Why isn’t my lead magnet converting?
Reader Question:
Hi Olivia. I’m a health and wellness coach and I’m having trouble with my lead magnet. Right now, I have a course that I normally charge $497 for that I am giving away for free. I’ve had a bunch of people sign up for it, but then they don’t ever move forward. I checked the other day and only a small handful have even logged on to start the course. How can some people get a ton of clients with just a one-page PDF lead magnet but I can’t get people involved even with a $497 discount? Feeling a bit resentful and like I’m failing at this whole business thing.
Ashley J., Dayton, OH
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Hi Ashley,
First off, it’s understandable and completely normal that you’re feeling frustrated. It’s important to remember that you don’t know the story behind someone’s “success” - you might be looking at someone who is in the middle of their chapter 23 while you still may be in your chapter 2. I can pretty much guarantee that all of those people you see having success with their lead magnets went through several iterations before they found the right thing for their audience.
So, let’s talk about your lead magnet. I have a quick story that may help.
Yesterday was the annual neighborhood-wide garage sale in my subdivision. My three-year-old had some money from his piggy bank and I told him he could spend it on whatever he wanted. After browsing through about a dozen sales, though, he hadn’t yet found anything that he really wanted to spend his money on.
And then he saw it.
It was a black toy pickup truck. Well-loved. A bit muddy. Missing a headlight. Minor rust patches. It was perfect - exactly what he had been waiting for.
He paid $1 for it with a huge grin on his face and drove it from house to house as we kept exploring the remaining sales.
We then came to a house where a very kind woman gave him a $1 toy Batmobile for free. It was a super cool car, with lights and a secret compartment, and in perfect condition. It was clearly worth more than $1.
But can you guess which car he preferred playing with? The one that he spent his own money on, even though it wasn’t as new and shiny as the one he had gotten for free.
People value what they have invested time, money, and/or effort in.
When people invest effort or resources into obtaining something, they tend to justify that effort by assigning a higher value to the item. This is known as effort justification, where individuals want to feel that their investment was worthwhile, and they then attribute greater value to what they have obtained as a result.
While offering a course that is typically priced at $497 for free is a very generous offer, the perceived value for your audience is usually much lower, especially if this is a cold audience that is unfamiliar with you and what you teach. You are now asking them to invest their prized time and energy into something that they don’t necessarily see yet as being as valuable.
So what can you do about this?
If you still want to offer your course for free, I would recommend reaching out to those who have signed up for the course but haven’t finished it and just ask for their feedback. Try to understand their reasons for not moving forward and use that information to improve your course or address any potential barriers.
You could also add in some email automations with reminders to participants to encourage them to engage with the course. You could consider sending regular updates, additional resources, or reminders about the lessons to keep them engaged and motivated to continue.
I would also highly suggest that you add in some natural scarcity by having a limited timeline for when people can get the course for free and have a smaller, easier-to-consume lead magnet on hand for when your course isn’t free.
Remember, building a successful business can take time and (lots of) experimentation! If something doesn’t work, it’s not a failure. Instead, view it as an opportunity to learn and grow.
Until next time!
Olivia
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