Imagine yourself walking down the aisle of a drugstore as they stock the shelves with a brand new product – the “Wake-Up-Thin” pill.
The bottle reads, “Take two of these and wake up gorgeous in the morning. Guaranteed!”
They’d be sold out by the end of the day, right? That’s because everyone wants a magic pill.
What makes magic pills so appealing?
Do they take a long time to have an effect? Nope. The results are instant. Are they hard to swallow? Nope. They’re super easy to ingest and they promise a result.
Think about this when creating your lead magnet.
Once we know who our ideal client is and what problem they’re facing, let’s offer them a magic pill that promises the solution they’re really after. It doesn’t have to give them the whole result or solve every problem in their life, but it should provide some instant relief or result.
Clay Collins – cofounder of LeadPages – spoke about the #1, highest-converting lead magnet they give away for free. It’s a one-page report featuring the top five tools they use to make their videos.
Does it promise a huge result? No. It’s just something we can consume quickly but still holds value.
When you create a lead magnet like that, prospects jump all over it. You want your lead magnet to be a magic pill they can quickly say “yes” to.
The Right Mix of Value and Risk
If you think about why people respond to lead magnets, it boils down to two things.
Value
What’s the reward of the lead magnet? Is it high value or low value?
Risk
What does it cost a prospect? Is it high risk or low risk?
Most often, risk comes in two forms
- Threat
“I’ll have to talk to somebody who will try to sell me some stuff.” - Hassle
“I’ve got to fill out an 18-page questionnaire, watch four hours of video, or go to an all-day event.”
Our job is to provide the highest value offer with the lowest risk possible.
What does that look like? Let’s see where some common lead magnets might land on a Value/Risk chart.
A lot of coaches offer a free email newsletter as their lead magnet. It’s not risky because it’s just email, but who wants more email? Everyone gets enough email already. Even though it might have some really great stuff in it, it’s perceived as low-value.
What about a sales appointment? This high risk and low value. Even if your coaching program could be great for them, being sold a program can be a threatening, slow process.
As I was filling this chart out, I thought about my own free video course. It’s high value and it’s done really well, but having to watch four full videos is actually a bit of a pain.
Even though I’m really proud of it and know it’s high in value, I realized that it’s also high risk because of the hassle involved in watching it – there’s a time factor there. While it’s a great step in the sales process, it’s not the best initial free offer. It’s a great second step, but not the best choice for getting people in the door in the first place.
If a high-value/high-risk offer is a good second step then, what’s the right choice for the first step? What’s the best high-value/low-risk lead magnet that will let prospects get in quickly, get a result, and move on?
This could be a one-page PDF, cheat-sheet, checklist, or Ebook.
Whatever you use, keep it short! If it’s 900 pages, it might be high value, but will also be high risk. My first ever free report was 43 pages, and I guarantee you nobody read it.
Let’s give a lead magnet that’s a quick, instant hit – a high value, low risk magic pill.
P.S. Whenever you’re ready… here are 4 ways I can help you grow your coaching business:
1. Grab a free copy of my book
It’s the roadmap to attracting prospects, signing clients, and scaling your coaching business. — Click Here
2. Join the Coach Dojo and connect with coaches who are scaling too
It’s our new Facebook community where smart coaches learn to get more income, impact, and independence. — Click Here
3. Join our Implementation Program and be a Case Study
I’m putting together a new coaching case study group at Black Belt this month… stay tuned for details. If you’d like to work with me on your client-getting and scale plans… just send me a message with the words “Case Study”. — Click Here
4. Work with me and my team privately
If you’d like to work directly with me and my team to take you from 6 to 7 figures… just send me a message with the word “Private”… tell me a little about your business and what you’d like to work on together, and I’ll get you all the details! — Click Here
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