If I have a lead magnet, do I have a digital product?

[00:00:00] Rene: Hey everyone. Welcome to Your First Digital Product, a show that helps maxed out service providers create their first digital product so they can gain an additional income stream, grow their impact without increasing one on one work, and experience more time freedom. On the show, I talk to business owners who have launched digital products and dig deep into how you can create, launch, and market your first digital product. I'm your host Rene Morozowich. Let's go!

[00:00:28] Hey, everybody. Welcome to today's episode. And today we are talking about lead magnets and their relationship to digital products. So a question came up recently, I had a call with someone and they said, If I have a lead magnet, do I have a product? And I love that there is such a clear relationship between lead magnets and smaller products. 

[00:00:51] And, you know, I'm super passionate about smaller products being great first products, because they're not so intensive. Because they are easier for you to create. Because they're easier for your audience to consume. And all of those reasons that we've talked about on the show, tons and tons of times. 

[00:01:09] So the answer to this question, if I have a lead magnet, do I have a product? Is yes. I would like you to think about these like cousins, so cousins like your lead magnet and your digital product can be cousins. So today in the show, we are going to talk all about lead magnets and creating products.

[00:01:29] And that is what today's episode is about. So creating a lead magnet and creating a product are very similar in that they solve an important problem for your potential customer. Now, this is an important problem. And I've said this a thousand times, an important problem that they think is a problem. It's also a timely problem. 

[00:01:49] It is something that if you can help them with, they will be a fan for life. Now you are asking for something in return. With a lead magnet, you are asking for something valuable, their email address [00:02:00] and with the product you're asking for something valuable, money. Now bonus points, if you are actively marketing your lead magnet. 

[00:02:08] So that's an important part of having a digital product is actively marketing it. So if you have a lead magnet, And you are actively marketing it. Bonus points. If you have a sequence after you send it and hopefully you do, you're asking for their email address. Hopefully you're sending them something beyond just that lead magnet. Bonus points there. 

[00:02:27] And bonus points if you're sending regular emails as well. Now we have had a bunch of guests on the show talking about email marketing, and we will have more in the future. Already recorded. Will be coming out this year. And email marketing is such an important part of having a digital product. 

[00:02:43] So having a lead magnet and having a product, these kind of go hand in hand, and we're going to talk more about that in the episode today. Now option one I have for you. Just pretend you're creating a new lead magnet, but put a price on it at the end. 

[00:02:58] So people are valuing what they pay for. Sometimes if we get something for free, we don't actually do anything with it. I don't know if that's ever happened to you, but sometimes I download a thing and I'm like, ah, I just don't have time for this. I didn't pay anything for it. So I didn't lose anything. 

[00:03:13] Maybe I get more emails from them or not. And that's fine. So it's pretty uneventful. But if we actually want our people to consume the product, then maybe putting a price tag on it is a great way for them to value it more. Also, you should resist the urge to put too much in it. Oftentimes we want to add more and add more and add more, especially if we're charging for something. But that is counterintuitive to the process. 

[00:03:43] If you put too much into a smaller digital product, you can overwhelm people and they may not complete or consume the product and that's really not what you want. You want people to get the solution to the problem that they have. 

[00:03:57] And again, I've said this over and over and over. [00:04:00] Make sure it solves a problem, an important timely problem that people actually have, they've told you they have, you've heard they have, and not just something you think they might have. Now, that's a fine place to start. 

[00:04:13] If you think they might have a certain problem, if you don't have any other ideas and don't really have a way to get any additional feedback, that's a fine place to start. But I do feel like your product may be more successful if you actually ask people and know for certain that it solves an important problem for them. So that's the first option. 

[00:04:33] Pretend you're creating a new lead magnet. You've created lead magnets before. Just put a price tag on it at the end. And that is one way to get your product out there. 

[00:04:42] Now option two. In the last episode, Hollie told us all about her lead magnet ladder or her product ladder. So, what she did was she had a free lead magnet. 

[00:04:54] It is a checklist and she just expanded on that to paid products. So she has a free version, a starter version that is paid and it offers some additional items. A standard version also paid a little bit higher, offering more options, more videos, a little bit more content, a little bit more in depth. And then an option at the end with her. 

[00:05:17] So the whole product, plus some of her time, it's a strategy option. And I love this because you're taking something that you have already, your lead magnet and just expanding on it. So this is a place where we're able to go into a little bit more detail, because we want to do that. We want to share more information with people and we can do it this way in this sort of ladder fashion. 

[00:05:38] So think about a lead magnet that you might have. Is there a way that you can expand on it and have some paid options at the end? You don't have to have that top option where they have time with you one-on-one but you could just to see how it works. See if that's something that people are looking for. All right. 

[00:05:54] So the next option is. Switching it. Take a product that is [00:06:00] currently a lead magnet and just turn it into a product. So something that you already have. We've heard about this way back with Kyle in episode 11. So he had a lead magnet. It was not getting a ton of downloads. I think he had said it might've had a hundred downloads or so. But he knew it was valuable. 

[00:06:16] So he polished it up. He put a price tag on it and it started to do really well. And at the time of that recording, it was a best-selling product that he had. He had created other products after that, but that first one was still the best selling one. So this is actually looking at something you already have instead of creating something new or expanding on something, taking something you already have and just switching it, just putting a price on it and seeing what might happen. 

[00:06:41] So I love this idea. Now really quick. If you want me to look at your lead magnet. I love to look at lead magnets. I'm offering free 30 minute strategy calls, no strings attached. You sign up. There's a link in the show notes at yfdp.show/strategy. I will look at your lead magnet and we'll talk all about it and brainstorm just if there's any ways that a product may be able to come out of that. 

[00:07:02] Now just a couple other ideas I want to share with you today. You may have some old lead magnets. And you may be able to polish these up and turn them into products. 

[00:07:12] So you may have some new strategies, new ways you work with clients, new information, a new framework or process. So you might be able to take something that you already have that you're not currently using and massage it and develop it into a product. So that is something that you might think about as well. Now you may also have a current lead magnet and very similar to expanding on it would be, could that lead to a product? 

[00:07:39] Is there something that you could create as a separate item? Maybe like a next step item. So this is a little bit different than Hollie's example where she created something and then just expanded on it. Is there a lead magnet that you have where you think about what comes next and that is the product that you might create. 

[00:07:57] So after they consume the lead magnet, what [00:08:00] information do they need to know? What are they ready to do next? Think about what comes next and you might be able to build that thing and then charge for that. So lots and lots and lots of different options here.

[00:08:11] Now, just one thing that I want to mention, and I have heard this in many forms before. From many different people, in many different places that it is easier to market the free products. So people will say, oh, I have no problem marketing my lead magnet, but I have a really hard time marketing my product. 

[00:08:30] So if you're putting a price tag on it, just be aware that it might be a little bit harder for you to market. Sometimes it is often hard for us as small business owners to separate the business from ourselves. So a lot of times people will think, oh, they don't want to buy my product. 

[00:08:47] They don't like me, which is not the way it goes. So that's not a valid comparison. Just remember that not everyone needs your product for a number of reasons. Right. It may not be the right fit for them. It may not be a good time for them. It really has nothing to do with you as a person. So don't worry so much about marketing your product and telling people about your product. They will still like you, whether or not they choose to buy it. Also, you can make it a little bit easier by automating some of the sales information. 

[00:09:19] Take that lead magnet that you already have that sequence after that can do the selling for you. 1, 2, 3, 4, 5 emails. 

[00:09:27] However many you have over a period of time, they can nurture people to sell the product. And that kind of takes the pressure off of you. Right at that moment, one-on-one trying to sell the product or letting people know about the product. So automating this might help you be able to market the product a little bit better. So, what do you think about today's episode? 

[00:09:50] Looking at it from this lens do you think it might be easier for you to create a product? If you've created lead magnets before and been successful with that, you know how to market those, you know how to [00:10:00] create them, you know how to spread the word about those. Do you think that a digital product, a smaller digital product is a really big step still? 

[00:10:09] So I'd love to hear from you. Send me a voice message at yfdp.show/share. 

[00:10:14] Hey, thanks for listening. I'd love to continue the conversation in your inbox. Email SUBSCRIBE to hey at yfdp.show or sign up in the show notes to get bi monthly emails about how you can create, launch, and market your first digital product. Can't wait to see you there.