We talked previously in an episode about lead magnets, and we are going to touch on them today. It’s where you give a piece of free content away. It can be a guide, a cheat sheet, short video course and an audio something like this podcast in return for an email address and then that email address at that point you as a sales or course creator or a freelancer can use it to either market your services or your product.
00:49 Nanci: Two things! One is I want to share some quick wins, I finally decided to get serious my online business, and so I reverse engineered the amount of money that I wanted to make per year. And I sort of reverse engineered on Facebook ads and leads which we are going to talk about today leads. How many leads a day based on an estimated conversion and I chose 3 percent, for every hundred prospects that I get, if three purchase my course then I achieved my target salary and I identified that I would need 25 leads per day. Which when I did this three weeks ago I was like ‘What? It’s just crazy talk! Where would I get 25 leads a day?’ and I just would like to say that as of the last three days I’ve gotten 20 leads a day. So I just wanted to say it’s possible.
02:33 Julian: What was the reason? Was there something you can identify as ‘this is the trigger that made this happened?’
02:38 Nanci: Yes! I put some effort into it. I did, I was like okay now I know. Now I know that I need 25 leads a day to achieve my target salary. I haven’t come close to my target salary which was like between 1 and 150 that number is a nice safe number for me. I haven’t cross six figures since I left my job at BCA but it’s been fine. It’s also been a mix, and match like web development work, some social media Facebook ad, contracts, some sales from my online course but one of the things we have been talking about is when you’re doing a lot. If you’re not focus on one thing, then not one thing is going to blow out of the water and I wanted to blow my online course out of the water for two reasons one I put a ton of work into it and I want to see it succeed. It offers a tremendous amount of value to women who want to learn to invest. I want to get it out of the world because I think it will help people, zerotoporfolio.com is the course address. More importantly, it’s automated, once I put all of the work in the automation it sells by itself, it doesn’t require a phone call, it doesn’t require a consulting, I don’t do any teaching, all of the lessons are recorded.
04:00 Julian: So those 20 leads or 25 leads your targeting can theoretically go from finding an ad that you’ve place on Facebook all the way through to signing up and buying your course, taking the course and paying you for it without you ever actually interacting with that person directly.
04:17 Nanci: I wanted to set up an online course, all automated and part of it is just to see if it was possible. My point is I wanted to see, is it possible to build an online course and just wake up in the morning and have sales. That was part of the reason I wanted to put all of this effort, we talked previously in an episode about lead magnets, and we are going to touch on them again today. It’s where you give a piece of free content away. It can be a guide, a cheat sheet, short video course and an audio something like this podcast in return for an email address and then that email address at that point you as a sales or course creator or a freelancer can use it to either market your services or your product. So what I did was, I set up a 30-day free course it’s called investing boot camp for 30 consecutive days there’s an email every day, and some of them are light, and some of them are heavier in terms of investing concepts. I talked about if you want more, I’ll show you where you can get it. This whole concept of seeding so by the end of the course it’s not a surprise to them that I have an online course for sale and some of them buy it midway through the course. I had a woman purchase it after four emails the other day she bought it, the full price course. Anyway, I have for the month of May a 132 including the 60 that I got in the last few days. I have 132 people in the course, and now it takes 30 days to go through the course so by June 30th I will know what my conversion rate is.
06:49 Julian: So your lead magnet is this 30-day free email course. How do people find out about that, to give you their email address? Do they find an add on Facebook?
07:00 Nanci: Good question. I do have an ongoing Facebook ad that constantly runs for the course, but I also have a little opt-in form on the bottom of every single blog post that I write but more importantly, I will identify, this is a thing about market research and listening to your clients. For the first few months, when I started marketing my course I would just guess. I didn’t have any choice just guess what my clients pain points would be and long story short it became apparent quite quickly that it was the difference between the tax free savings account and the RRSP for anyone that’s in the US that’s rough IRA and 401K and so I wrote a 15-page guide, big font and lots of white space but its 15 pages and it’s great. It’s gorgeous Meredith designed it, our audio editor and graphic designer it includes access to the 30-day course. What I do is I’ll give a quick win like it’s called an RRSP vs. TFSA the ultimate end all and be all definitive guide and then click here for instant download bonus includes access to investing boot camp a free 30-day course for new investors.
08:30 Julian: I think it’s interesting when you do your ads on Facebook. You are not advertising the services ‘Hire me Nanci, and I’ll be your financial advisor’; you are giving away this content for free because you’re driving the lead magnet is getting used immediately.
08:54 Nanci: I would never run ads to a paid product.
10:01 Julian: You said, you would never directly have an ad lead which makes sense if you are providing a knowledge-based product but what if you’re selling a real product like handmade bracelets or scarves online through Etsy. How does content marketing work for somebody who has a very simple product that they want to sell online?
10:23 Nanci: To answer your first question, if you were on Facebook and you were scrolling through and there was like ‘top 10 things you can do with the..’ you might click on it, then the person has your email address and then they can market to you what they’ve already done. I think its important and we also talked about this offline, is to go where your costumers are and unless there is a creative way to come up with the lead magnet for Etsy products or craft products, I think Pinterest maybe Instagram because it is more visual. You can do promoted pins; you can do the boards on Pinterest. I’m learning more about Pinterest but not enough to speak on it yet but where your clients are that would purchase this products. Also consider when you’re doing Facebook, your product has to be high enough price to justify the ads because the ads aren’t inexpensive. It cost me about 2 dollars a lead, so I’m paying 40 dollars a day. If I don’t hit my conversion numbers of 3 percent there’s no point in I’m just going to break even, I’m going to spend all of the money that I earned on Facebook ads. So to answer your question, I’m not sure if paid advertisement on Facebook, unless you can do high volume, I think the product has to be above 300 dollars. You know when you looked at the conversion rates, look at the cost of leads on Facebook to justify starting a campaign but test, test and test. I would run ten ads as lost leader before I get one that’s a winner. So if an ad is costing me between 3 or 4 dollars per lead ill just stop it because it’s just not worth it for me to spend it. I think it’s a big issue on what industries do well on Facebook.
13:41 Julian: This is an episode that’s designed to help them find their clients. The first we need to establish is a couple of assumptions before you even think about selling, I think you need to know who your target client is. You don’t have to every single detail because you learn as you go, but you have to have an idea of who it is you’re actually trying to sell, who is going to buy from you and you need to know how to solve whatever problem they have.
14:23 Nanci: You have to be confident that your service or product solves the problem.
14:39 Julian: Before you start selling you need to know your clients. Your client has a problem, and you solve that problem if your client doesn’t have a problem you can’t sell them anything because there is nothing for you to solve. If you’ve been able to identify the big pool of people with the problem that you can solve that’s your addressable market. Other assumptions are you need to know how to present yourself as the person who solves this problem.
16:13 Nanci: When your networking think about this three words professional, consultant and strategist because what sounds better I’m a freelance web developer? Or I’m a digital marketing consultant? Am I an online marketing strategist? Because suddenly I don’t just have the technical ability to build you something or sell you something. I have the capacity to partner with you and maybe solve a larger problem that you know you have, and you haven’t shared that one with me yet or you don’t know you have and I can help you figure it out.
16:59 Julian: The first step is they arrive at your door, they give you their email address, or people send them over to you as referrals but you got a bunch of people that are potentially going to become clients but in the beginning before you had any interaction with them or know anything about them they are lead then they goes through the sales funnel, becomes a prospect and that prospect through your efforts becomes a client, hopefully. Lead-prospect- clients is how I envisioned a sales funnel.
17:35 Nanci: Perfect. An existing client referred me a lead, and the lead said I need some help with search engine optimization, I used to be on the front page of Google and I’m not and so what is you the price to improve my search engine optimization. I suppose if I was a freelance SEO person that might make sense, but I said while I’m an online marketing strategist or a digital marketing consultant. So can we take a step back and have a conversation about why SEO is important to you and just through having a 15 minute conversation it wasn’t that he needed to be on we’ll he wanted to be on the first page of Google, and there’s a financial benefit to that, and there’s a status. Status is important as well especially with you follow up but what he needed was more leads. It was really that he needed more leads to funnel his sales cycle and SEO was so highly competitive and maybe not the best way to get this leads. And so what I pointed out to him was this website hadn’t been updated in years and I showed him that clients stayed on his website an average of 12 seconds. So it doesn’t matter how good we get your SEO if they are just walking out the back door the second they walk in the front door. What if we gave you a much better website with better user experience and a call to action at the bottom of every page and every post which he didn’t have and we ran a few Facebook ads to the zip codes of his high target neighborhoods. So suddenly, i’m not just a technical provider of search engine optimization I’m like a partner with him where were solving. What we did were we are solving a pain problem that he knew he had a little bit but he didn’t realize not only how bad it was or how good it could be because of the other thing that what I offered him was leads coming from multiple sources. So that he wasn’t 100 percent reliant on search engine optimization. So if anything ever happened to his SEO suddenly, he had no prospects
19:47 Julian: You started to think like a business owner. You started to think of his problem from the point of view of his business. Even though he came to you with a presenting problem that he thought was the fix he needed through engaging him, discussing with him, learning and listening from him you were able to apply what you already know about your business to his business and understand his problem better and therefore reach a solution that addresses his need but wasn’t exactly what he started in on.
20:20 Nanci: and everybody won in that situation because I mean I got five times the revenue out of it because I did go on to build him a website and do some Facebook marketing for him. But he won too, because of his so proud of the website, now their leads do come from Facebook, Pinterest, and Houzz. They have a different call to action and marketing campaigns going on, and I was able to go to Detroit and train their staff so that they also weren’t completely dependent on me to run the campaigns. Anyway, it was just win-win, and it could have been me saying Okay for 12 hundred dollars I’ll improve you SEO.
21:10 Julian: What we are talking about is selling right? It’s not a natural process, its not something you just do by mailing in your rate card or posting your prices on your website and hoping your cheap enough or you affordable enough that people will come and pick you because if that’s the way you’re running your business your in the race to the bottom.
21:56 Nanci: A theme that keeps coming up in our podcast is this hiding; you know it takes courage to ask a business owner to open his kimono and share his pain with you. Like what is a cost per lead in your business and if you don’t get the prospects that you need? What happens to you? Or he says its none of your business. At one point, I would be like okay maybe we shouldn’t work together because I don’t want to be an expense to you, I want you to consider my work an investment and I can’t give you the right product. I can give you a project, but I can’t give you the right project unless you give me a little bit more information about your business.
22:50 Julian: So what you’ve done there, you’ve taken the lead through your engagement, through questioning, through listening you’ve turned that lead into a prospect. Before them giving you money and saying you’re hired, but then in your case they did convert and become a client.
23:11 Nanci: Sometimes the flip side happens people have come to me with a website, and I look at their website and say they don’t need a website. The website is fine, a new website doesn’t go to solve your problem, you need to reorganize this pages, and you need search engine optimization, and that’s cheaper that any website. Well now, I have tremendous credibility because not only have I given the right project not just a project but also even a much lower course. So in a few years when he needs a website whom’s he going to call? Julian: You’re the default setting now. So it comes down to listening to you clients, identifying their pain points and then soft of feeding it back to them, I hear you and this would be my solution.
25:45 Julian: I think you need to always have in the mind that the lead generation process is a background activity, some people would dedicate a day a week to that, and then there is the automation that you can integrate as you’ve done Nanci with your online course and stuff. Generating leads is not something you do want and forget about it. Something that is a necessary, it’s the lifeblood of your business, and the leads have to pass through from being unknowns too.
27:36 Nanci: Our point is that there are different stages of the cycle there’s cold, there is lead, there’s prospect, and then there’s client who also requires a certain amount of care taking. So keep making sure that every part of the pipe is being nurtured and filled up and if you do that and you do that regularly you’re not going to have this, hypothetically you’re not going to have this low period.
30:46 Julian: There is this online networking, online advertising which we are talking about. Then offline, going to meet ups. This might be a thing for your business. It appeals more to extroverts but even if you’re an introvert don’t let that hold you back because getting involved with a community of people who are potential customers of yours even if you just showed up being there. Step 1 shows up find out where the events are happening in your city go to them, forced yourself to go at least 1 per quarter or 1 a month.
32:18 Nanci: We talked about this before, dress appropriately, listens first and have a great business card like really show up ready as if the sale could happen right there. Business cards leads, scan your business cards go back once in a while and phone those people, you can write little notes on the back of the business card of scan them to Evernote and write notes.
35:04 Julian: I think the point here were talking about is don’t treat past clients like a done deal. There is a lifetime value in a client and once you are through that first gate which is an unknown freelancer to this person have worked for me before, done a good job, and delivered. It’s a lot easier to then sell again to that client, and that client gets you into the organization if its big enough company that one contract of one client maybe ends up you working few other departments a few other people within the company.
38:01 Nanci: If your clients are corporate, is try calling 6:30 in the morning or 6:30 at night because often their at their desk still working or getting in early and their assistant is not in yet. So there is no gate keeper, they are answering their phone, and maybe they have an extra 5 minutes, and they are impressed because it’s 6:30 and you’re up. The Early bird catches the worm. All right so I think we should wrap this up. It was a convoluted episode, and I think it sparks some conversations that we can go deeper in but what I’m getting from there is the pipeline of leads, to prospects, to clients. Each step of the way, make sure that you are filling up the pipe and that you’re nurturing each segment, each step of the way and where to get leads. You don’t want to be reliant on one source, in case that source fails you. So online content marketing, if you have to think about lead magnet if you have a lead magnet or some great blog post on your website. Think about promoting them, 5 dollars a day on Facebook something like that, meet-ups, networking find out physically where your clients are hanging out and show up at this networking events and referrals and asking for referrals. Julian has great tips on his invoices. What do you have on your terms and conditions?
39:25 Julian: In a standard invoice you got a terms and condition sections are most of the time are just you know my payment terms are net 15 days. Thank you for your business. I think that’s a waste. Why not use that real state for advertising, what I put there. I put a bunch of things; I put a list of my distinct services, add-ons, and links to my website. I do this to my estimates to, so I’m sending in my quote, and somebody asks me to send us a quote for this work? I respond to the need, and at the bottom, I add a whole bunch of other things just in case I haven’t thought about it and its generated business sometimes people see it because they go down the list.
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