Money magnets do exactly what the name suggests – they attract people with money to your business and website. It’s easy to attract “freebie seekers” who will waste your time and never buy anything, but quite a different thing to attract the right kinds of people who will actually buy what you offer.
Everyone is very busy these days, and there are so many free videos, reports and other downloads available, who has the time to try them all? Certainly many of the people making the most money don’t – they’re too busy making more money! Of course, people with a job they need to get done will often spend the time to watch a brief video, read a quality report or go through a free trial.
So a good money magnet both attracts the right kinds of prospective buyers and qualifies them – at the same time. Let’s examine this further by way of a true story.
Several years ago, I was approached by a customer in one of my online businesses that had nothing to do with online marketing. He said he needed help with his business and saw what I was doing with my online business and thought I could probably help him out. At the time, I wasn’t providing any kind of online marketing or related consulting whatsoever (I was too busy with my day job and my own small business during off hours).
His name is Kevin, and on the Internet he’s known now as “Tiki Kev”. We finally spoke on the phone and Kevin told me about his plight and that he was virtually broke, was having to shut his shop down and sell all of his best tools, and didn’t know what to do… I could tell he was rather desperate and that if I didn’t reach out and help him, things were going to go from bad to really bad.
Kevin is a master builder, and had decided he wanted to specialize in Tiki Bars and Tiki Huts, something he’s very passionate about. Kevin builds the highest-quality Tiki bar and hut products. Click the link and have a look for yourself, if you’re curious.
Anyway, he told me these custom-built products sell from around $5,000 and up and that he wanted to sell them via his website. He showed me his website, which looked really nice (his wife is an excellent graphic artist). Right away, I realized there were several big show-stoppers standing between Kevin and success.
I told him, “Kevin, I hate to say this, but people just aren’t going to come visit your website and buy a $5,000 anything from you – no matter how good they look…” The old saying “Houston, we have a problem” came to mind. I told him I’d think about it and get back with him.
A few days later I called him back and told him I had an idea. I told him we needed to start smaller and build our way up to selling them the custom Tiki bars and Tiki huts. I told him we needed to write an e-book on how to build a Tiki bar. After I explained everything that would be involved, he agreed. I then offered to help him with some important website changes that would be required to make all this work.
Kevin’s a very hard worker and he knew exactly what to do. He went to his shop and started building one of his signature custom Tiki bars, and they took pictures of the entire process – start to finish. Kevin then wrote the first edition of “How To Build Your Own Tiki Bar”. I went to work on writing a sales page for the product.
A few weeks later, the whole project came together. We had the sales page in place, and posted his e-book for sale on ClickBank. It took several more weeks of driving Google AdWords pay-per-click traffic to the site and split-testing price points to find the magic price: $19.95.
Kevin was not happy at all about the final price. We both wanted the e-book to sell originally for $49.95, but it just didn’t sell at that price. At $19.95, it began selling great and we saw the volume rise to over a hundred e-books per month right away.
Meanwhile, I told Kevin that while his website looked good, it was too graphics-heavy and needed a lot more text, because the search engines only cared about text. A few more weeks of SEO work and we were good to go.
A few more weeks passed (it’s now been several months) and I noticed I wasn’t getting any emails from Kevin, so I decided to call him. I finally reached him over a weekend, and he sounded really tired. He said, “man, I’m working like 18 hours a day building bars for people, it looks like I’m going to have to hire some help – I can’t keep up with all the business that’s coming in”.
A few months later, I get a call from Kevin. He’s really excited and tells me “I’m gonna be on TV!. Extreme Home Makeover is having me and my crew on their show! Can you believe it?” Well, needless to say, I was very proud of what we had accomplished. They found Kevin’s site due to the SEO optimizations. In fact, go search on Google for keywords “tiki hut” or “tiki bar” – he’s still on page one today.
If you visit his site today, you can see for yourself what’s happened since then. More TV appearances and more e-books and sustained success for Kevin’s business.
In Kevin’s case, the $20 e-books turned into “money magnets” for his $5,000 custom-built bars and huts. Let’s examine this case study a little closer, because something very important happened here.
People who wanted a Tiki bar and wondered what it would take to build one themselves bought his $20 e-book and found out just how involved it actually is to do this and do it right. Some of these e-book customers went on to build their own very nice Tiki bars, using Kevin’s master plans.
Another percentage of them realized just how much work and effort goes into building a Tiki bar right, and suddenly had a great appreciation of the VALUE of having it done for them. And who do you suppose they wanted to build their Tiki bar? The guy in those pictures who showed them exactly how it’s done.
This is how you develop a money-magnet to sell something worth thousands of dollars over the Internet. You find something of interest to the prospects, you qualify them with a small purchase (of $7 to $19.95 – no higher), and then you give them all the information you can for how to do it themselves. Once they recognize the time, energy and effort involved, there’s a much greater appreciation for just buying the finished product.
Some percentage of the prospects will have the money to just buy the product instead of spending the time and effort to do it themselves.
Another quick example of a money magnet comes from one of my online businesses, which is in the Texas Hold’em poker training market, where we provide a monthly membership to poker players to watch training videos and learn to play winning poker.
In this case, I created an “upstream” site known as PokerTester.com. This site provides a free poker skills test, consisting of 25 questions in 8 different skills categories. To take the free skills test, users must register and join our mailing list.
After taking the test, the site provides the user with a “report card” on their skills, along with specific tips for improving their game. This process provides players with real, tangible value and an objective view of where they are falling short, along with instructions for what they need to do about it.
Then, we send a series of skills improvement tips via the email autoresponder, including some sample videos from our membership site. This site provides a steady stream of fresh leads that feeds the membership site, along with selling a number of other 3rd party affiliate products.
These are just two examples of money magnets that work like a charm. There are many other types of money magnets, including free trials, free software tools, results calculators, free reports and e-books, free videos, webinars, teleconferences and more.
The key is to figure out what you can use as “bait” to attract the kind of prospects who will turn into buyers, when the time is right, you’ve earned their trust and they’r ready to buy. It all starts with the right money magnets and getting the prospects on your list, so you have the opportunity to build a relationship with them, earn their trust and show them how you can help them get what they want.
Tags: lead generation, make money, making money, money magnet, Online MarketingRelated posts:
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