103. How To Revisit & Update Your Lead Magnets, Freebies & Opt-Ins

Welcome to episode 103 of the Brainy Business Understanding the Psychology of why People Buy Today's episode is talking about why every business needs to revisit their lead magnets, freebies and opt ins right now. Ready? Let's get started.

You are listening to the Brainy Business Podcast where we dig into the psychology of why people buy and help you incorporate behavioral economics into your business, making it more brain friendly. Now here's your host, Melina Palmer hello.

Everyone, my name is Melina Palmer and I want to welcome you to the Brainy Business Podcast. Today is building on an existing episode from the archives exactly 100 episodes ago because it has become uniquely and incredibly relevant in the current world. I've mentioned on a couple of recent episodes that I have been working with a lot of clients on lead magnets, most specifically with those in the Be Thoughtful Revolution Membership group where we've spent over a month working through updating everyone's lead magnets, opt ins, freebies, whatever you want to call them, as well as setting up solid drip campaigns. For many, this was an opportunity to create their very first lead magnet. Maybe it's something that's been on their to do list for a very long time but never quite got around to working on it. That's a bike shedding there in action. And now is the perfect time to on your lead magnet for a couple of reasons. First, the environment has changed. Maybe your old opt in is outdated and doesn't make sense anymore, or maybe it's still relevant, but there's something else you could share that would be even more impactful and tie into what matters to people today while still being true to your brand. One of the reasons I decided to do this episode right now is because this is so important for every business. Two of my recent Inc articles are on this topic and both of them are linked for you in the show notes@the brainybusiness.com1:03 or right within the app you're listening to. The first of those articles is titled 3 Ways to Stay Connected while Social Distancing and in addition to mentioning the importance of updating your lead magnet, it gives tips about being generous on social media and sending out physical cards. You may have seen on my socials recently that the Brainy Business has some amazing custom cards. The artwork was done by Rachel Antonia Designs, who's a listener of the show. So those are available now and I've been sending them out. They might be in a mailbox near you soon. There is a form in the show notes if you want to give me your physical address so that I can send some kindness out to you in the mail. The second article is called it's time to rethink the way you attract customers. Here's the how and it goes into some steps and important considerations every business should have around their lead magnet or opt in right now, and I'm going to be covering a lot of that in this episode here as well. Both of those articles and this episode center on a very key tenant of a lead magnet working, which is reciprocity. Giving something away for free, which is valuable enough that the recipient is willing to reciprocate by giving you their email address and knowing that they will likely be placed onto your larger list. That's the whole concept and point of a lead magnet. If you haven't listened to episode three of the Brainy Business podcast before or it's been quite a while, it did come out almost two years ago. Don't worry. Don't worry if you haven't listened to it yet or it's been a while. You don't have to have listened to it before this one for it to all make sense. However, it could be a good one to revisit and listen to again after you complete this one. So maybe mark it in your queue right now as something you want to go back and listen to Episode three. Like I said, it's linked in the show notes or you can just kind of scroll back in your app. I did go back and listen to the entire thing before creating this episode for you to make sure there wasn't going to be a ton of overlap. So you can listen to that one. You can listen to the episode on Reciprocity and they will just provide additional foundation for this episode. That episode number three was about what a lead magnet is and if you need one, and in general the answer to that is yes. At any time, businesses can benefit from having at least one opt in or freebie. They help you know who's interested in what you have to offer. You can see what resonates and build a list of current and potential customers all around. It's useful as a quick housekeeping item. Everyone who is already on the Brainy business list. Thank you. You do have direct access to all of the freebies which are available on the Super Secret Subscribers page of the website. For anyone who is not already on the list and would like easy access to all that awesome free content, this is my opt in here for you. You can simply sign up for any freebie and you'll be automatically added. You may notice I actually have a crazy amount of freebies and often so many things that I'm giving away that are lead magnets which I'll talk about through the episode. Um, including the freebie worksheets. For many of the episodes I have the free ebook. I also have the Master your mindset free mini course. Lots of ways that you can get a little taste of what it's like to work with me and just get lots of free content because I can't help myself and feel the need to give it out all the time. So anyone who wants to be able to have access to all that free stuff, go ahead to the show Notes There's a link for you the BrainyBusiness.com1:03 if you sign up for any freebie for this or any past episode, you'll be added to the list. So you may be asking why lead magnets or opt ins or freebies and I'm going to use those terms interchangeably throughout the episode. So just be aware of that and why now? As I said at the top of the episode, it's because the world has changed and because of that you should not feel tied to your old or existing lead magnet if you have one. Just because you started there doesn't mean you need to keep it. I know there was an investment to create that thing, but if it isn't aligned with what people need today, it's time to swap it out. The good news is even if you put a pin in that thing for now, put it up on the shelf, it doesn't mean it has to be gone forever. This could be your best of times lead magnet that you set aside and can be an extra value add for people who sign up for the new lead magnet and you know, sort of a vice versa. When things are picking up and are a little bit better. If you swap back to the old lead magnet. This thing you create now, as long as you do it right and that it's still on brand, can be an extra bonus item that people get when they sign up for the new main opt in item. There are a few things different today that impact the style and content of what makes a lead magnet desirable. First of all, many people have less time as they are balancing being home 24 hours a day and teaching their kids science while keeping up on their work and having to make all the meals and worry about keeping their family healthy. Your customer's brain is overwhelmed so quick wins are more important than ever. Your lead magnet should be something with a clear promise that can be easily acted upon to get immediate results. At the time of this episode, There are over 50 opt ins and freebies available from the brainy business. It's crazy, I know the first lead magnet I ever created, which was outlined in episode three on lead magnets is the ebook the 10 Behavioral Economics Concepts you need to know and how to apply them. As you heard me mention in this episode, that's still available and a main freebie offered around here all the time. I had that for over a year before launching the podcast and it continues to work well, especially when I'm speaking at in person events or doing webinars. When the podcast started, I began creating freebie worksheets, most of them one page and they have a few tips and lines to take notes. Some of them are two pages, but they're very simple to use and apply the learning from a specific concept or topic and those are the bulk of those 50 plus freebies. And there is a lot of strategy behind creating them this way. First, yes, having opt ins available that are small and easy tied to an episode that someone might be coming in for the first time is very important. But I've also thought about how those would be great as some sort of a calendar or a notebook and being able to combine them together. I'm able to use them when I'm doing in person workshops or webinars to be able to combine a packet of worksheets for people to take notes of various concepts that are going to be brought up, so it helps as supporting materials. Maybe those get bundled in a way and built upon that they're going to be sold later. But if I was having to sit down and create all of them at one time, it would be very daunting. Doing one at a time feels a lot easier and it's a nice foundation to work on for when it's time to shake things up, maybe bundle them in a new way. I have something to go from instead of having to sit down and do a million at once. So that's a strategic brand choice, something I decided to do almost two years ago. They haven't turned into a, you know, sellable book type item yet, but who knows, maybe in the next year or two or five. But I have them and they're available and they're a really great value add for everyone right now. And like I said, I do use them constantly when I'm presenting for groups. Likewise, when the first course was created from the brainy business, it became clear that a new freebie was needed and this lets people see where that course is housed, where all the courses exist within membervault. That's the system I use and to get a taste of what a course is like from the brainy business. And that's where the master your mindset mini course came in. And while it is a course, it's still pretty quick to implement. The main video is less than 15 minutes and the worksheet is two pages. It's also very relevant to today's climate as many people are struggling with mindset and are having to shift and reset their goals so it fits as a lead magnet in that way. So it makes sense to keep that as a main opt in for my business. One other thing it does that's really important is it continues to align with my current business model. Now that people are home, they may not have access to a printer and are spending less time out in the world. So having a video course that ties in with the format of virtual products available from the brainy business makes perfect sense with my brand attracting people who like to DIY their business and mindset and giving them an opportunity to try out the course experience and learning from me through member vault as a good thing. And then it makes it easier for people to determine if maybe the membership group is a good choice for them or if they would rather work one on one. So this lead magnet can continue to be a main promoter for me even in times of coronavirus. If I didn't have online courses or this had been set on a different topic than mindset, it may have made sense to switch to something else since the ebook is pretty potentially a little too weighty for today's climate as a single main opt in. If I was looking for a new lead magnet or advising my clients like I have been, I would say to start by thinking about what people need now, what's keeping them up at night? What expertise do you have to share in a simple, easily digested way so they can get a great quick win and build a positive association with your brand? And when I say quick win, I mean quick. One thing I found with working with a bunch of businesses on their lead magnets is that whatever you think you need to give is likely way, way more than people need. It reminds me of when I was choosing a topic for my undergrad thesis. It was to be 20 or 30 pages, so I felt like I had to have this grandiose topic with lots of ins and outs and intricacies. Every time I went to my thesis advisor he said too big or narrow it down more. And after maybe half a dozen times of playing this game, I ended up with the topic of global advertising standardization in Japan and the United A closer examination of high involvement products. Whew, that's a mouthful, but you have to say lots of things to show how narrow it is in the case of research papers. When I started, I was looking at doing a bunch of factors with several countries over several months and all types of products and mediums, and by the time it was complete narrowed all the way down, there were only two countries over one month with very specific advertisements that were only in print magazines. But it was more than enough to fill up my page requirement and was useful enough research to be printed by the association for Consumer Research and presented at a symposium in India. There's a link to the summary from that symposium in the show Notes for anyone who wants to read the shortened version of my very first research paper. This one's only a couple pages instead of 30 or whatever it was. The point is, you will feel like whatever you're creating is not enough, that it won't justify the need someone has, or feel like it's worth the time or exchange of their email address. And your conscious brain may tell you that more is better, that you can always add extra and they'll get tons and tons and tons of value. But here's the thing. When it's too much time, discounting kicks in and the natural tendency will be to put the freebie in a folder to tackle when I have time, which you probably know from experience, doesn't happen often enough. Even before the pandemic, the best intentions are stuck in this download Limbo. Have you ever been intrigued by the promise of a great lead magnet, opted in by giving your email address and then got the freebie only to find its 50 pages with super small font and no pictures or breaks or a lot of fluff at the intro that made you quickly lose interest and bail. We all have. And even though your conscious brain feels you need to pump up the volume too much means no impact on a lead magnet. But that's also great news because it means you can put together a lead magnet quickly and easily with a small piece of information you already have. Instead of putting everything into that initial opt in, think about how you can make it smaller. How could it be more concise, more targeted? One quick win means it's direct to the point and easy to take action on. I've linked to an article from OptinMonster that has almost 70 different tips and types of lead magnets. It has some nice examples and also has a seven point list of things to make sure your lead magnet is irresistible. As they say, the best lead magnets will 1 solve a real problem, 2 promise and deliver on one quick win, 3 be super specific, 4 they're quick to digest, 5 they're of high value, 6 instantly accessible and 7 they demonstrate your expertise or unique value proposition. We've already talked about some of those Solving the right problem, giving a quick win by narrowing down and being more specific so it can be quick to digest and deliver high value the next item. Being instantly accessible is critical to a lead magnet's performance because people don't like to wait for things these days and that happens before the times of coronavirus, but especially now we really are needing things right when we want them. I had a couple people in the Be Thoughtful revolution that were doing quizzes as their opt in where they would analyze the results and give a thorough detailed email response with next steps and ideas. That's high value for sure, but the time it would take to get that back even if someone was totally on top of it could be a few hours. More likely 24 to 48 hours when people get busy. Do you remember what articles you read yesterday or two days ago, where they came from and what interested you? The search terms you typed in? Are you waiting with bated breath for something you put in a cart on a website somewhere or did you forget about it? And if they emailed you now, would it be more of a what's that again are they spamming me type of a response? Having an automated response that's less detailed but can be sent within seconds of hitting submit is way more important on this initial opt in item, no matter what it is. You could then have an offer in your drip campaign that encourages them to do a quick call with you to learn more and get customized next steps, which is a win win because it separates hot leads from tepid ones. Of those seven things on the list from OptinMonster, I would say that instant accessibility might be the number one most important. If you can't deliver it within seconds of the submit button being clicked, it needs to be reevaluated and reworked until you can remember there can be follow up that lets them get continued additional value. That's where your drip campaign or nurture sequence, whatever you want to call it comes in. But they need that first high value quick win immediately. And if you want help reworking your lead magnet definitely feel free to reach out to me. You can Send an email to melinathebrainybusiness.com or I'm going to talk about at the end of the show how you can get the brand new lead magnet course, which is a fantastic, amazing, awesome new option that's available for everybody. So before we get to that, the last item on the list of what makes an irresistible lead magnet is to have it put a spotlight on your expertise and unique value proposition. This is really important because you want to make sure the advice you give someone isn't so generic they could go off and hire anybody to help them with the paid part. A solid lead magnet will showcase you and your expertise and make them associate you with the items they can hire you to solve. And while the opt in you create now doesn't need to be yours forever, it may just be for a few months, it's important to make sure that whatever you put out there aligns with your business for now in the short term and down the line when things are more normal. Sure, maybe you could create an opt in that teaches people a new type of solitaire or shows kids how to tie their shoes in a fancy way that would get a million downloads. But if your company sells computer software, that isn't going to generate a lot of leads for people who will actually buy what you have to sell. If there's no alignment to your business, it's not the right lead magnet for you. It's better to have a thousand people from your target market than a million people who will be disengaged and not want to get additional information from you. This is why it's important to take some time to think through the strategy of your opt in and understand how it ties in with your business proposition and the expertise from your company while also helping solve a problem people need help with right now. That's the sweet spot and reciprocity is key, so try to get into the perspective of what people would be really thankful to get from you. Even if you've never given it away for free before, like Doubletree now giving away its chocolate chip cookie recipe for the first time, or Yale letting anyone take its most popular class for free. While the chocolate chip cookie recipe may seem random from a hotel chain, it's filling a need for people who have stayed with them and wish they could get those cookies now and can help people who haven't experienced the cookies get a chance to taste what their cookies are like for when they start traveling again and want to get those on their trips. Even though on the surface it may not seem aligned it does make sense and can help people feel some comfort while they're sheltering in place, which is another win. So many people are baking right now, myself included, and I'm definitely looking for and trying new recipes. A famous cookie with a never before shared recipe? Why not? That's worth handing over an email address for. And if I did go through this process, download the recipe, bake those cookies and share them with people, do you think I'd be more likely to use the Double Tree name? Yeah, probably. And that's another bonus for the company. Keeping them top of mind at a time where people can't be traveling and thinking about hotels in the way that they used to. Remember that the lead magnet you set up now, especially if people can't buy from you in your traditional model, is about a long game. You're laying the groundwork today for a future state that could be many months from now, and that's okay. Lead magnets are about overall brand awareness and the long game. Even if someone does buy something right away after getting your lead magnet, which of course can happen, you want to keep them interested and engaged with you for as long as possible. Which is where your drip campaign comes in. These are also called a nurture sequence because they're about nurturing the relationship, keeping someone engaged with you over time, and wanting to receive and open your emails. This is why the initial lead magnet needs to deliver big. You want it to align your business with that win. The positive feeling and association that you bring results you solve problems. Your emails are worth opening. There are all sorts of drip campaigns, but whatever you create should have at least three emails and be thoughtful about how it ties in with the lead magnet customer experience, where they are already and where they're going, and the future offers you're going to be making to them. Remember, now is the time for everyone to look at and rethink their lead magnet because you need to make sure it still fits the market. Is this what people need today? What would make it more valuable? There are more people online than ever before and they're looking to solve problems they've never had before. People are trying out new types of businesses and changing their habits. It's the perfect time for a company to provide value and create new loyal connections. Have a good strategy when you develop your lead magnet to make sure it aligns with the problems people are experiencing now. What you can offer them today to buy if possible, and to also be in line with what you expect to offer when things get back to normal. Ish. We know things will probably not be like they were before coronavirus, and if they do get back to that, it will likely be a long time. So you want to be realistic. If you haven't yet listened to the episode on Normalcy Bias, there is a link for you in the show notes so you can have a foundation about what your brain is doing to trick you into thinking about the new normal in a different way than what is going to serve you and your business well. Once you know the question you're going to be answering, the quick win you can provide and have looked for ways to narrow that message down to its smallest possible quickest win for them, you've got a grand lead magnet in the making. Less is more, especially in these times. Whatever you come up with, I'd love to hear about it. So please share with me on social media. If we aren't Already connected on LinkedIn, you can send a request to Melina Palmer and also please do follow the Brainy Business page and you can find me on all the other socials Instagram, Facebook and Twitter as the brainy Biz B I Z. I'm looking forward to connecting with you there and hearing about your lead magnets. And just like that, episode 103 on updating lead magnets to align with the needs of today is done. Next week is an interview with Brian Ahern Cialdini, certified Trainer and author of Influence People. It's going to be a lot of fun. You won't want to miss it. Until then, thanks again for listening and learning with me. And remember to be thoughtful.

Thank you for listening to the Brainy Business Podcast. Molina offers virtual strategy sessions, workshops and other services to help businesses be more brain friendly. For more free resources, visit the brainybusiness.com.