How to Build a Lead Magnet That Converts — Transcript

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1. 0:00I sell PR to like small to mid-size B2B
2. 0:03tech companies.
3. 0:04>> Cool.
4. 0:05>> Um we do we just did 2.1 million last
5. 0:08year.
6. 0:09Um
7. 0:10>> Congrats.
8. 0:11>> like to get to five sooner than later.
9. 0:14Um right now we're sending out 100,000
10. 0:17emails per month.
11. 0:18>> Nice.
12. 0:19>> Yeah, sort of. Um
13. 0:22what I've been told today is that we
14. 0:23need to do better.
15. 0:24Um
16. 0:25>> Yeah.
17. 0:26>> Basically, the suggestion is that we
18. 0:28need a better lead magnet because we
19. 0:30don't have one. So
20. 0:32Um
21. 0:33>> Well, we just paid for ourselves very
22. 0:34quickly.
23. 0:35>> Yeah. Yeah.
24. 0:37Um I guess based on what we do, do you
25. 0:39have any ideas for a lead magnets? And
26. 0:41then also, do you have any suggestions
27. 0:43for how often we should be following up
28. 0:45in these email sequences?
29. 0:47>> Well, how much are you following up now?
30. 0:49>> Um I don't know exactly, but I want to
31. 0:51say three to four times before the lead
32. 0:53is considered like dead.
33. 0:54>> Yeah. Um typically the like first for
34. 0:58cold email, it's like a a three a three
35. 1:00email kind of sequence. And then after
36. 1:03that, [clears throat] it would be a
37. 1:03significant delay. So it'd be like six
38. 1:05months
39. 1:06um before you reach out again and kind
40. 1:08of like hit them back up and hit the the
41. 1:09three the three email kind of like
42. 1:11seven-day sequence.
43. 1:12Um
44. 1:13so that that part I'm less concerned
45. 1:15about. I do think that
46. 1:17the lead magnet probably is the big the
47. 1:19big uh $1,000 question. So let's let's
48. 1:23work from this perspective. What does
49. 1:25somebody who wants PR want right now?
50. 1:30>> Typically with our target, they're
51. 1:31looking for more brand awareness. So a
52. 1:33lot of times these CEOs don't have time
53. 1:35to do content kind of like what you're
54. 1:37able to do for whatever their reasoning
55. 1:38is. So a lot of times what we do is kind
56. 1:40of a good way to offset that. Um or they
57. 1:43need some sort of brand credibility,
58. 1:45whether it be for investor relations or
59. 1:47whatever it is.
60. 1:48>> Mhm.
61. 1:49>> Um in the past, we've done things like
62. 1:52um we'll write like a free press release
63. 1:53for you. But now with the day and age of
64. 1:55AI, it's just not rel- it's just not
65. 1:56relevant, really.
66. 1:57>> Mhm.
67. 1:58>> Um
68. 2:00I don't know if we're looking too
69. 2:02closely at it, but I can't seem to
70. 2:03figure out a good lead magnet that would
71. 2:05be interesting to a CMO.
72. 2:07>> Yeah. So, one is that you can start a
73. 2:09podcast.
74. 2:11>> That was one of my ideas, too, but I
75. 2:12feel I'm scared it's going to take too
76. 2:14long.
77. 2:15>> No.
78. 2:16>> Okay.
79. 2:16>> So
80. 2:18>> [laughter]
81. 2:18>> So, you mean to start a podcast it'll
82. 2:20take too long?
83. 2:21>> Well, for it to start like converting
84. 2:23more leads and stuff.
85. 2:24>> no, no, no, no. Oh, no. Oh, no, no.
86. 2:26What's your lead magnet?
87. 2:28>> We don't have one, so that would Okay.
88. 2:29>> Why don't you come on my podcast?
89. 2:31>> Yeah.
90. 2:34>> Start a podcast, use the podcast as a
91. 2:36lead magnet. Now you have an hour-long
92. 2:37conversation CEO.
93. 2:39>> Right.
94. 2:39>> By the way Do you know what we do?
95. 2:41>> We also do this, yeah.
96. 2:42>> Yeah.
97. 2:43So, that would be one that I would
98. 2:44consider right off the bat.
99. 2:45>> Okay.
100. 2:45>> Um the second one is I think instead of
101. 2:48doing press releases,
102. 2:50uh I would just see if you can dress
103. 2:51that up a little bit. Um
104. 2:55Or you could alternatively have a true
105. 2:57grand slam offer and say we will get you
106. 2:58five pieces uh in these, you know, these
107. 3:02publications um by this time period, and
108. 3:04if we don't
109. 3:06all the PR's free.
110. 3:09>> Okay.
111. 3:13Thank you.
112. 3:15>> [laughter]
113. 3:16>> I mean, fundamentally like as like just
114. 3:18thinking like what what do these people
115. 3:19want? And like what you have to like
116. 3:22just for everybody, like a really good
117. 3:23lead magnet is something that
118. 3:25>> other people charge for.
119. 3:26>> Yeah. That people would pay for that you
120. 3:27give away for free.
121. 3:29Right? And so, they want credibility, so
122. 3:31it's like how do we how do we build
123. 3:32credibility for them? So, one is that we
124. 3:34can like you can build a network of
125. 3:36other podcasts so that you can just use
126. 3:39that network as lead magnet, right? You
127. 3:41can have your own that you can add to
128. 3:42that. Um
129. 3:44they want
130. 3:47They want I mean, they want they want
131. 3:48articles they can share on their
132. 3:49LinkedIn, basically, right? That they
133. 3:50can that they can sound good about. So,
134. 3:52it's like basically offer that. It's
135. 3:53going to cost you almost nothing to do.
136. 3:56Offer them what they want for free
137. 3:58period.
138. 3:59And if they don't like it, offer them
139. 4:01more or offer them better.
140. 4:02>> I don't know. It's just hard just to
141. 4:04caveat. So, like our
142. 4:06the services that we do or that we're
143. 4:08trying to Okay, so we we were industry
144. 4:10agnostic for a while. I hate working
145. 4:12with the big majority of those What you
146. 4:14guys call the minnows?
147. 4:16This B2B space is kind of where we do
148. 4:19really well in. Those packages though
149. 4:21are like 150k for like the year.
150. 4:23>> Sure.
151. 4:24>> So, what how would you recommend doing
152. 4:26free something for them for a period of
153. 4:27time? Would it be like
154. 4:28>> No, not it doesn't have to be time. It's
155. 4:30just free. We will do this thing for
156. 4:32free. We will get you in this thing.
157. 4:34>> Got it. Okay.
158. 4:38Okay.
159. 4:38>> Also, do they like raising? Are they
160. 4:40trying to raise recent like
161. 4:41>> Yeah, some of them are, yeah. Some of
162. 4:42them are trying to raise.
163. 4:43>> again, some of the some of the
164. 4:44advantages there is like can we build an
165. 4:46investor network of people who are
166. 4:48looking for deals. Most people who are
167. 4:49investors are just willing to look at
168. 4:50deals. And so, you gathering together a
169. 4:53hundred or so VCs or whatever and then
170. 4:56saying like we will for free help you
171. 4:58script the pitch deck from working with
172. 5:00the hundred VCs that we have to have
173. 5:01like the best pitch deck. And we will
174. 5:03make introductions as a part of our
175. 5:05package. You can peel that part off.
176. 5:08But the nice thing is that you sent a
177. 5:08hundred thousand emails. I would be
178. 5:10split I would split test all five of
179. 5:11those and see which one has the highest
180. 5:13response rates. And you can do that in
181. 5:14like four email cycles and you can
182. 5:15figure out what your lead magnet is. But
183. 5:17I promise you that any of those four
184. 5:18will outperform nothing.
185. 5:19>> Okay.
186. 5:20Cool. Thank you.
187. 5:23>> You bet. If you're not getting as many
188. 5:24leads as you want and your business is
189. 5:26demand [music] constrained, meaning you
190. 5:27could service more customers than you
191. 5:29currently have, then this is for you.
192. 5:31So, marketing is changing and I think
193. 5:33[music] ACQ tends to be on the bleeding
194. 5:34edge of this stuff. We certainly spend
195. 5:36the money
196. 5:36to do it, but we also build custom
197. 5:38software and we pay amazing vendors and
198. 5:40very expensive people to figure out the
199. 5:42system that we have right now and I want
200. 5:43to share it with you kind of open kimono
201. 5:44style. If you're are getting as many
202. 5:45leads as you want,
203. 5:46boy do I have the thing for you. Click
204. 5:48below, book call and uh
205. 5:50hopefully I'll see you in Vegas.