When you give away freebies you probably get a lot of people on your list that aren’t interested in buying. In fact, some will unsubscribe as soon as they get your freebie. You can mitigate this problem by laser targeting your lead magnets as well as by monetizing them.
When you give your audience ways to buy smaller priced products or services they will get into your paid funnel where you can market to them progressively higher priced and more valuable products and services as you nurture the relationship.
When an audience member has already bought from you it means they’re much more likely to take your recommendation to buy something else in the future.
...So that you can market to them other valuable products and services related to your niche.
One way to get traffic is to offer a lead magnet that is free, but a lead magnet can also be priced too. For example, you can have a short report that is only $7 dollars or $27 dollars, if you prefer, that offers value greater than the price.
Alternatively, the lead magnet can stay free but be monetized in other ways such as via affiliate links, upsells, cross-sells, and upgrades.
It depends on your audience, but ultimately after you get people on your list you want to quickly get them moved to your paid funnel.
Your paid funnel consists of list members who have spent money with you in some way:
Your autoresponder software or other software helps automate this entire process.
Because of this, and the value of your products and services, they are highly motivated to buy more when it fits their needs and desires. You can market to these people differently from how you market to the people who are on your list who have never spent money.
These are the people who are now truly part of your community, kind of like insiders, and the ones you want to start focusing on building tighter relationships with, learning more about, and creating new products and services for as you learn more about their wants, needs, and desires.
You still want to nurture the freebie list, but your goal here is to move them to the paid list.
A certain portion of your freebie subscribers, depending on how targeted your lead magnet is, will just be freebie seekers. But, the people who have paid for something, even if it’s small, have shown their commitment and can be turned into lifetime customers.
Remember the goal as you move forward building your list with lead magnets:
What is your plan to get them from freebie - to paid customer quickly? What very low cost (really $7 or so), highly related and valuable thing can you offer as the next, irresistible step?
Until tomorrow,
