convert and
are worth two thousand
probably even if your lead magnet costs
you money to deliver it should still
lower your total cost to get a new
customer that's the secret that's the
sauce of lead magnets and why they
ultimately make businesses more money
and why big business owners think long
term about I'm willing to give more up
front because I know I'll make more in
the end you might be wondering why I
just caught a football it's because I'll
be hosting the Super Bowl of
Entrepreneurship on
Saturday August 19th where I'll be
releasing my new book 100 million dollar
leads the second book in the series
after its Big Brother 100 million offers
which is 15 000 five stars on Amazon
sold at 400 000 copies off word of
mouthful and the only reason I'm making
an ad is because I talk about ads in the
book and I want to prove that I know
what I'm doing if that sounds at all
interesting and you want to be there but
you would why would you not want to go
to the Super Bowl click the link opt-in
I'll see you there a lot of people get
really afraid of giving away free stuff
because if I give away all this value
then what do I do it's like give more
value and if you don't know how to give
two types of value then get good enough
to be able to give value on the front
end before someone buys so they can get
value on the back end one of the
beautiful things about business and life
is that when you solve problems you
create more problems if you're broke
being broke sucks when you have money
taxes also suck now you may prefer those
problems but they are problems
nonetheless what we want to do is always
know what the Journey of the customer is
going to be ahead of them and we should
because we're the ones who've done this
100 times and so we should know what
next problem is going to come up and if
we put our thinking caps on we say hey
well if there's six steps to this
problem why don't I solve the first two
and then they're going to counter
problem three and then I make that my
paid thing now I completely solve
problem one and problem two but it
naturally leads itself to problem three
which I can then charge for so for
example if you're trying to lose weight
there's a lot of steps that have to
occur and the way that I like to think
about this is before during after for
everything that has to happen for a
customer so a customer wants to lose
weight then they're going to probably
have to eat better work out better and
they'll probably need some sort of help
along the way in terms of accountability
to keep them on it right eat better but
what does that mean well they're going
to have to buy their groceries
differently prepare the food eat the
food the food's gonna have to taste good
they're gonna have to get the right
macros it's like oh wow there's like a
lot of little things here can I say hey
how can I make grocery shopping easier
here's a list here's a pre-loaded
instacart grocery list for women who are
at this weight women who wear it this
way women who wear it this way men wear
it this way with this goal right and
you're like wait that's a lot of those
it's like yeah but it's one time work
that you can set up for a hundred
different types of people and then they
have their grocery list for you now
that's just problem one What if after
that what's the next problem they can
have well they're going to bring it back
and be like what do I do with all this
[ __ ] how to clean and prep all of the
food that you just bought in under 60
minutes and I'm going to solve it for
them then what am I going to do well how
to store it and Portion it in a way that
you can bring it with you so you don't
get that weird jelly in the bottom of
your chicken breast Tupperware which is
nasty as hell stay pumping there by the
way uh to increase the weight if you
solve them very well people are like oh
[ __ ] but I also need this and you're
like aha well I want me to tell you
about that since you got such a good
experience with this one and because I
had value I will have a prediction a
future value because you provided me
value before I bought now one thing that
a lot of people are afraid of giving
away is stuff that actually costs them
money but I can assure you that if it
actually costs you money it usually will
be valued at a significantly higher
percentage to the marketplace so sure
you can have a free pdf sure you can
have a digital video series whatever it
is but normally unless it's exceptional
people aren't going to value that
because that's what a lot of people do
sometimes giving away actual free work
that you will incur cost on a lot more
people will take you up on and if you do
the math you will ultimately make more
money and this what I'm talking about
it's the difference between small
business owners and big business owners
they can incur calculated cost Upfront
for a much bigger back end your free
stuff should be better than their paid
stuff everyone makes that quote but they
don't actually do that what your
competition actually builds as their
core offer and you do such a good job of
it that you can give it away for free
then you become Unstoppable and you're
like wow that takes work duh also soda's
becoming a multi-millionaire so did you
think it would be easy let's round this
out with the seven quick steps that I
think through when I'm actually trying
to create lead magnets for any business
that we have step number one figure out
the problem you want to solve and who
you want to solve it for if you know who
you're trying to solve it for you will
name it differently you'll approach the
problem differently you'll Market it
differently you'll package differently
and ultimately you'll deliver it
differently if you're very clear on who
and what number two is figure out how
you want to solve it so inside the book
I talk about three different ways that
you can solve an actual problem for a
lead magnet so one would be like if I
give a free assessment of any kind I'm
revealing a problem to somebody a
different way would be giving a trial of
something they are usually more problem
aware they know their back hurts and so
I just need to solve it for them but
unless they keep paying me it'll come
back and there's other versions and you
can combine them which I talk about more
in the book you figure out how you want
to solve it the third step is figuring
out how you want to deliver it there's
lots of different delivery mechanisms do
I want to do it with information do I
want to do it with a service do I want
to do the physical product that I'm
going to send them that demonstrates it
all of these are different ways to
deliver on that one promise and the
question is which of these is going to
be perceived as the highest value from
the Prospect and increase the likelihood
that they ultimately buy for me the most
that would mean that you get the most
amount of people interested and the most
amount of people taking the next step
then it's like okay well how am I going
to package this thing the first thing
that someone's going to see in order to
make the decision to consume your lead
magnet is how you package it so for
example this book I had the title that I
tested I had the sub headline that I
tested and I tested the image that I was
going to put on the cover itself well
the first test I ran was 100 million
dollar advertising versus 100 million
dollar promotions and advertising one 69
to 31 I was like huh so then I ran
advertising against 100 million dollar
leads leads one 58 to 42. I was like huh
then next round I said okay 100 leads or
100 marketing and leads one again and so
I was like all right well leads is going
to be the headline of the book couple
different images that I ran and then I
ran different versions of the event that
was the one that ultimately won and so
there's a story of a book that uh that
went out on on dating and it tanked and
they went back and they changed the
cover of the book and the headline
nothing else inside the book and then it
went on to sell over 10 million copies
just by renaming the book you're gonna
put all this time in delivering an
amazing solution and so if there's ever
a most important step it's this one
which is how you name it and how you
package it so step five is making it
fast and easy to consume people learn in
different ways have an audio version
have a written version hardback version
they can hold their hands have the
digital reader version have the video
version on my last book honeybellio
offers which now is I think 350 000
copies sold so I have a decent data set
it's almost a perfect quarter quarter
quarter quarter split in terms of where
people consume it it's so much effort to
write the book and so little effort to
just double and triple in quadruple how
many more people consume it simply by
making it available in more ways to more
people in more places six is you have to
make it [ __ ] good the reason I say
that is because so many people give away
sucky fluff in their lead magnets and
their free [ __ ] and I use [ __ ] as the
emphasis there because they're afraid or
unable to give away more value if you're
afraid of giving away more value
consider the alternative you give away
sucky fluff 99 of the marketplace only
consumes your sucky fluff and makes a
decision of how much value you're going
to give to them in the future and
they're going to say oh he gave me sucky
fluff why would I ever work with him and
then here's the shitty part they then
other people are like hey do you know
Jason so-and-so and you're like oh yeah
I could tip one of his things it was
[ __ ] and so what happens is not only did
this person not buy they actually get
other people to not buy yourself who
otherwise would have you can reinforce
your reputation in the marketplace by
continuing to over deliver to people who
will never give you money and that's
okay because they know the people who
will if a lead magnet is not good enough
that people then tell other people about
it in my opinion you have failed put 100
into something if you've never put more
than 10 put 100 in and see what actually
happens to the quality of the work you
put out in your audience will appreciate
that because people can tell quality and
step seven is that you want to make it
easy for them to take the next step
alright this is so important and people
forget about it it's like we do all this
work and we forget to make it easy for
them to tell us that they want to buy
more when you're making call to actions
don't be clever be clear
just say go to Amazon search my name and
you'll find the book go to my website
acquisition.com watch the videos be very
clear about what you want the people to
do and if you want give them multiple
ways to do it it's the same concept as
making multiple ways of consumption but
making multiple ways for people to take
action just like the book consumption
you can double and triple your response
rates on ctas by making it available in
the way that is convenient to them is
their preference some people like phones
some people like typing in the URLs some
people like scanning it just depends on
the person and you want to make yourself
available to all of them and believe it
or not we covered about 20 of one
chapter of this book I'm gonna have a
big launch party for my book and if the
book's already out either way it'll
still be the same URL which is
acquisition.com forward slash leads go
there and it'll either be a training or
there'll be a registration uh for the
biggest event ever it's gonna be awesome
I will do everything my power to
overlive like crazy for everyone to
attend so you can be there
or be square
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