One of the reasons you want to monetize your lead magnet is because the people you can segment into your paid funnel will be much more likely to buy the products you create and the products you recommend that someone else created. When you give away freebies you may get a lot of people on your list that aren’t interested in buying. You can mitigate this problem by laser targeting your lead magnets as well as by monetizing them.
When you give your audience ways to buy smaller priced products or services they will get into your paid funnel where you can market to them progressively higher priced and more valuable products and services as you nurture the relationship. When an audience member has already bought from you it means they’re much more likely to take your recommendation to buy something else in the future.
Regardless of how you get the traffic to your site, your goal from that point is to get them onto your email list so that you can market to them other valuable products and services related to that niche. One way to get traffic is to offer a lead magnet that is free, but a lead magnet can also be priced too. For example, you can have a short report that is only $7 dollars or $27 dollars, if you prefer, that offers value greater than the price. Alternatively, the lead magnet can stay free but be monetized in other ways such as via affiliate links, upsells, cross-sells, and upgrades. It depends on your audience, but ultimately after you get people on your list you want to quickly get them moved to your paid funnel.
Your paid funnel consists of list members who have spent money with you in some way. They bought a product. The bought a service. They signed up for something under your affiliate link that you promoted. Your autoresponder software or other software helps automate this entire process. But, buy paying for something they have now proven to want what you offer. Because of this, and the value of your products and services, they are highly motivated to buy more when it fits their needs and desires. You can market to these people differently from how you market to the people who are on your list who have never spent money.
These are the people who are now truly part of your community, kind of like insiders, and the ones you want to start focusing on building tighter relationships with, learning more about, and creating new products and services for as you learn more about their wants, needs, and desires. You still want to nurture the freebie list, but your goal here is to move them to the paid list.
Your paying customers are much more valuable than the freebie subscribers. A certain portion of your freebie subscribers, depending on how targeted your lead magnet is, will just be freebie seekers. But, the people who have paid for something, even if it’s small, have shown their commitment to the niche and can be turned into lifetime customers. Remember that goal as you move forward building your list with lead magnets as you also continue to grow your bottom line.
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