Until recently, I thought the idea of using lead magnets to grow a list was kinda straight forward, nothing to argue about.

It’s not that I think that every online business needs a lead magnet. Heck, I don’t even think that an email list is something that every online business needs.

But I was annoyed to see an ad calling out online business owners saying “Lead Magnets Are Dead!” and "You Can't Grow a Business with Freebies!"

Do you also get annoyed when people speak in absolutes? 😕

I know... speaking in absolutes is great for attention (especially on social media where the algorithms like🧨🔥🧨🔥🧨), but there are no absolutes in online business, so anyone who says differently is selling you something.

The thing is, not all businesses are the same and most businesses don’t stay the same. Growing a list with lead magnets works for many. Growing a list using only low-ticket offers works, too.

Both. Ways. Work.

And both ways require some thinking and strategizing or they fall flat on their face.

The important question to answer is: what is right for your business right now?

Let’s Talk About Why & When To Use Freebies

Leads who come from freebies are cheaper to get. That part is known.

Also, freebies can be quick and easy to create. So, you can have many freebies without a big investment (which is kinda cool when you want to test out new directions in your business).

The argument for using paid offers only and avoiding freebies completely stems from the idea that if someone paid you for something, they’re more likely to pay you again, which is true, but it’s not necessarily a good enough reason not to use freebies.

How about we look at when lead magnets are a great fit so you can decide if they're right for you?

If this is you, lead magnets are 🦄 AWESOME 🦄:

👉 you love creating content & want to impact more people. If you like creating content, if it comes easy to you, and if you know it’s a way to create an impact and connection, then you should grow your list as much as you can, which freebies allow.

👉 You know you may change up your offers or you’re not sure what your core offer will be. Maybe you haven’t landed on your long-term core offer just yet, or maybe you’re working on it, and it’s taking some time, or maybe you just know that your business is the kind of business that’s going to change things up over the next couple of years. In that case, invite more people in so you can get to know your audience better and have people to present your offers to once they’re ready.

👉 You Have A Broad Focus. For example, if you support audiences with different problems in the same market.

👉 You’re pivoting. Lead magnets are great for testing out new directions for your business.

👉 You plan to use affiliate marketing as a substantial line of income in your business.

👉 You want to grow your brand recognition, influence, and authority, because you want to charge more, or book more high-ticket offers, or get booked to speak. Emailing subscribers helps keep you on people’s mind and to get them to check out your podcast, your media appearances, your books, articles, etc.

👉 Your offers require warm-up or can’t be sold publicly, which is the case in some markets.

So, allowing more people in and not limiting your list to paying customers allows you to put different offers directly in front of your audience and adjust as you grow (start simple, grow as you go!).

Even If You’re Using Freebies, You Can Still Use Low Ticket Offers To Make Some $$$

It’s important to remember that you can use a low ticket offer along with your lead magnets (as I talk about in the Core Offer Blueprint Playbook).

When someone signs up for your list to get a freebie, you can suggest your low-ticket offer to them. Here's when:

✔ ️ Right as they signup to get the freebie - you can use a tripwire, an order bump, or a onetime offer.

✔ ️ As part of your welcome sequence.

✔ ️ Later on, in your broadcast emails as a dedicated email, in the content of an email, or in your signature/PS.

Point is, you can get the monetary benefits of using low ticket offers without leaving behind the people who aren’t ready to buy just yet.

Unrelated… New Federal Filing Requirements—BOI: Beneficial Ownership Information

If you do business in the US, you may have heard about BOI already. It's a new federal reporting requirement where many businesses here have to file a Beneficial Ownership Information (BOI) Report.

Specifically, it applies to most corporations & LLCs registered with the Secretary of State, which includes single member LLCs that might otherwise be considered a disregarded entity and have no tax reporting requirement. (Sorry for the jargon....)

To file your reports online, go here. For info about BOI reporting, go here. Since it's new, I just did it myself and I can share that I followed the instructions. It wasn't complicated, it took a little time (not too much), and I didn't pay a dime. Pretty sure you can get your registered agent to do it for you for under $50.

Anyway, I'm not a lawyer, or a CPA, or anything along those lines. My CPA informed me about it, so I thought I'll mention it, in case you haven't heard. Please consult with your pros if you need additional info/support. And may the odds be ever in your favor. 😉

As always, thanks for hanging with me. Talk soon, and in the meantime, stay awesome, ✨✨✨
Orit