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The Lead Magnet is the “free gift” you give to someone in order to entice them into joining your email list. (I know, some people don't like how “entice” sounds because they think it sounds like “trick”. I'm not saying that at all – never, ever, trick someone into joining your email list. Businesses “entice” people all the time with sales, new products, limited availability, etc. – which is what I'm referring to.)
With regard to Digital Product businesses, your Lead Magnet should correspond with the Initial Offer, the “Big” Offer, the Upsell, and the Downsell. For example, if you're selling a course on email marketing, your Lead Magnet could be a little portion of the course, or maybe a checklist to follow in order to create great email campaigns.
It needs to make sense and lead into the products you're trying to sell.
Learn more about Lead Magnets here.
The Welcome Series is the email series that delivers the Lead Magnet and also introduces your business to the newly subscribed individual.
The main purpose of this email series is to establish a relationship.
It can introduce …
- Picture(s) of your business and/or workforce and/or you
- Facts about your business
- The community you support
- Your social media accounts
- Top products your business offers
- Top posts on your blog
It can also ask for any questions the new lead may have – which can be a great conversation starter if you sell a more complicated product or service.
The point is to get people to know you and your business and feel comfortable with the products/services you provide.
Note: Not all digital products businesses need a Welcome Series. In many instances, the Initial Offer Action Series can introduce the business and share success stories when selling the Initial Offer.
Grab a Welcome Series Template from The Vault!
Initial Offer Action Series
The Initial Offer Action Series purpose is to qualify the lead by getting them to “open their wallet.”
You may have heard the Initial Offer be called a tripwire or a self liquidating offer.
The point is, it's priced very low (less than $10), delivers a ton of value, and makes people want to move onto the “bigger” product you're actually trying to sell.
Of course, this Initial Offer needs to be aligned with the “Big” Offer you're wanting to sell. More than likely, the Initial Offer is just a little piece of the “Big” Offer.
For example, back to the email marketing course – the Initial Offer could be the first 1/4th of the full course. It still delivers a ton of value; however, it leaves some questions unanswered.
Concurrent Email Series
As you noticed, directly after the Lead Magnet comes both the Welcome Series and the Initial Offer Action Series.
Both of these series happen at nearly the same time (maybe a couple of hours apart).
Because you want to start building the initial relationship while simultaneously working on selling the Initial Offer to the new, highly interested, hot lead.
Did Initial Offer Sell?
An important question!
The lead will move onto the “Big” Offer Action Series where they'll be sold on the idea of the “Big” product or service.
The lead will move to the Broadcast/Segmentation list where the relationship will be nurtured, other products will be suggested, and someday they'll make the leap to buying a product.
“Big” Offer Action Series
The point of the “Big” Offer Action Series is to sell your “Big” product or service. (Roughly between $300-$1,000 – though it really depends on your goals, market, business, etc.)
Ideally, by the time you get here – the lead will have already “made up their mind” whether or not to purchase the “Big” product/service because you've already delivered a killer Lead Magnet and an amazing Initial Offer.
Regardless, some more motivation may be needed to get the sale. This type of motivation comes from tearing down obstacles and objections (time, money, competition, laziness, etc). You'll want to send emails that negate those obstacles and objections.
For example, you may need to add an element of scarcity (price increase at midnight) or maybe offer a discount.
Pro tip! At the end of your “Big” Offer Action Series, right before you go into the Downsell Series (if a lead doesn't buy your product/service), send them a “Do you hate me?” email. A simple, one question survey that asks “why” they didn't buy your “Big” offer. These are obstacles and objections. You can then use these to write your emails in your “Big” Offer Action Series!
Did “Big” Offer Sell?
Go to the Upsell series and try to make more money!!!!
Sigh. Ah well, maybe they'll purchase a watered down version of the “Big” offer for about $100.
So … the lead purchased the “Big” Offer – yippee!
Now it's time to turn that into something more – for example, a recurring membership where they have access to you and/or your support team.
Or maybe a one-on-one coaching session.
Or maybe a “done-for-you” service.
The whole point of the Upsell Series is to sell more than just your main product/service. You know the lead really wants their problem solved and if you can help them even more – do so through the Upsell Series.
Note: An upsell doesn't necessarily have to be an even more expensive product/service. Many times it can be something less expensive – like a recurring monthly payment of $37 for unlimited support.
Even after delivering a killer Lead Magnet, an amazing Initial Offer, and negating all obstacles and objections – sometimes the lead still doesn't buy your “Big” Offer.
Instead, offer them a “watered down” version of the “Big” Offer.
For example, the email marketing course we're selling comes in both eBook and Video format. So, the Downsell Series can sell one of those formats. ie. “So, maybe both the eBook and video course seems like too much, so … how about this … you can get the eBook version for only $97 … saving you $300. You won't get the step-by-step videos (which are incredibly helpful); however, you'll still be able to achieve the same results.”
These emails are not necessarily in a series and are not generally automated.
They're more of a “one-of-a-kind” email.
Think of a monthly newsletter or a weekly update. The content of each email is unique. Even if the email timing is the same each week/month/quarter – the content is fresh and now.
Or perhaps a one-time promotion or event.
These emails nurture the relationship with the lead while continuing to recommend other products and services your business offers.
Email marketing is an incredibly powerful tool for businesses that sell digital products.
All that's left to do is implement it … which … by the way … we'll do for you!