Why It's Smart To Monetise Your Lead Magnet
When you think about making something of value available for free it might make you wonder about why doing this is important. But, when you understand that you can also monetise your lead magnet with expansion packs, cross-selling, and promoting your products right in the lead magnet then you soon realise that the lead magnet isn't free at all; it's a valuable taster to the right person.
Your lead magnet is free to the subscriber up front. They exchange their email address for the knowledge you're sharing with them. A certain percentage of your audience that downloads the lead magnet (assuming you've done a good job with targeting) will also click through to look at the products and services you recommend to them so it quickly becomes a win-win situation.
Of course, this is dependent on the right audience getting the lead magnet and that you've done your homework. When a lead magnet cannot be monetised it usually means the audience is wrong for the offer – there's no market-fit.
When you monetise your lead magnet you can start making money faster and essentially get paid while you're nurturing your audience. This means you can afford to run ads to your target audience and split test to gain deeper insights. It means you can nurture them more effectively.
Plus, there is an amazing benefit to monetising your lead magnet.
This amazing benefit is the fact that it gets your audience used to buying. Your subscribers understand sooner that you're a business owner and you're trying to help them. Often you can nurture your list and not make an offer… This means when you do they've been trained to expect only free information. They then unsubscribe and you wonder why your marketing system isn't profitable. When someone does buy via clicking through a link on your lead magnet you can move them to a new email list by using tagging to better segment the list and send tailored information to them.
When someone buys from your lead magnet, you know they're ready to get more information about more things they need and want. You've segmented those that are browsing to those with geniune interest.
Your role now is to reassure them that yes this is the product or service for them and tell them more about it.
Getting your audience into the habit of buying the items you suggest requires that you really understand who they are, what they need, what they desire, and what they want.
To do this you need to use analytics to track what gets your audience active and clicking and it all starts with the first item they get from you which is typically either a lead magnet or a low-cost expansion pack.
This is the time you show them through your actions that you're trustworthy as well as the go-to expert in your niche.
The process looks like this.
First, create an easy to use a targeted lead magnet that solves one problem for your audience.
Then include within the lead magnet strategic opportunities for your new audience member to make purchases that you recommend.
When you recommend high-quality solutions to your audience they get used to trusting you and they're much more likely to keep opening your emails and taking your advice.
Because of this dedication to your audience, you'll build your list faster and make more money while you're building your list. All the while you're building trust with your audience members because you're careful about what you recommend, and you know what they want.
You're simply putting in front of them what they want and need. You can do this because you know your audience so well.
Not sure where you will start in monetising your lead magnet? Book in a free funnel review and we can explore ideas.