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The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

Jun 5, 2020

Today’s episode discusses why every business needs to revisit their lead magnets, freebies, and opt-ins right now. 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 have spent over a month working through updating everyone’s lead magnets, opt-ins, freebies, as well as setting up solid drip campaigns. 

For many, this was an opportunity to create their first lead magnet. Perhaps it was on their to-do list for a very long time, but they never quite got around to it. 

Now is the perfect time to work 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 Maybe your old opt-in is outdated and doesn’t make sense anymore or maybe it is still relevant but there is something else you could share that would be even more impactful and tie into what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 to be successful during COVID and beyond.


Show Notes:

  • [01:32] Now is the perfect time to work on your lead magnet for a couple of reasons.
  • [03:26] You are 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.
  • [04:31] Episode 3 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.
  • [06:42] Just because you started with one lead magnet doesn’t mean you need to keep it. I know there was an investment to create it, but if it isn’t aligned with what people need today it is time to swap it out.
  • [07:30] There are a few things different today that impact the style and content of what makes a lead magnet desirable.
  • [07:52] Your customer’s brain is overwhelmed so quick wins are more important than ever.
  • [08:41] When the podcast started, I began creating freebie worksheets.  Most of them are one page and have a few tips and lines to take notes. Some of them are two pages, but they are all very simple to use and apply the learning from a specific concept or topic.
  • [10:42] I created a new freebie (Master Your Mindset Mini-Course) which lets people see where all the courses are housed and get a taste of what a course from The Brainy Business is like. 
  • [12:20] If I was looking to create a new lead magnet, I would start by thinking about what people need now. What is 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?
  • [14:19] You will feel like whatever you are creating is not enough. That it won’t justify the need someone has or feel like it is worth the time or exchange of their email address.
  • [15:29] Too much means no impact on a lead magnet.
  • [15:53] One quick win means it is direct, to the point, and easy to take action on.
  • [16:52] Being instantly accessible is critical to a lead magnet’s performance because people don’t like to wait for things these days.
  • [18:01] Having an automated response that is less detailed but can be sent within seconds of hitting submit is WAY more important on this initial opt-in item.
  • [19:39] A solid lead magnet will showcase you and your expertise and make them associate you with the items they can hire you to solve. 
  • [20:56] Lead magnets are about overall brand awareness and the long game.
  • [22:37] 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 are laying the groundwork today for a future state that could be many months from now.
  • [23:23] 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, and the future offers that will be made to them.
  • [26:49] 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?
  • [27:02] There are more people online than ever before and they are looking to solve problems that never existed. People are trying out new types of businesses and changing their habits. It is the perfect time for a company to provide value and create new loyal connections.
  • [28:16] Less is more, especially in these times.
  • [28:54] Want to get the full Lead Magnet Course? It’s EXCLUSIVE for members of the BE Thoughtful Revolution – use the code BRAINY when you join to save 10%
Thanks for listening. Don’t forget to subscribe on Apple Podcasts or Android. If you like what you heard, please leave a review on iTunes and share what you liked about the show.

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