The Game with Alex Hormozi - Part 2: Engage Your Leads | $100M Leads Book

Episode Date: August 19, 2023

“The business that provides the most value wins, period.” In this episode, Alex (@AlexHormozi) discusses the importance of understanding what a lead is and how to engage them effectively. He also covers creating lead magnets and offers to attract engaged leads.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.Get your own copy of the book at acquisition.com/booksWanna scale your business? ⁠Click here.⁠Timestamps:(0:17) - Get Understanding(0:50) - Leads Alone Aren’t Enough(2:38) - Engage Your Leads(8:47) - Making a Lead Magnet(32:09) - ConclusionFollow Alex Hormozi’s Socials:LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition

Welcome to the game. This is a special edition, $100 million leads podcast. These are the actual chapters from the audiobook that I've made free for everyone here. We're going to be covering get understanding why leads alone are enough and how to engage your leads. These have been huge lessons for me and I hope that they serve you. Section 2. Get understanding. Advertising simplified. In this section, we cover three things to make sure advertising does exactly what we want it to do. First, we talk about what a lead actually is. If we want more of them, we'd better be darn well sure we're talking about the same thing. Second, we learn how to separate leads that make you money from the leads that waste your time. Third, we show you the best way I know to get the leads that make you money to show interest in the stuff you sell. Let's dive in. Leads alone aren't enough. If you can't explain something in simple terms, then you don't understand it.

Dr. Richard Feynman. Nobel Prize winner in physics. I'll let you in on a little secret. This book started because somebody asked me what a lead was. You'd think it would be simple, but I couldn't give a straight answer. and after six months of trying to figure it out, I was more confused than before. It became clear I didn't know as much about leads as I thought. My search for a clear definition of a lead snowballed into the massive project that became

$100 million leads. All this to say, we've got to agree on what the heck a lead is before we dive headfirst into trying to get them. So what's a lead anyways? Someone who clicks an ad, a phone number, a person that schedules a call, a list of names, a door you knock on, a walk-in, an email address, a subscriber, a person that sees your content, etc. You see, words matter because they affect how we think. How we think affects what we do. And if words have us thinking the wrong way, then we will probably do the wrong stuff. I hate doing the

wrong stuff. So do the right stuff more and the wrong stuff less. It's best we know what words mean and how to use them. To cut the suspense, a lead is a person you can contact. That's all. If you bought a list of emails, those are leads. If you get contact information from website or database, those are leads. The numbers in your phone are leads. People in the streets are leads. If you can contact them, they are leads. But what I came to realize was, leads alone aren't enough. We want engaged leads, people who show interest in the stuff you sell. If someone gives their contact information on a website, that is an engaged lead.

If someone follows you on social media and you can contact them, that's an engaged lead. If people reply to your email campaign, they are engaged leads. The leads showing interest are the leads that matter. Engaged leads are the true output of advertising. Getting more engaged leads is the point of this book. but I couldn't call the book Engage Leads because no one would get it, but now you do. So the next question is, how do we get leads to engage? Engage your leads, offers and lead magnets. I don't do drugs. I am drugs. Salvador Dali.

April 2016. I paid $25,000 to be in a group and everyone told me to do a webinar. In fact, my mentor at the time told me, do a webinar every week until you make a million dollars. Until then, don't ask me about anything else. This is my only path to success. I've got to figure this out. A webinar, as I understood it, was a magical presentation with a zillion slides. If somebody watched it, it would hypnotize them into buying my thing. There's so much I didn't know. Landing pages, registration pages, follow-up emails, replay emails, car close emails, presentation software, website integration, writing ads, making ad creative,

figuring out where to put the ads, who to show the ads to, building a payment page, processing payments, never mind making the actual webinar. The list overwhelm me. So I started with what I understood the most, the landing page. I built a few of those from my gyms. My mentor made millions with webinars, so I modeled his landing page. But I didn't need to make millions. I just needed to make something.

Okay. Now the thank you page. An entire Sunday later, the thank you page went live. Not for the big test. I put my email into landing page and clicked, sign me up and waited. My brand new thank you page loaded. Success. I still wasn't a millionaire, sad face, but it was something.

The following Sunday, I sat down for my regular work on the business, not in the business, ritual. I had 10 hours to figure out the next day. next piece of this webinar puzzle. After my first couple coffee, I decided I really didn't want to work. But I still wanted to feel productive. So I went on to my advertising group's forum to get some tips. Just got off my webinar. $32,000 in an hour. I R-Wied the entire tuition in my first week. Webinars rock. I'm never going to make this work. He joined the same month as me. He was in the same industry as me. He figured out how to make money with his webinar before me. He was stealing all the clients before I even got a chance. Everyone is making money but me.

I'm desperate, I called other people in the group. I'll do anything for your business. Build a sales team, write your sales scripts, fix your sales process, anything. Just help me finish this webinar, please? One person agreed to help. Thank God. Eight Sundays later, the little circle next to my ad campaign turned green. It's alive!

I was officially spending $150 per day on ads. All I had to do now was watch the money pour in. I was going to be rich. Three days, $450, 80 leads, and zero sales later. I shut it all down. I suck. No one even watched my wife. webinar. Meanwhile, that guy posted again about how much money he was making off this webinar stuff.

Why do I suck so much? I spent most of my money to join this group, and I just set another $450 on fire. I didn't have the money to fail again. I needed the next thing to work. And if I couldn't even get anyone to watch, what was the point? The case study. I scrolled my news feed to see what other people were doing. An ad caught my eye. Free case study on how I spent $1 and made $120,000 in a weekend, or something like that. I punched in my email, and the page sent me to a video of walking through a successful advertising campaign. Nothing fancy, no slides, no presenting, just a dude explaining how his stuff worked.

This I can do. I fired up my screen recorder. Okay, everyone, so here's the ad account of a gym we just launched. Here are the ads we ran. This is how much we spent. We sent them to this page with this offer. You can see how many leads we got here. They got this many people scheduled.

This many people showed. This is how many they sold. This is how much the gym owner made. This is everything we did. If you want to help setting up something like this, we'll do the whole thing for free. And we only get paid off the sales you make. If that sounds fair, book a call.

It took maybe 13 minutes. Simple. I swapped the webinar out for this video and changed the headline. Free case study. How we added $213 members and $112,000 in revenue to a small gym in San Diego.

They would book a call on the next page. I set up a fresh ad campaign and went to bed. The next morning. Alex, what did you do? Lay last. What do you mean? Strangers have booked my calendar solid for the next week. Really?

Yeah, did you start a new campaign or something? Yeah, but I didn't think it was going to go live so fast. Wait, people book calls? Yeah, tons. Seeing Layla's calendar stacked with appointments filled me with joy. It's working! I learned an important lesson. They didn't want my webinar, but they did want my case study.

This accidental discovery showed me how getting leads actually works. You have to give people something they want. The best part is, it's easier than you think. Author note, webinar still work. Obviously, they worked for the other guy in the group. But I didn't have the skills at the time to make it work. I was so scarred from my first experience, I didn't try another webinar for years. Spend your time testing the offer rather than perfecting an untested product.

This was my break for it. I just needed to give people something simple they wanted. For gym owners, it was a case study showing how I filled gyms in 30 days. Lead magnets get leads to engage. Offers are what you promised to give in exchange for something of value. Often, a business promises to give its product or service in exchange for money. This is a core offer. If you advertise your core offer, then you go straight for the sale, the direct path to money.

Advertising your core offer might be all you need to get leads to engage. Try this way first. Sometimes, though, people want to know more about your offer before they buy. This is common for businesses that sell more expensive stuff. If that's you, then you'll get more leads to engage by advertising with a lead magnet first. A lead magnet is a complete solution to a narrow problem. is typically a lower cost or free offer to see who's interested in your stuff. And once solved, it reveals another problem solved by your core offer.

This is important because leads interested in lower cost or free offers now are more likely to buy a related higher cost offer later. Think if it likes salty pretzels at a bar. If someone eats the pretzels, they'll get thirsty and order a drink. The salty pretzels solve the narrow problem of hunger. They also reveal a thirst problem to be solved by a drink, which they can get in exchange for money. pretzels have a cost, but when done right, the drink revenue covers the cost of the pretzels and

nets a profit. So your lead magnet should be valuable enough on its own that you could charge for it, and after they get it, they should want more of what you offer. This gets them one step closer to buying your stuff. A person who pays with their time now is more likely to pay with their money later. Good lead magnets get more engaged leads and customers than a core offer alone, and do it for less money. So let's make a lead magnet, shall we? Pro tip. Even free stuff has a cost. People will give you time before they give you their money. But time is still a cost. If your lead magnet isn't worth their time, it's overpriced. And free or not, they won't buy from you again. So look at it this way. If they think your lead magnet is worth their time, they'll think

your core offer is worth their money. Seven steps to creating an effective lead magnet. Step one, figure out the problem you want to solve and who to solve it for. Step two, figure out how to solve it. Step three, figure out how to deliver it. Step four, test what to name it. Step 5. Make it easy to consume. Step 6. Make it darn good. Step 7. Make it easy for them to tell you they want more. Something to keep in mind before we start. Grand Slam offers work for free stuff as much or better than they work for paid stuff. So make your lead magnet so insanely good people feel stupid saying no. And yes, this means that you may have a few insanely valuable offers, even if some are free. But that's a good thing. The business that provides the most value wins. Period. So let's get started. Step 1. Figure out the problem you want to solve and who to solve it for. Here's a simple example we can walk through together. This book is a league magnet. You are a lead.

I want to solve an engaged lead problem. And I want to solve it for businesses making less than a million dollars in annual profit. With enough leads, they can make more than a million dollars in annual profit. Then they qualify for my core offer, me investing in their company to help them scale. The first problem is picking the problem to solve. I use a simple model to figure this out. I call it the problem solution cycle. You can see it below. For those of you listening, it's just a circle of problem and solution that continue to go around and around. Every problem has a solution. Every solution reveals more problems. This is the never-ending cycle of business and life. And smaller problem solution cycles sit inside of larger problem solution cycles.

So how do we pick the right problem to solve? We start by picking a problem that's narrow and meaningful, then solve it. And like we just learned, when we solve one problem, a new problem reveals itself. Here comes the important part. If we can solve that new problem with our core, We've got a winner. This is because we solve this new problem in exchange for money. That's it. Don't overthink it. Example.

Imagine we help homeowners sell their homes. This is a broad solution. What about the steps before selling a home? Owners want to know what their house is worth. They want to know how to increase its value. They need pictures. They need it clean. They need landscaping.

They need moving services. They may need staging, etc. These are all narrow problems. Great for lead magnets. We pick one of the narrow problems and solve it for free. And although it helps, it makes their other problems seem more obvious. They still have to sell their home. But now we've earned their trust.

So we can charge to solve the remaining problems with our core offer and help them achieve their broader goal. Action step. Pick the narrowly defined problem you want to solve, then make sure your core offer can solve the next problem that comes up. Step 2. Figure out how to solve it. There are three types of lead magnets and each offers a different type of solution.

First, if your audience has a problem they don't know about it, your lead magnet will make them aware of it. Second, you could solve a recurring problem for a short period of time with a sample or trial of your core offer. Third, you can give them a one step and a multi-step process that solves a bigger problem. All three solve one problem and reveal others. So your three types are, one, reveal problems, two, samples and trials, three, one step of a multi-step process. Those are the three lead magnet types. Number one, reveal their problem. Think diagnosis. These lead magnets work great when they reveal problems that get worse the longer you wait. Example, you run a speed test that shows their website loads at 30% below the speed it should.

You draw a clear line between where they should be and how much money they lose by being below standards. Example, you do a posture analysis and show them what their posture should look like. You draw a clear line between what their pain-free life would look like if their posture were fixed and how you can help. Example, you do a termite inspection that reveals what happens when bugs eat their home. If they do have termites, you can get rid of them for cheaper than the cost of, let's say, another home. If they don't, they can pay you to prevent the termites from coming to begin with. You can sell them either way. Win-win.

Those are examples of ways you could reveal their problem. 2. Samples and Trials You give full but brief access to your core offer. You can limit the number of uses the time they have access or both. This works great when your core offers a recurring solution to a recurring problem. Example. You hook them up to your full. faster server and show their website loading at lightning speed. They get more customers from your

faster load times. If they want to keep it, they need to keep paying you. Example. You give a free adjustment for their bad posture and they experience relief. To get permanent benefits, they must buy more. Example. Food, cosmetics, medicine, or any other consumables. Consumables, by their nature, have limited uses and solve recurring problems with recurring use. So, single serving, fund-sized, et cetera, samples are great lead magnets. It's how Costco sells more food than other stores. They give out samples. Pro tip. Be a drug dealer. Many people make money selling drugs legally and illegally. A free drug sample is a lead magnet. They can afford to give a quote hit away because once people try it, they're hooked. It's so good they come back for more.

This is why we don't dilute the value of our lead magnets or give away sucky fluff. If anything, like a drug dealer, you'd want to give the strongest hit first. It keeps them coming back for more. your lead magnet is your first hit. The next one they have to pay for. Be a legal drug dealer and you'll make money like one. P.S., whatever you do, make sure it's legal. Hey, I hope you're enjoying the book right now. Something that took me way too long to learn when it came to learning in general was that if you consume a piece of content in multiple formats, it's stored in different parts of your brain. So you're more likely to recall it in different settings. And so I started reading and listening to books at the same time. And it dramatically enhanced how quickly I could get through things. how much I recalled them. And so if that's at all interesting to you, there's, we've made versions of the book available on Amazon and there's obviously physical copies

of the book there as well. And if you're a video learner like I am, you can go to the site and you can consume the entire course that goes with this absolutely free. Like you don't even have to opt in. Like all the courses, the videos, and the downloads are available at Acquisition.com. You just click courses and you can see all the courses

that we have available there. And you can go through all of them if you want to, They're absolutely free. 3. One step of a multi-step process. When your core offer has steps, you can give one valuable step for free and the rest when they buy.

This works great when your core offer solves a more complex problem. Example. This book. I help you get to a million dollars per year in profit. Then you'll have a new problem we can help you solve and scale from there. Example. You give away a free wood sealant for a garage door.

But the sealing process requires three different coats to protect from all weather conditions. I do the first one free, explain how it only gives partial coverage and offer the other two in a bundle. Example, you give away free finance courses, guides, calculators, templates, etc. They're so valuable,

people really can do it all up by themselves. But they also reveal the time, effort, and sacrifice of doing it all. So you offer financial services to solve all that. Action step. Pick how you want to solve your narrowly defined problem. Author note.

What we can learn from dressing room Try before you buy. Years ago, you weren't allowed to try things on before you bought them. Then, one savvy business owner created a fitting room. Their sales presumably skyrocketed, so much so that is now a standard practice in all clothes stores. Here's why the dressing room is so powerful. It's all three types of lead magnets in one. You get to try something on, like a trial.

It also reveals a problem, as once you try one thing on, you might find that you need something different than you intended. And once you find a shirt you like, a good salesperson would say, Do you want pants to go with it? It becomes step one in a multi-step process of creating an outfit. So if you can, try and get a lead magnet that does all three. Reveal a problem, give them a taste of the solution, and show it as a small piece of a total package. Step 3.

Figure out how to deliver it. Delivery mechanisms. There are unlimited ways to solve problems, but my favorite lead magnets solve them with software, information, services, and physical products. And each of those works great with the three types of lead magnets from step two. I'll show you what I've done to attract gym owners using each lead magnet type. Software. You give them a tool. If you have a spreadsheet, calculator, or small

software, your technology does a job for them. Example, I give away a spreadsheet or dashboard that gives a gym owner all their relevant business stats, compares them to industry averages, and then gives them a rank. Two, information. You teach them something. Courses, lessons, interviews with experts, keynote presentations, live events, mistakes and pitfalls, hacks and tips, etc. anything they can learn from. Example, I give away a mini course for gyms on how to write an ad. 3. Services. You do work for free.

Adjust their back, perform a website audit, apply the first layer of garage sealant, transform their video into an e-book, etc. Example. I run gym owner's ads for free for 30 days. 4. Physical products. You give them something they can hold in their hands. A posture assessment chart, a supplement,

a small bottle of garage door sealant, boxing gloves to get them into a boxing gym, etc. Example. I sell a book for gym owners called Gym Launch Secrets. With three different types of lead magnets and four ways to deliver them, that's up to 12 lead magnets that solve a single narrow problem. So many magnets, so little time. I make as many versions of lead magnets as I can and rotate them.

This keeps the advertising fresh and low effort. Plus, you see which ones work best. Like my case study story at the beginning of the chapter, the results are often surprising, and you won't know until you try. Action step. As a thought exercise, think of a lead magnet and then a version of it for each delivery method. You always can, I promise.

Then pick how to deliver your lead magnet. Step four, test what to name it. David Ogilvy said, when you've written your headline, you spend 80 cents of your advertising dollar. What that means is five times more people read your headline than any other part of your promotion. They read it and make a snap decision to read further, or not.

Like Ogilvy hints, leads have to notice your lead magnet before they consume it. Like it or not, this means how we present it matters more than anything. For example, improving the headline, name, and display of your lead magnet, 2x, 3x, or 10x your engagement, it's that important. Besides, if no one shows interest in your lead magnet, no one will ever know how good it is. You can't leave it to chance, so listen up. Here's what you do next. You test. The three things you want to test are the headline, the images, and the subheadline, in that order.

The headline is the most important. So if you only test one thing, test that. For example, I had no idea what's the title of this book. So here's what I did to figure out which name would do the best. I tested. The results may surprise you as much as they surprised me. Here are some of my headline tests. $100 million advertising versus $100 million promotion. In round one, advertising beat promotion 69 to 31.

Round two, advertising versus leads. Leads beat advertising 58 to 42. Leeds versus marketing. Leads beat marketing 54 to 46. And I finally settled on leads. Image test. Real versus cartoon. Real 1.

Subheadlines. How to get more people to want to buy your stuff versus how to get strangers to want to buy your stuff. Strangers one. Round two. How to get more strangers to want to buy your stuff. Versus how to get strangers to want to buy your stuff. As minors, it sounds, the second one beat the first one is 71 to 29. Crazy, right?

Round three. how to get as many leads as you don't well please versus how to get strangers to want to buy your stuff again how to get strangers to want to buy your stuff wins round four get strangers to want to buy your stuff versus how to get strangers to want to buy your stuff how to get strangers to want to buy your stuff one 70 30 note two things with the subline headline tests how to get strangers to want to buy your stuff overwhelmingly beat get strangers to want to buy your stuff the only difference is two little words how to and it also beat how to get more strangers to want to buy your stuff with a single word removed. More. Small changes can make big differences.

Two, since so many people asked, I figured I'd answer it here. I didn't subtitle the book How to Get Strangers to Buy Your Stuff because that's sales, not getting leads. The point of this book is to get strangers to show interest, not to buy yet. A raised hand is where this book ends. Sales will be a future book, $100 million sales, but let's solve one problem at a time. Action step. Test. If people engage in droves, you've got a winner. And if you have any following at all, you can run polls like these. You don't need a lot of votes to get a directional idea. If you can't do that, make a post on every platform and ask people to respond with a one or a two and then count them up. If you still

can't even do that, then just message people and ask. There's always a way, and this is one of the highest leverage things you can do with your time. Make sure how you package it, gets engagement, and give yourself a big head start. Bonus points. If people respond to the poll and ask when they can get their hands on it, you've got a mega winner. Step 5. Make it easy for them to consume. People prefer to do things that take less effort. Duh. So if we want more people to take us up on our lead magnet and consume it, we've got to make it easy.

You can see 2x, 3x, even 4x plus increases in take rates and consumption simply by making it easier to consume. 1. Software. You want to make it accessible on their phones, on a computer, and in multiple different formats. This way, they'll pick the one easiest for them. Information. People like to consume things in different ways. Some people like watching, other people like reading, others like listening, etc. Make your solution in as many different formats as you can.

Images, video, text, audio, etc. Offer them all. That's why this book comes in every format people consume. Services. Be available at more times in more ways. More times of day, more days of week, via video call, phone call, in person, etc. The easier you are to get a hold of, the more likely people will become engaged leads to claim the free value. Four, physical products. Make it super simple to order and fast to get to them. Make the product itself fast and easy to open. Give simple directions on how to use the product. Example, Apple made its products so well, they didn't even need directions. And the packaging is so good, most people keep the boxes. Action step. Package your lead magnet in every way you can. It dramatically increases how many engaged leads come your way.

And more leads engaging with your lead magnet means more leads getting value from it. This is huge. Fun fact. My book, $100 billion offers, has a near perfect one quarter, one quarter, one quarter, one quarter split between ebooks, physical books, audio books, and videos, which are free on acquisition.com. Making the book available in multiple formats is the easiest way I know to get two, three, to four X the amount of leads for the same work. If I only made it available in one of format, I'd miss out on three to four times the people who wouldn't have read the book otherwise. What a shame that would have been, and what a waste. Step 6. Make it darn good. Give away the secrets, sell the implementation. The marketplace judges everything you have to offer, free or not. And you

can never provide too much value, but you can provide too little. So you want your lead magnet to provide so much value people feel obligated to pay you. The goal is to provide more value than the cost of your core offer before they've bought it. about it this way. If you're scared of giving away your secrets, imagine the alternative. You give away sucky fluff. Then people who might have become customers think, this person sucks. They only give away sucky fluff. Then they buy from someone else. So sad. Not only that, they tell other folks who might have bought from you not to. It's a vicious cycle you don't want to ride. But remember, people buy stuff based on how much value they think they'll get

after they buy it. And the easiest way to get them to think they'll get tons of value after they buy it is, drum more please, to provide value before they buy it. Imagine a company scaled from $1 million to $10 million just by consuming my free content. The chance to partner with Acquisition.com is huge because I paid for my share before we even started. Action step. 99% of people aren't going to buy, but they will create or destroy your reputation based on the value of your free stuff. So, make your league magnets as good as your paid stuff. Your reputation depends on it. Provide value, stack the deck, reap the rewards. Step 7.

Make it easy for them to tell you they want more. Once leads consume the lead magnet, some of them will be ready to buy or learn more about your offer. This is the time to give a call to action. A call to action, CTA tells the audience what to do next. But there's a little more to it than that, at least if you want your advertising to work. A good CTA has two things. One, what to do, two, reasons to do it right now. What to do?

CETE is tell the audience. audience to call the number, click the button, give the information, book the call, etc. There are way too many to list. Just know CTAs tell the audience how to become engaged leads. Good CTAs have clear, simple, and direct language. Not, don't delay, but instead, call now. Read the next paragraph to learn more. See what I did there. Reasons to do it right now. If you give people a reason to take action, more people will do it. But a couple things to keep in mind. First, good reasons work better than bad reasons. And second, any reason, even bad ones, tend to work better than no reason at all. So to get more people to take action, I include as many effective reasons as I can. Here are my

favorite reasons to act now. Scarcity. Scarcity is when there's a limited amount of something, especially when there is a small supply compared to demand. When something is scarce, like your lead magnet or offer, people also tend to want it more. And this is why they're more likely to act right now. The fewer you have, the more valuable people think it is. But there's a catch. The fewer you have, the fewer engaged leads you can get before running out. So the best strategy I know for scarcity is reality. Let me explain. If you sold a thousand times the customers tomorrow, could you handle it?

If not, you have some limit on how much you can sell. Maybe you're limited by customer service, onboarding, inventory, time slots per week, etc. Don't keep it a secret. Advertise it. This gives you ethical scarcity. If you can't handle more than five new customers per week, say so. Draw attention to the natural scarcity in your business. If you have limitations, you may as well use them to make you money.

Example. The most convenient class times fill up fast. Call now to get the one you want. Example. I can only handle five people per week, so if you want it solved soon, do XYZ. Example. We only printed one batch of shirts and will never reprint this design. Get one so you don't regret missing out forever.

Urgency. You can have unlimited units to sell, but let's say you, you stop selling them in an hour on purpose. I bet more people than normal will buy your thing in that hour. This is urgency in action. Urgency is when people act faster because they have a short amount of time. And the less time people have, the faster, more urgent, they tend to act. So if you make the time they can act on your CTA shorter, you can get more of them to act on it faster. You can also use the same urgency with discounts or bonuses that go away after X minutes or hours, after which this offer will never be available again.

Example, our July 4th promotion ends Monday at midnight, so if you want it, take action now. Our Black Friday promotion ends at midnight. There are only four hours left, get it while the getting's good. Through Friday, I'll also throw in a free hat to anyone who buys more than three books. So if you want to look slick in an acquisition.com hat, buy now. Pro tip. The urgency tactic I use most. I put time limits on bonuses.

This way, I don't need to change my pricing or products all the time. I can just change the bonus. I like to make a handful of valuable bonuses and wrote them each week. And if they don't take action by the end of the week, they'll actually miss out on the bonus. The best part is, it's an easy way to make a CTA more effective without capping your sales. C. Fraternity party planner. My favorite. Make up a reason. Fraternies don't need a reason to party, but they sure make up some doozies. John got his wisdom teeth out. Gagger! Margarita Monday, Toga Tuesdays, Thursdays,

etc. Your reason doesn't even have to make sense, and it will still get more people to act. In fact, Harvard ran an experiment showing that people were more likely to let someone cut in line if they only gave a reason. The number of people that let other people cut increased if the reason made sense, like scarcity or urgency. But any reason still works better than no reason. So I always try and include one. Think the stuff you have to say after the word, because. Examples. Because mom knows best. Because your country needs you. Because it's my birthday and I want you to celebrate with me. Action step. Give a clear, simple, action-oriented CTA. Then give them a reason why, using scarcity, urgency, and any other reasons you can think of. And do it often. Don't be clever,

be clear. Even if your lead magnet costs money to deliver, it should still lower your cost to get a new customer. This is because more engaged leads means more chances to get customers. And the extra customers more than cover your costs. That's the point. Let's say you make $10,000 in profit on your core offer. And it costs you $1,000 in advertising to get someone on a call for it. If you close one out of three people, it costs you $3,000 in advertising and you get a customer. Since we have $10,000 in profit to work with, that's fine. But we're savvy, we can do better, so let's do better. Imagine you advertise a free league magnet instead of your core offer. Your lead magnet costs you $25 to deliver, and because it's free to them, more well-engaged.

The extra engagement means it only costs $75 in advertising to get someone on a call. All in, that's $100 per call, $75 plus $25. By delivering value before they buy, you get 10 times more engaged leads for the same cost. Note, this happens all the time when you nail the lead magnet. Now, let's say one out of 10 folks who get the lead magnet buys your core offer. This means your new cost to require our customer is $1,000, because it's 10 people times 100 bucks. We just cut our cost to get a customer by 3x. So instead of spending $3,000 to get a new customer,

by using a lead magnet, we spend only a thousand. Given we make $10,000, it's a 10 to one return. So if we keep our advertising budget the same and use a lead magnet, we triple our business. Remember, the goal is to print money, not just make our fair share. This is where experienced business owners beat newbies. With a $25 budget to deliver your lead magnet, you can provide far more value than a $0 budget.

Crazy, I know. You tracked more customers because your lead magnet is more valuable than other people's. Oftentimes, buy a lot. This translates into more strangers becoming engaged leads. It also translates into more sales because you provide more value in advanced. Win, win, win. Action steps. Step zero.

If you're struggling to get leads, make an amazing lead magnet. Step one. Figure out the problem you want to solve for the right customer. Step two, figure out how you want to deliver it. Step three, figure out how to deliver it. Step 4. Make the name interesting and clear. Step 5, make it easy to consume. Step 6, make sure it's darn good. Step 7, tell them what to do next, why it's a good idea, do it clearly, and do it often. Section 2, conclusion. My goal with this book is to demystify the lead-getting process.

In the first chapter, we covered why leads alone aren't enough. You need engage leads. In the second chapter, we covered how to get leads to engage, a valuable lead magnet or offer. And a good lead magnet does four things. One, it engages ideal customers when they say, see it. Two, gets more people to engage than your car for a loan. Three, is valuable enough they consume it. Four, makes the right people more likely to buy. So, more people show interest in our stuff, we make more money from them, and we deliver more value than we ever have, all at the same time. Next up, we've armed ourselves with a powerful lead magnet. Now, I'll show you the four ways we can advertise it. In other words, now that we have the stuff, we've got to tell people about it.

Let's get some leads. Free gift number one. Bonus tutorial on making the ultimate lead magnet. If you want a more in-depth look at how we create insanely good lead magnets, go to Acquisition.com forward slash training, forward slash leads. It's free and publicly available. As promised, my goal is to earn your trust. And trust is built brick by brick.

Allow this training to be the first of many bricks. Enjoy. In the next episode, we're going to have a 29-minute banger on getting leads, the core for, and warm outreach. If you don't have customers and you are starting a business, you do not want to miss this one. I probably spent more time on these two chapters than any chapters in the entire book because I knew that these two chapters would apply to the widest amount of the people who listen to my content.

So if there's ever a chapter or two that you listen, it's this next episode that's coming up. And they'll show you how to get your first five clients, which I think most of you, if you don't have a business, will need. Or your next five clients, if you have one. This has been $100 million leads written by Alex Hermosie, read by Alex Hermose. Copyright, 2023, Acquisition.com. Audio production, copyright, 2023, acquisition.com media.