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AMA: The Lead Magnet Dilemma and Strategy
Episode 4 • 9th April 2024 • Cocktails, Coffee, & Conversations • Tracie Patterson
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Maximizing Lead Magnet Effectiveness and Audience Engagement

In this episode of Cocktails, Coffee, and Conversations, host Tracie discusses the importance of selecting and creating the right lead magnet for your audience to support your business effectively. She answers a listener's question about improving a lead magnet that isn't performing as expected. Tracie emphasizes the need to align lead magnets with one's brand and overall offer suite and the significance of understanding one's audience to achieve better conversion rates. She also touches on the role of traffic sources and their impact on conversion. The conversation includes insights on experimenting with different formats and ensuring lead magnets serve as a valuable initial contact point between a business and its potential clients. Tracie encourages leveraging this opportunity to demonstrate the value and results a business can provide, thus setting the stage for a positive and engaging relationship with the audience.

00:00 Welcome to Cocktails, Coffee, and Conversations!

01:46 Diving Into Listener Questions: The Lead Magnet Dilemma

02:09 Breaking Down the Lead Magnet Strategy

04:25 Understanding Conversion Rates and Audience Engagement

12:28 Optimizing Lead Magnets for Your Brand and Audience

17:18 Exploring the Right Vehicle for Your Freebie

20:24 Wrapping Up: Key Takeaways on Creating Effective Freebies


Resources mentioned today:

Have your own question or comment?

www.traciepatterson.com/ama


Want the training Tracie mentioned today or to find out more?

www.traciepatterson.com/atc


Music Credit ColourfulSounds

Podcast Editor Maia McLachlan

Digital Marketing VA Lisa Harmatuk



This podcast uses the following third-party services for analysis:

Chartable - https://chartable.com/privacy

Transcripts

Tracie:

Hello, hello, and welcome to Cocktails, Coffee, and Conversations.

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I am Tracie, and today's episode

is one of my favorite things to do.

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It's answering your questions.

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You may be a listener who remembers

the show has existed for a few

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years now, but only recently has

changed formats to a podcast.

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But something that won't ever change

is my love for opening the room and

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taking questions, having laser coaching

sessions, and giving you a place to voice

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what's on your mind without judgment.

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And since, well, you know,

spoiler, this podcast isn't live,

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it looks a little asynchronous

these days to accomplish this.

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So how do we do it?

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Well, it's all in the show notes.

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There's a link and on the podcast page,

you will see an AMA box where you can

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drop your questions even anonymously

for the team together and pop over

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to me for episodes like this one.

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I'll read your question and give

you some coaching or a direct answer

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depending on the type of question.

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So if we're ready for the first

one, let's see what we've got.

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So today's question comes from Laura.

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Well, hello, Laura.

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Laura says I have a lead magnet that isn't

getting me the results I was hoping for.

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I'm going to create a new one.

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Which kind should I make?

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Thinking about a private podcast since

they are quite popular right now.

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My current lead magnet is a PDF of

best practices for creating content

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with AI, and it's converting at 10%.

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Ah, well, Laura, my dear,

I have a training on this.

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This is exactly what is inside Audience

to Client, where I take you through the

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four key decisions for creating the right

lead magnet for your audience and for

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your offers, and then the five emails

to include for a follow up sequence.

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I include my framework for choosing

the right type, A freebie to show off

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your work, to help people implement,

to get that win and to pick one

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that you'll actually want to finish.

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And it's only 37 bucks.

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It's available on demand, but I'm

not going to end the episode there.

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So yes, grab the training.

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If you want to be with me during

that creation, but keep listening and

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I'll go through some coaching points.

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Cause there's multiple

layers here to your question.

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And And, you know, they're, they're

really the key to facing this issue,

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not just for, for you, Laura, and thank

you for coming forward as tribute.

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Right.

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But this is something

that will help everybody.

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Um, so I'm going to use your question to

illustrate these points across the board.

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All right.

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So we're going to, we're going to Use

your question for context, Laura, but

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really this is something that kind of

like speaks to the heart of anybody.

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It doesn't matter if this is a

first freebie or like, you know,

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your 17th millionth freebie.

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Yeah.

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So let, let's break down Laura's question.

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So she has a freebie, which was,

you know, the word I use, So jargon

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break, a freebie, an opt in, a lead

magnet, different word, same thing.

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And you will hear me always use those

interchangeably to basically kind of get

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you used to hearing them interchangeably.

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Okay.

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So that way you don't go, Oh, wait, I need

one, not the other, or, or what is this?

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What is that?

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Right.

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Laura says it is converting at 10 percent

and it is on the topic of content with AI.

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But it's not the results

that, that she was hoping for.

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So, okay.

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So that that's setting expectations.

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So I'm curious, Laura is AI something

that you're known for and that you've,

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you know, like, like move your business

into over these last few years or

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like private podcast, is it a topic

that you chose because it was popular?

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So no judgment, just a question.

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Which one is it?

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Because that very much.

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Helps to kind of guide the direction

for the audience to understand what's

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going on and, um, their decision of you

over someone else or, you know, would

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they even come to you for this idea?

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Yeah.

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And then the other thing is, if we're

talking about a large volume and like

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colder traffic, 10% is excellent.

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Okay.

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So anytime that you hear that, that

quoted industry average of conversion

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is one to 2%, that's the conditions

that that percentage comes from.

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that large volume, that colder traffic,

including things like, you know, ads and

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mass social media blasts, volume, volume,

volume, quickly scaling up your audience.

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So maybe you've had them, but

only for like the last six,

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maybe eight weeks at best.

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Right.

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So they haven't really been

with you for a long time.

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time.

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That is where that one

to 2 percent comes from.

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Right.

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But if you're talking about like organic

traffic, warmer traffic, people that have

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been with you for a while, people that

are coming from more of like a direct

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referral pool, that's where we often see

the higher numbers that 40 percent plus.

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Okay.

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Because the key with conversion

is a better audience.

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You get a better conversion rate.

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And the way I always say it,

it's like, if you want a better

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conversion, have a better audience.

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And sometimes it can be

like, wait, what, what, what?

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Because it's, it sounds,

um, almost too simple.

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And, and it's, it's definitely

not simple to achieve.

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It's more of a simplicity

in the, the, the concept.

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So the, the tighter.

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that your audience is, the

more they know you, the longer

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they've been with you, right?

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The more familiar they are with you,

then the higher you can expect your

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conversion rate, because the only thing

at that point that the people have

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to decide is, is this offer for me?

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Yes or no.

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And that is the optimum place

that you want people to be at.

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Right?

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So you do still want people to be like,

Oh no, I know enough about my business.

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I know enough about this stuff

to know that this isn't for me.

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So, you know, I'm still going to say

no, but I still love you to death.

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So I'm still going to hang out with you.

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that's where we see those pieces.

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But the, the newer people are to you.

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Yeah.

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So I'm going to rephrase it.

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I'm gonna get away from the

idea of warmer, colder, organic

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bought, all that kind of stuff.

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And I'll just say the newer people are

to you, the less they've been with you,

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the less familiar they are with you.

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The more decisions.

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That they have stacked on with every

single thing that you put in front of

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them from, am I going to open this?

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Am I going to click on this?

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Am I going to look at this?

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Wait, who are you again?

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Remind me.

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Wait, why was I being sent this?

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Wait, why am I looking at this?

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Wait, what is this talking about?

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How is this going to help me?

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All the way to the meaty decisions

of do I actually need this?

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So the more and more and more and

stuff gets stacked onto it, which

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means the less and less and less people

that eventually say yes and actually

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click the buy or click the, you know,

to input their information, right?

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Which is where we use

that word converting.

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So that, that is where

those pieces come from.

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The longer someone's been with you, the

higher you can expect a number to be.

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And if it's not, then that's where we

need to look at like a misalignment of

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either messaging or the offer itself,

or, um, have you just kind of separated

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from the audience that you've had

and it's no longer like, like a fit.

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Right.

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Because, you know, the business

has changed, the people have

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changed, et cetera, et cetera.

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Okay.

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So even, even in that there's, there's a

lot of things that we could dig into, but

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I'm going to keep going through and just

like keep breaking down your question.

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So what, what are the conditions

that this 10 percent is on?

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So if these people are newer to

you, 10 percent cold traffic.

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You're doing great.

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If these people have been with you for

a while, then that's when we need to

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say, okay, how is this offer aligned

to everything else that you do to the

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messaging that's out there to what

the people are expecting from you?

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And is your audience aligned to the

business that you are currently creating?

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All right.

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So that, that would be kind

of that first piece there.

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Otherwise it's a case of expectations.

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And is it, is it a matter of like,

you know, you thought it was a hot

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topic and you really loved it and

you were super passionate about the

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offer and you were like, Oh my gosh,

everybody's going to love this.

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And that just didn't happen.

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Well, at 10%, they did love it.

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Right.

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If it's newer than, than, you know,

if it's newer to you traffic, then,

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then 10 percent of people did love it.

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And any human who loves this stuff

is, is fantastic in its own right.

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Right.

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If we bring back that human element,

then, um, all of that is, is great.

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And there's also kind of that benefit

of separating ourselves from validation

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for, for our own preservation, right.

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You know, like finding.

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Finding that sense of self outside of

those external factors, which again,

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is, is a whole, a whole other episode

in, in its own, you know, for, for,

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uh, all, all the listeners here.

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But when it comes to the, the 10 percent

part that could be great, or that could

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be looking at a matter of, you know,

audience to offer alignment there.

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So the, the next piece that

I would, I would wonder about

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it is the traffic, right?

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So.

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How are people seeing this freebie?

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What are the points of entry for it?

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What are all of the call to

actions that you're using?

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Are you using the exact

same one each time?

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Are you tailoring them?

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How often are you directing

people to the freebie?

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Where do you place your

different call to actions?

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Where are you saying them?

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How are you linking them?

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You know, what are all of these different

elements that, that you have going on?

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Okay.

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Cause all of that is

linked to your results.

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So say you have your opt in, um,

let's say, okay, let's put your

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opt in on your homepage, right?

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Cause it should definitely

be on your homepage.

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Let's say that's also on your socials.

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Um, not just in your LinkedIn bio, but

like you also have posts talking about it.

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Yeah.

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And then, um, say that you

participate in a bundle.

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Okay.

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So that's three different options there.

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So homepage, your socials and your bundle.

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At that point, you would have a total

conversion rate for your freebie,

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but you would also have one for

each of those ways that someone

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could have gotten to the opt in.

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Okay.

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But if you think about that, that first

point that I pulled out about the,

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those percentage and how long someone

has known you, how well, how long

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someone's known you, each one of those

ways in homepage, socials, bundles,

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those are all different audiences.

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That have different wants, they

have different knowledge of you,

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and they were in different frames of

mind when they got to the option of

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your freebie of, of like, you know,

saying yes or no to your freebie.

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So it's best to look at each

one of those independently.

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If you, you, especially if you use

the same messaging across the board

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instead of tailoring to those various

types, but also if you want to think

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about, okay, by the time someone's

on my homepage, then they have known

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me well enough to actually get there.

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Okay.

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Right.

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They've either put in enough keywords

where they are super curious about

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this, like very specific topic and they

found me or they already knew who I

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was or they're on my email list, right?

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They've done something to get

directly there and now they're

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digging through your website.

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A social media post, they've either,

um, liked the image well enough to

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actually open the caption or to, you

know, actually like click on your

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profile and follow a link in bio.

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Right.

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Because very, very few people do that.

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And then on the bundle where

you're borrowing audiences.

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So you're getting credibility

by being a part of it.

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And then you are one of a numerous

number of people in a set category.

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So those people are there for the

sake of, I want to grab things.

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Right?

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So they are there to take

action, but you are one of many

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that they are taking action on.

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Okay?

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So that, that's, that's three

very different frames of mind.

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It's three very different wants of

knowledge of you and different audiences.

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So we want to look at your conversion

rates with all of those different

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bits taken into consideration.

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Okay.

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And then back to that question that I

asked at the top, does the content for

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AI, does that fit with, with your brand?

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Does it fit with an offer that

you have, or was it like a

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popular topic that you know about?

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So you wanted to use it to kind

of, you know, gather people, right?

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Like you wanted to kind of

like jump on the trend of it.

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Um, cause it, it's great to vary our

expertise and Lord knows, we all know

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a lot about a lot of different things,

but when we think about making lead

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magnets, they need to align to our

overall offer suite, we can be on a

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panel, we can make content, we can

answer questions about various topics,

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but think about a freebie as part of

your offer suite, you are exchanging

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value with someone for a product.

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Yes.

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So the value that you're exchanging

isn't money in this case.

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It's a name and an email address, but that

is equally valuable to them and to you.

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So think about it as an offer you

are putting out there, whether that's

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something that, you know, you want to

hang your hat on and that you want to

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say, um, this is a part of my brand.

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This is a part of my business.

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This is a part of what I

offer on a regular basis.

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So if someone opted in for

making content with AI.

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Where can they go from there?

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Is that what your whole brand is about?

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And you have like several options

that people can choose from based on

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where they are at or what they want.

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Is it one specific training course

coaching done for you offer that they

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can buy if they wanted more after

implementing what they got in the opt in?

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Do you have a win built into the

freebie that gave them an experience

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of what it was like to work with you?

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Or was it a cool idea that you were

excited about, but people weren't

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left with much of an impression on

where to go from there with you.

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So they didn't really go anywhere

after that, or they didn't really

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understand why you for this topic.

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So they didn't grab it to begin with.

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And, and that, um, last part leads up

into the, the context of where our offers

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sit and how much we're talking about

them in our content and in our sales

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messaging in order to make that imitation.

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But all of this kind of sits

in that ecosystem, right?

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So we have to give as much love

and attention to our freebies

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as we do our paid offers.

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Okay.

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So, because you know, there's, there's

this opt in conversion rate to look at,

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but there's also the offer conversion

rate to consider that will show you

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if there's any sort of alignment.

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So it's great to experiment

and play around with things.

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So as I'm sitting here, like talking about

all of this kind of links of one thing to

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the next and things to consider, I don't

want you to think, Oh my gosh, I now have

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to, um, you know, systematize and program

and strategize every single little thing.

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No, like we can still very much.

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Have an and, right?

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You know, I am an and person.

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I'm not an either or, I

am an and kind of person.

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So we can still have play, we can

still have experimentation, but we will

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always ask that it's the right vehicle

for the audience to get them a win.

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Before we do the play before

we do that experimentation.

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Right.

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So we have this overarching theme under

which we play under which we experiment.

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Yeah.

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So we ask like, does

it lead them anywhere?

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Are we doing this for the sake of it?

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Or is this for the benefit of the

humans that we are wanting to work with?

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Does this bring people into

our community, into our offer?

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Or are we accidentally Gathering a list

of humans for the sake of it, right?

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Are we accidentally

chasing vanity metrics?

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Are we just going along with the trend

because someone told us to, and we're not

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really sure what else to do, but we kind

of feel guilty if we don't do anything

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like, you know, are, are we kind of going

in on, on, on the pressure of something

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when we're not really sure how this fits

in with us, but we're a bit afraid to go

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ahead and take the time that we need to

stop and examine and wait and just sit

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with it and see, is this right for us?

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Because we're afraid that if we stop

and wait and ask, then we'll be missing

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out on this perceived opportunity.

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Okay.

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And that's where it takes a bit of that

wisdom to say, hang on, are we doing

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this to bring people in our community?

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Are we doing this for the benefit of them?

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And because of the offers that

we have that will also help them.

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Or are we accidentally just

kind of piling things on?

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Because when we accidentally pile things

on for the sake of these like perceived

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opportunities, we're actually just

creating more work and we're creating more

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confusion and we're creating more busyness

and we're creating more congestion

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in our lives, in their lives, in, you

know, the, the talk and the busyness

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that's out there in the world already.

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Right.

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And does, does that help anybody?

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Does it, does that help

us in the long run?

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So Laura, to your question about making

an audio training or private podcast,

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again, same idea, different access points.

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I would ask if that vehicle

mechanism is beneficial for the

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audience to get what they need from

the information you're providing.

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If you're thinking of taking the current

freebie idea, the one that you shared

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with me about creating content with AI and

turning that into an audio, I would say

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that probably wouldn't be very helpful.

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Um, cause in, in my mind, like without

having any further details than, than

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what you gave, I would think that you

would need to be, you know, like giving

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screenshots and prompts to follow

and like other pieces that listening

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wouldn't really be helpful for.

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Right.

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They would need some sort of visuals,

some sort of, um, like words to, to

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follow into like copy and paste and

to, um, kind of get them started with.

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So it like what would happen if it

was audio only is that the human that

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you're trying to help, they would

end up becoming a student instead

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of getting to be an action taker.

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And they would have to take a lot of

notes and that the burden would be on

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them to kind of follow along and to

understand instead of their job being

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to take action and to get that win.

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All right.

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Does that make sense?

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If it was for another idea.

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Then it might be right.

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I don't, I don't know.

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Right.

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It's, it's, again, it's that case

of, is this the right vehicle

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to help them get what they need?

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So the first question we always want to

ask is what, when do we want to get them?

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So it's not, what do I want to make?

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It's what, when do we want to get them?

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And then how best will they get it?

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You know, that can be a PDF.

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It can be a training.

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It can be, um, visual or audio.

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It can be workbooks.

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It can be templates.

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It can be, uh, in person.

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It can be live.

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It can be like lots and lots

of different options, right?

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It can be a challenge.

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It can be workshops and spaced

out into, you know, multiple days.

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Like there, there's all kinds of

different ways, um, asynchronously,

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you know, same time on demand.

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Like, like lots of options

that can be put into place.

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But instead of putting that

first, let's think first about

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what is it that they want?

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Then let's think about what's the

best way for them to get that win.

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Then let's tack on what's.

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the way that I actually want to

do it and I have the capability

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and the capacity to do it.

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All right.

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:

So as for the breakdown of

Laura's question, you know, each

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one of those points could be

an episode in its own, right?

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And if you want to dive into

any of them deeper, let me know.

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This is the kind of work we do

together in the group coaching program.

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And as I mentioned at the top,

you can grab audience to client.

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It's like.

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:

37 bucks and it guides you into

knowing like how to package up your

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:

knowledge in a way that supports

the humans and your business.

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:

Right.

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And that's just Tracie Patterson.

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com slash a T C and the link will

be in the show notes, but I know we

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went deep in some pieces and I had

to kind of, you know, leave them

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for the sake of, um, timing and

not like topic stacking too much.

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But I hope that.

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That the takeaway is that a freebie is

the initial contact someone has with you.

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It's their first taste

of working with you.

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So it should be in the context of your

business and with them feeling like

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they're with you now and you've got them.

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Yeah.

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:

So yes, bring in play.

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:

Yes.

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:

Bring in experimentation, but always

from that lens of what does my human

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need and what will help them get the

result thereafter that I want to provide.

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:

Okay.

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:

There's a sweet spot that you can find and

it will still feel creative and expansive.

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:

In fact, it often feels like more

liberating once you step into it because

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you're no longer wondering, will it work?

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:

Will they like it?

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Can I do it?

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:

Because those are

automatically built in yeses.

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:

And that can be kind of more,

more of a fun place to, to

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:

play from and to build from.

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:

So of course we can, we can dive

into and geek out on ideas of, of

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:

conversion rates and different kinds

of traffic and you know, what's leading

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:

to what and all this kind of stuff.

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:

But you know, please know that it

always starts with that question of

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what's going to actually help the

people that I'm wanting to work with.

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Right?

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Because we get to make that

first decision and then the rest

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falls into place from there.

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Okay?

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:

So we don't get hung up on the ideas of

the conversion numbers if we haven't first

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set it up with, is this actually going to

help the humans that I want to work with?

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:

Otherwise, that's the wrong way around.

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:

All right?

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So you do have this.

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I believe in you.

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:

And until the next episode,

be well and have some fun.

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