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Episode 145 – Newsletters and Lead Magnets


Newsletters and Lead Magnets have similarities because of the use of email but they are not the same. In this episode, Adam Stott talks about how you can maximize your email list and why you should put a lot of value on your lead magnet. Listen in as Adam explains how he was able to share his lead magnet to 50,000 people. Plus a preview on the next episode about Facebook Ad accounts.

Show Highlights:

  • What is the difference between lead magnets and newsletters when it comes to giving value to clients
  • Only 20% of people on your list are expected to open your email
  • Main reason why you want to use valuable lead magnets
  • How to engage into conversation and grow your list by using your lead magnets
  • How can you earn 1 GBP monthly from your email list

Links Mentioned:

Big Business Events Members Network
THE 40 RULES TO MAKE ANY BUSINESS SUCCESSFUL AND PROFITABLE

Transcript:

Please note this is a verbatim transcription from the original audio and therefore may include some minor grammatical errors.

Adam:

Tonight, we’re going to be answering some different questions that we’ve had in, but of course, if you’ve got a question that you want to ask about your business, about marketing, whatever it is you want to know, you can also ask that question too and we’ll certainly cover that this evening. To make sure as you come on tonight, you say hello. Last week when I did this, we had … these are streamed out to on [00:20:00] stock page or the Big Business event page and this page, I had like tons and tons of tons of questions in. So, this is actually a really, really good opportunity for you to ask anything you want.

You can ask me about marketing, you can ask me about social media, you can ask me the best channel, should can asked me how to lock-in your business, how to sell your different products or your different services and all you need to do is put them in the comments and I will be answering them live this evening. We’ve had three or four questions in advance, so I’ll read those out and we’ll start with those, cause that’s the ones that come in as we’re working for tonight. So, the first one we had in was the best way to get coaching clients, get clients for a coaching business. 

So quite specific, we’ll answer that one tonight. We had a question on Facebook ad accounts and we’ll talk a little bit about ad accounts. We’ll talk about some of the ups, some of the downs with Facebook ad accounts, we can have a good chat on that. So, then loads have been asking, what is the best way to promote newsletters lead magnets and we’ll talk about that too, as well this evening, but of course, I want you to get the opportunity to have your say, want you to engage as you join on tonight, flag yourselves up so I can see you.

Come and say hello, I see that Chris has joined. How few of you already comment in a way. So, Joe is saying hi on me and hi Joe, how are you doing? We’ll be answering your question, I believe we’ve got your question on here. We’ve got Ben. Ben said, “Say cheese Adam”. And that’s because Ben came out with a great offer earlier for one of the groups in awkward coaching-based business, and he’s going to do some professional headshots already really good there. When I’ll say I’ll do it, as long as you promise to make me look beautiful. Probably the easiest job you’re going to have Ben. [00:01:57] That should be pretty good. 

So, Christian said, he’s out delivering flyers. Good man, he’s taking action. Well that’s good to hear my friend, good to hear. Okay. So, I’ll keep my eye on this. Cause I’ve got this running here so I can see it in the phases everyone’s coming on and we’ll certainly answer any questions that you’ve got this evening. So first of all, let’s get it started then, should we start… we’ll go backwards, all right? We start the question that Shane had put in, “Which what’s the best way to promote newsletters and lead magnet? So, I better do this just for the benefit of everybody that’s watching tonight, is explain what do you mean by lead magnets?

What do you mean by newsletters? And just make sure everybody is totally on the same page with us this evening. Of course, a newsletter is the kind of the old way that you communicate with your list, your email list, you’d write a newsletter, you’d give some information and people used to opt in to those newsletters and they used to like those newsletters on a monthly basis and you know, in the financial world, this is still done frequently and newsletters are a big thing and in some other businesses, they’re also really, really detailed information businesses, newsletters work really well on that. For example, if you’re an estate agent or a property or you’re in property and you want to talk about the market trends that say you’re a wealth manager and you want to talk about the stock market trends, what’s happening in the stock market.

People like to be kept up to date on that and because of that, newsletters can be a powerful way. But for most businesses, for most businesses, this is quite an old format of marketing, it’s quite something that … most business don’t have a newsletter nowadays and we’ll talk about why. And the question that I’ve got in addition to that, that came from Shane as well. 

So, Andrew is saying hello. So, Andrew welcome. Amy, how you doing as well, welcome on… The reason why the newsletter is not so popular anymore, is just because they don’t add that much value. You know, and this is reality with like an email list now, if you were to get in 20% of people to opt in your emails, you’re doing a good job. You’re actually doing quite good. Well, if you get 20% of the audience to opt in your emails. So, newsletters are slightly a thing of the past, but there’s still some value in certain businesses, in certain industries.

Now, the second part of the question is about lead magnets. So, I want to talk very briefly about lead magnets. Why would you want to lead magnet? Well, the main reason that you want a lead magnet for your business is to grow your list, right? Now, I’ll just say to you that you could, in 20% your 20% of people opting [00:04:18] doing a good job, which is absolutely accurate, but there’s more than just email that you can do with your list.

You know, you can actually phone your list, you can actually pick up the phone and start having conversations with them and this is like very old age, very old school, but it’s something we still do and I think it’s really, really important. And I’ve had some, you know, quite a few, if I’ll tell you, I’ve been doing that over the past few months and it’s added some value, it strengthens the relationships and it’s really, really good way to engage in people. 

So, if you build the list and you start getting people onto your list, you’re going to find that people then invariably go on to buy more products or more services. So, I do think it’s a very valuable asset for any business to be having a list. And for some of you that right at the beginning, you know, you might say, “Well, I haven’t got a list” It’s not the be all and end all. But if you… you might as well get started and start one now, right? Because even if you’re at the beginning, you might start with … you might as well start gathering that data together, getting that list together so you’ve got people and contacts that you can contact in the future.

The purpose for lead magnet, is purely to fill that list. You give someone something of value and in return, they give you their email address and they give you their phone number. Now, most people, when they run lead magnet, don’t run a lead magnet asking for phone numbers, we always do it because we want to make use of having conversations. I think I’ve said it so much over the last three, four, five months. I’ve said it so much. I’ll have to put some quote cards out in this and get these listed on Google, with that conversations, grow businesses. I said it so much now. That’s why you want to get those phone numbers from people. Because if you get the phone numbers, then that really, really helps you in order to have more conversations with building your business. That’s what a lead magnet does. 

A lead magnet is that, is you do something of value to the end user in order to get their phone number and get your … get their email address. So the question I suppose, is how do you … and the question Shane has asked is “How do you use a lead magnet or newsletter to grow your list?” And we’ll answer that in just a moment now.

So, we got Rus … Rus just say hello, how are you doing hi, hope you’re doing well. [00:06:20] saying hello, how you doing there? Hope you’re doing well, hope things are going good for you. If you’re new, you’re new to the group or you new some of my lives, go and comment, tell us where you’re from, say hello, take it as an opportunity to tell people what you do and what your business is. I think it’s a really good thing to be added to and get yourself out there and start using scripts and that was with 13,500 business owners and this is a great opportunity.

Now, so you want to get … you want to grow your list. You’ve created your lead magnet. How do you get out there? Well, the easiest, fastest, most simplest way is by using Facebook or Instagram ads, offering that free download and in return for that free download, you’re going to grow your list. Now that costs you a pound to give out your lead magnet and get someone to download it and receive some value from you. You’re actually spending one pound to acquire somebody that goes onto your list. 

Now, a lot of people are like “Well, I don’t really want to spend a pound to just get some more lists, I don’t even know if they’re going to buy anything from me or I don’t know if they’re even interested.” Well, the whole point is they’re putting their hand up and they’re saying, they’re interested when they go and get the lead magnet of you, that’s the whole purpose. As long as you look after and you cultivate your list, then that can be a massively, massively valuable asset for you down the line.

This is the thing, and I think this is well known in the marketing world, but maybe not as well known in the entrepreneurial world is that your, your list should generate you a pound per person, per month. So, if you’ve got 10,000 people on your list, you should be able to use those 10,000 people to make 10,000 pounds for a month. That means your list and investing in that list, if it costs you a pound per person, you get 10,000, that’s 10,000 invested. That’s 120,000 pound back. 

So, it’s always worth looking at investing in your list on an ongoing basis and growing that, and that’s something that we’ve certainly done when we have a huge list and when we do events, we do webinars, we can put the message out there to many, many people straight away. We can put it out there for emails, we can put it out there for phone and we can put out there through general conversations and it’s a really, really good thing to look and invest in. Now what’s the problem with that?

A lot of people don’t know how to fill their list of this, said Facebook and Instagram are the easiest, fastest chain this way. But the other thing is they don’t know how to, how do engage their list or how to hold our list? We’re just need to get a normal CRM system that you’re going to use, you’re going to put them into that CRM system and you’re then going to email those people and call those people and look after those people. So how do you monetize in this? How do you get that pound per person, per month? Well, you get in touch with those people and you tell them, and you have a conversation about your products or services and that sounds really obvious, but that’s how it goes you know, as crazy as it sounds. That’s all you gotta do. 

Go ring the people, tell them about your products, tell them about your services, tell them about what you do, keep in touch with them and all of a sudden you’ll see there that this monetize is very, very, very well and very, very, very easily. And you know what, if you do a good job in some certain products, your list can be worth much, much more than a pound per person per month. You know, when we were sending automotive, you know, in the, in the beginning, even when the list was like 50,000 people, you know, we would be making like brain excessive, you know, probably 10 times that excess out that list, you know, like half a million pound a month, not 50 grand a month, right? So, don’t underestimate the value of building that up overtime.

This is the thing that I’ll say about it, right? And this is a bit of a, bit, bit of a truth, truism on this. Is most entrepreneurs, they want the result, right this second, they want the result right now. They don’t think to the future. And because they don’t think to the future, they’re not really concerned about having list because they want the next day or that they want to get it right now and that’s why they don’t do it.

I would say to you, and as I’ve said to many of you before, you got two businesses, not just one business, you’ve got two businesses, you’ve got the business that you are right now, the business you are today, and you’ve got the business that you’re going to build and you’re going to become. And if you haven’t look after the second business, you’ve got the business … you’re going to build in the business, you’re going to become, then you know, your, your future is definitely not going to be as bright as if you do. 

So that’s a really, really good reason as to why you built a list. So, my answer there and I’ve really … that’s been a long, detailed answer there for you Shane. Now, my answer for you is, you know, probably avoid the newsletter, instead of going with the newsletter, try out some lead magnet, start building some lead magnets up and get them out there, do it and try to make the lead magnet as valuable as possible. The more valuable it will be, the more people that will download it, the more people you will get on your list.

Now, one of our best lead magnets has been my [00:10:44] book, have been one of the best lead magnets so it’s been downloaded over 50,000 times. That means 50,000 people got that lead magnet doesn’t mean all 50,000 people have listened to that book, that audio book, which is an hour and 20 minutes long, but it means over 50,000 people downloaded it, which means 50,000 people go on our list directly off of that audio book, which is amazing, really. And we’ve got tons more.

I’ll tell you what are those, so many people don’t even know this is on my website, but I’ve got a “Conquer your fear of sales lead magnet. “Why businesses get stuck lead magnet”, “Client acquisition system lead magnet”, “The copywriting blueprint lead magnet”, “The strategic business marketing lead magnet” and “The Selling to win lead magnet”. I’ve got about nine different downloads that you can go and get directly off my website and you can see what a lead magnet looks like and you can see why they provide value. There’s loads of you coming on tonight. 

So, Roda, welcome. Good to see you here. Mark [00:11:42] how are your doing, my man.  Hope you’re well. We’ve got Dan, Sam watching, how you doing buddy? Sebastian and Andrew and Ben and Chris, and lots of you [00:11:49] and Joe as well. So welcome on everybody. And say hello, come on, get involved. Tell us how things are going. If you’ve got a lead magnet or you’re actively working on building your list, go and comment lists, we know that your long-term thinking as well and that’s something that you can do. Something that … and be interesting to hear from you if that’s … the things that you’re putting in place for the future to make sure you’ve got more efficient business. Okay. So, the next question, and bear in mind, I’ve got three or four in, but you’ve got your opportunity to ask your questions. 

So, if you want some more clarity, you need a little bit help and there’s something that you’re a little bit stuck on, don’t just watch the live in consuming information. You know, that people that grow are the people that take action and the people get involved go and put it in the comments, tell me what you need I want to have that conversation.

So, the next one I’ve got, I think this was from Joe and Joe said, how do we stop [00:12:37] Joe is asking [00:12:39] to delete a personal notice to set up an ad account. The answer to that is no, you don’t have to do that. In fact, whenever somebody sets up, with your Facebook profile, you’ll get an ad account anyway. Right? You actually get an ad account with your Facebook profile. You just need … most people just don’t know how to access it, right? So, you can actually use that ad account for your personal profile and it’s always good to set up a new, fresh ad account. I’ll tell you why.

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