Free Stuff Sells: The Power of Lead Magnets | Ep 566

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 20 July 2023

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

"If a lead magnet is not good enough that people then tell other people about it, in my opinion, you have failed." Today, Alex (@AlexHormozi) discusses the importance of offering valuable lead magnets to attract potential customers and increase sales. He also provides seven steps to creating effective lead magnets for any business.

Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.

Sign-up for the $100M Leads Virtual Launch Party HERE!

Timestamps:

(1:21) - Lead magnet: complete solution for narrowly defined problem.

(3:39) - Even if it costs, it should lower customer acquisition cost.

(5:11) - Know customer journey ahead.

(6:57) - Don't be afraid to give away costly stuff.

(7:48) - 7 steps for creating lead magnets for any business.

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Transcript

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0:00.0	You're not making as much money as you want to make because you're not getting as many
0:03.0	leads as you need to have to sell stuff too. And you're probably not getting as many
0:06.7	leads as you need because you're not giving away enough free stuff. And not just any kind of
0:11.5	free stuff but enough good or amazing free stuff. Because guess what? The reason people buy
0:16.8	is based on a prediction of future value. So they buy because they predict that they will get
0:21.4	value from you later. What is the easiest way to get someone to predict they're going to get
0:24.9	value from you after you buy? By giving them value before they buy. There's two ways that you
0:30.6	can fundamentally get leads. You can one, just make your offer to somebody and say, hey,
0:34.5	I will wash your car for a hundred dollars. Now you can put lots of razzle dazzle around it.
0:38.4	That is a offer. So products or services that you exchange money for and the terms under which
0:43.4	you do that exchange. And so this is directly from my first book, 100 million dollars offers.
0:46.8	It's 99 cents on Amazon. Now that being said, a core offer versus a league man. What's the difference?
0:52.1	Right? Because fundamentally you'll have something that's valuable in both of these instances.
0:55.6	The core offer is the thing you sell that makes you the most money. If you're like, which one is it?
0:59.8	The one that makes you the most money? That's your core offer. If all of a sudden you start making
1:02.9	more money under lead magnet, guess what? That's actually your core offer. Lead magnet is the thing
1:07.2	before the thing. Lead magnet is not a partial solution. All right. What a lot of people try and do is
1:11.6	like, hey, I'm going to give you the first six minutes of this 12 minute video and don't get the
1:15.0	rest. Click here, right? I think that's that's not the right way to do it. I think you lose trust.
1:18.7	And that's literally opposite of the objective of lead magnet. A lead magnet is a complete solution
1:23.4	to a narrow lead to find problem. And so think about it this way. If you're going to do anything
1:29.0	for a customer, there are many micro steps that happen to create a bigger solution. Let's say I
	...

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