Episode 4
AMA: The Lead Magnet Dilemma and Strategy
Maximizing Lead Magnet Effectiveness and Audience Engagement
In this episode of Cocktails, Coffee, and Conversations, host Tracie discusses the importance of selecting and creating the right lead magnet for your audience to support your business effectively. She answers a listener's question about improving a lead magnet that isn't performing as expected. Tracie emphasizes the need to align lead magnets with one's brand and overall offer suite and the significance of understanding one's audience to achieve better conversion rates. She also touches on the role of traffic sources and their impact on conversion. The conversation includes insights on experimenting with different formats and ensuring lead magnets serve as a valuable initial contact point between a business and its potential clients. Tracie encourages leveraging this opportunity to demonstrate the value and results a business can provide, thus setting the stage for a positive and engaging relationship with the audience.
00:00 Welcome to Cocktails, Coffee, and Conversations!
01:46 Diving Into Listener Questions: The Lead Magnet Dilemma
02:09 Breaking Down the Lead Magnet Strategy
04:25 Understanding Conversion Rates and Audience Engagement
12:28 Optimizing Lead Magnets for Your Brand and Audience
17:18 Exploring the Right Vehicle for Your Freebie
20:24 Wrapping Up: Key Takeaways on Creating Effective Freebies
Resources mentioned today:
Have your own question or comment?
Want the training Tracie mentioned today or to find out more?
Music Credit ColourfulSounds
Podcast Editor Maia McLachlan
Digital Marketing VA Lisa Harmatuk
This podcast uses the following third-party services for analysis:
Chartable - https://chartable.com/privacy
Transcript
Hello, hello, and welcome to Cocktails, Coffee, and Conversations.
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:I am Tracie, and today's episode
is one of my favorite things to do.
3
:It's answering your questions.
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:You may be a listener who remembers
the show has existed for a few
5
:years now, but only recently has
changed formats to a podcast.
6
:But something that won't ever change
is my love for opening the room and
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:taking questions, having laser coaching
sessions, and giving you a place to voice
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:what's on your mind without judgment.
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:And since, well, you know,
spoiler, this podcast isn't live,
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:it looks a little asynchronous
these days to accomplish this.
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:So how do we do it?
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:Well, it's all in the show notes.
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:There's a link and on the podcast page,
you will see an AMA box where you can
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:drop your questions even anonymously
for the team together and pop over
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:to me for episodes like this one.
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:I'll read your question and give
you some coaching or a direct answer
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:depending on the type of question.
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:So if we're ready for the first
one, let's see what we've got.
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:So today's question comes from Laura.
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:Well, hello, Laura.
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:Laura says I have a lead magnet that isn't
getting me the results I was hoping for.
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:I'm going to create a new one.
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:Which kind should I make?
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:Thinking about a private podcast since
they are quite popular right now.
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:My current lead magnet is a PDF of
best practices for creating content
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:with AI, and it's converting at 10%.
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:Ah, well, Laura, my dear,
I have a training on this.
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:This is exactly what is inside Audience
to Client, where I take you through the
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:four key decisions for creating the right
lead magnet for your audience and for
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:your offers, and then the five emails
to include for a follow up sequence.
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:I include my framework for choosing
the right type, A freebie to show off
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:your work, to help people implement,
to get that win and to pick one
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:that you'll actually want to finish.
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:And it's only 37 bucks.
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:It's available on demand, but I'm
not going to end the episode there.
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:So yes, grab the training.
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:If you want to be with me during
that creation, but keep listening and
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:I'll go through some coaching points.
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:Cause there's multiple
layers here to your question.
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:And And, you know, they're, they're
really the key to facing this issue,
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:not just for, for you, Laura, and thank
you for coming forward as tribute.
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:Right.
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:But this is something
that will help everybody.
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:Um, so I'm going to use your question to
illustrate these points across the board.
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:All right.
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:So we're going to, we're going to Use
your question for context, Laura, but
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:really this is something that kind of
like speaks to the heart of anybody.
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:It doesn't matter if this is a
first freebie or like, you know,
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:your 17th millionth freebie.
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:Yeah.
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:So let, let's break down Laura's question.
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:So she has a freebie, which was,
you know, the word I use, So jargon
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:break, a freebie, an opt in, a lead
magnet, different word, same thing.
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:And you will hear me always use those
interchangeably to basically kind of get
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:you used to hearing them interchangeably.
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:Okay.
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:So that way you don't go, Oh, wait, I need
one, not the other, or, or what is this?
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:What is that?
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:Right.
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:Laura says it is converting at 10 percent
and it is on the topic of content with AI.
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:But it's not the results
that, that she was hoping for.
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:So, okay.
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:So that that's setting expectations.
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:So I'm curious, Laura is AI something
that you're known for and that you've,
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:you know, like, like move your business
into over these last few years or
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:like private podcast, is it a topic
that you chose because it was popular?
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:So no judgment, just a question.
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:Which one is it?
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:Because that very much.
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:Helps to kind of guide the direction
for the audience to understand what's
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:going on and, um, their decision of you
over someone else or, you know, would
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:they even come to you for this idea?
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:Yeah.
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:And then the other thing is, if we're
talking about a large volume and like
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:colder traffic, 10% is excellent.
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:Okay.
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:So anytime that you hear that, that
quoted industry average of conversion
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:is one to 2%, that's the conditions
that that percentage comes from.
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:that large volume, that colder traffic,
including things like, you know, ads and
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:mass social media blasts, volume, volume,
volume, quickly scaling up your audience.
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:So maybe you've had them, but
only for like the last six,
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:maybe eight weeks at best.
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:Right.
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:So they haven't really been
with you for a long time.
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:time.
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:That is where that one
to 2 percent comes from.
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:Right.
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:But if you're talking about like organic
traffic, warmer traffic, people that have
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:been with you for a while, people that
are coming from more of like a direct
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:referral pool, that's where we often see
the higher numbers that 40 percent plus.
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:Okay.
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:Because the key with conversion
is a better audience.
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:You get a better conversion rate.
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:And the way I always say it,
it's like, if you want a better
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:conversion, have a better audience.
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:And sometimes it can be
like, wait, what, what, what?
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:Because it's, it sounds,
um, almost too simple.
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:And, and it's, it's definitely
not simple to achieve.
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:It's more of a simplicity
in the, the, the concept.
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:So the, the tighter.
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:that your audience is, the
more they know you, the longer
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:they've been with you, right?
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:The more familiar they are with you,
then the higher you can expect your
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:conversion rate, because the only thing
at that point that the people have
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:to decide is, is this offer for me?
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:Yes or no.
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:And that is the optimum place
that you want people to be at.
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:Right?
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:So you do still want people to be like,
Oh no, I know enough about my business.
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:I know enough about this stuff
to know that this isn't for me.
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:So, you know, I'm still going to say
no, but I still love you to death.
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:So I'm still going to hang out with you.
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:that's where we see those pieces.
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:But the, the newer people are to you.
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:Yeah.
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:So I'm going to rephrase it.
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:I'm gonna get away from the
idea of warmer, colder, organic
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:bought, all that kind of stuff.
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:And I'll just say the newer people are
to you, the less they've been with you,
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:the less familiar they are with you.
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:The more decisions.
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:That they have stacked on with every
single thing that you put in front of
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:them from, am I going to open this?
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:Am I going to click on this?
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:Am I going to look at this?
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:Wait, who are you again?
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:Remind me.
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:Wait, why was I being sent this?
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:Wait, why am I looking at this?
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:Wait, what is this talking about?
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:How is this going to help me?
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:All the way to the meaty decisions
of do I actually need this?
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:So the more and more and more and
stuff gets stacked onto it, which
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:means the less and less and less people
that eventually say yes and actually
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:click the buy or click the, you know,
to input their information, right?
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:Which is where we use
that word converting.
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:So that, that is where
those pieces come from.
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:The longer someone's been with you, the
higher you can expect a number to be.
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:And if it's not, then that's where we
need to look at like a misalignment of
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:either messaging or the offer itself,
or, um, have you just kind of separated
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:from the audience that you've had
and it's no longer like, like a fit.
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:Right.
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:Because, you know, the business
has changed, the people have
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:changed, et cetera, et cetera.
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:Okay.
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:So even, even in that there's, there's a
lot of things that we could dig into, but
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:I'm going to keep going through and just
like keep breaking down your question.
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:So what, what are the conditions
that this 10 percent is on?
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:So if these people are newer to
you, 10 percent cold traffic.
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:You're doing great.
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:If these people have been with you for
a while, then that's when we need to
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:say, okay, how is this offer aligned
to everything else that you do to the
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:messaging that's out there to what
the people are expecting from you?
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:And is your audience aligned to the
business that you are currently creating?
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:All right.
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:So that, that would be kind
of that first piece there.
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:Otherwise it's a case of expectations.
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:And is it, is it a matter of like,
you know, you thought it was a hot
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:topic and you really loved it and
you were super passionate about the
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:offer and you were like, Oh my gosh,
everybody's going to love this.
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:And that just didn't happen.
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:Well, at 10%, they did love it.
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:Right.
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:If it's newer than, than, you know,
if it's newer to you traffic, then,
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:then 10 percent of people did love it.
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:And any human who loves this stuff
is, is fantastic in its own right.
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:Right.
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:If we bring back that human element,
then, um, all of that is, is great.
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:And there's also kind of that benefit
of separating ourselves from validation
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:for, for our own preservation, right.
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:You know, like finding.
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:Finding that sense of self outside of
those external factors, which again,
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:is, is a whole, a whole other episode
in, in its own, you know, for, for,
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:uh, all, all the listeners here.
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:But when it comes to the, the 10 percent
part that could be great, or that could
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:be looking at a matter of, you know,
audience to offer alignment there.
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:So the, the next piece that
I would, I would wonder about
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:it is the traffic, right?
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:So.
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:How are people seeing this freebie?
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:What are the points of entry for it?
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:What are all of the call to
actions that you're using?
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:Are you using the exact
same one each time?
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:Are you tailoring them?
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:How often are you directing
people to the freebie?
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:Where do you place your
different call to actions?
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:Where are you saying them?
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:How are you linking them?
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:You know, what are all of these different
elements that, that you have going on?
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:Okay.
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:Cause all of that is
linked to your results.
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:So say you have your opt in, um,
let's say, okay, let's put your
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:opt in on your homepage, right?
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:Cause it should definitely
be on your homepage.
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:Let's say that's also on your socials.
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:Um, not just in your LinkedIn bio, but
like you also have posts talking about it.
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:Yeah.
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:And then, um, say that you
participate in a bundle.
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:Okay.
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:So that's three different options there.
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:So homepage, your socials and your bundle.
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:At that point, you would have a total
conversion rate for your freebie,
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:but you would also have one for
each of those ways that someone
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:could have gotten to the opt in.
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:Okay.
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:But if you think about that, that first
point that I pulled out about the,
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:those percentage and how long someone
has known you, how well, how long
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:someone's known you, each one of those
ways in homepage, socials, bundles,
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:those are all different audiences.
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:That have different wants, they
have different knowledge of you,
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:and they were in different frames of
mind when they got to the option of
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:your freebie of, of like, you know,
saying yes or no to your freebie.
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:So it's best to look at each
one of those independently.
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:If you, you, especially if you use
the same messaging across the board
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:instead of tailoring to those various
types, but also if you want to think
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:about, okay, by the time someone's
on my homepage, then they have known
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:me well enough to actually get there.
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:Okay.
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:Right.
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:They've either put in enough keywords
where they are super curious about
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:this, like very specific topic and they
found me or they already knew who I
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:was or they're on my email list, right?
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:They've done something to get
directly there and now they're
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:digging through your website.
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:A social media post, they've either,
um, liked the image well enough to
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:actually open the caption or to, you
know, actually like click on your
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:profile and follow a link in bio.
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:Right.
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:Because very, very few people do that.
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:And then on the bundle where
you're borrowing audiences.
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:So you're getting credibility
by being a part of it.
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:And then you are one of a numerous
number of people in a set category.
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:So those people are there for the
sake of, I want to grab things.
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:Right?
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:So they are there to take
action, but you are one of many
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:that they are taking action on.
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:Okay?
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:So that, that's, that's three
very different frames of mind.
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:It's three very different wants of
knowledge of you and different audiences.
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:So we want to look at your conversion
rates with all of those different
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:bits taken into consideration.
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:Okay.
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:And then back to that question that I
asked at the top, does the content for
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:AI, does that fit with, with your brand?
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:Does it fit with an offer that
you have, or was it like a
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:popular topic that you know about?
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:So you wanted to use it to kind
of, you know, gather people, right?
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:Like you wanted to kind of
like jump on the trend of it.
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:Um, cause it, it's great to vary our
expertise and Lord knows, we all know
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:a lot about a lot of different things,
but when we think about making lead
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:magnets, they need to align to our
overall offer suite, we can be on a
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:panel, we can make content, we can
answer questions about various topics,
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:but think about a freebie as part of
your offer suite, you are exchanging
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:value with someone for a product.
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:Yes.
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:So the value that you're exchanging
isn't money in this case.
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:It's a name and an email address, but that
is equally valuable to them and to you.
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:So think about it as an offer you
are putting out there, whether that's
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:something that, you know, you want to
hang your hat on and that you want to
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:say, um, this is a part of my brand.
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:This is a part of my business.
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:This is a part of what I
offer on a regular basis.
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:So if someone opted in for
making content with AI.
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:Where can they go from there?
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:Is that what your whole brand is about?
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:And you have like several options
that people can choose from based on
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:where they are at or what they want.
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:Is it one specific training course
coaching done for you offer that they
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:can buy if they wanted more after
implementing what they got in the opt in?
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:Do you have a win built into the
freebie that gave them an experience
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:of what it was like to work with you?
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:Or was it a cool idea that you were
excited about, but people weren't
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:left with much of an impression on
where to go from there with you.
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:So they didn't really go anywhere
after that, or they didn't really
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:understand why you for this topic.
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:So they didn't grab it to begin with.
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:And, and that, um, last part leads up
into the, the context of where our offers
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:sit and how much we're talking about
them in our content and in our sales
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:messaging in order to make that imitation.
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:But all of this kind of sits
in that ecosystem, right?
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:So we have to give as much love
and attention to our freebies
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:as we do our paid offers.
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:Okay.
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:So, because you know, there's, there's
this opt in conversion rate to look at,
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:but there's also the offer conversion
rate to consider that will show you
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:if there's any sort of alignment.
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:So it's great to experiment
and play around with things.
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:So as I'm sitting here, like talking about
all of this kind of links of one thing to
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:the next and things to consider, I don't
want you to think, Oh my gosh, I now have
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:to, um, you know, systematize and program
and strategize every single little thing.
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:No, like we can still very much.
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:Have an and, right?
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:You know, I am an and person.
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:I'm not an either or, I
am an and kind of person.
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:So we can still have play, we can
still have experimentation, but we will
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:always ask that it's the right vehicle
for the audience to get them a win.
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:Before we do the play before
we do that experimentation.
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:Right.
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:So we have this overarching theme under
which we play under which we experiment.
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:Yeah.
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:So we ask like, does
it lead them anywhere?
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:Are we doing this for the sake of it?
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:Or is this for the benefit of the
humans that we are wanting to work with?
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:Does this bring people into
our community, into our offer?
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:Or are we accidentally Gathering a list
of humans for the sake of it, right?
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:Are we accidentally
chasing vanity metrics?
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:Are we just going along with the trend
because someone told us to, and we're not
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:really sure what else to do, but we kind
of feel guilty if we don't do anything
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:like, you know, are, are we kind of going
in on, on, on the pressure of something
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:when we're not really sure how this fits
in with us, but we're a bit afraid to go
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:ahead and take the time that we need to
stop and examine and wait and just sit
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:with it and see, is this right for us?
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:Because we're afraid that if we stop
and wait and ask, then we'll be missing
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:out on this perceived opportunity.
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:Okay.
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:And that's where it takes a bit of that
wisdom to say, hang on, are we doing
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:this to bring people in our community?
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:Are we doing this for the benefit of them?
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:And because of the offers that
we have that will also help them.
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:Or are we accidentally just
kind of piling things on?
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:Because when we accidentally pile things
on for the sake of these like perceived
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:opportunities, we're actually just
creating more work and we're creating more
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:confusion and we're creating more busyness
and we're creating more congestion
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:in our lives, in their lives, in, you
know, the, the talk and the busyness
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:that's out there in the world already.
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:Right.
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:And does, does that help anybody?
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:Does it, does that help
us in the long run?
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:So Laura, to your question about making
an audio training or private podcast,
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:again, same idea, different access points.
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:I would ask if that vehicle
mechanism is beneficial for the
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:audience to get what they need from
the information you're providing.
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:If you're thinking of taking the current
freebie idea, the one that you shared
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:with me about creating content with AI and
turning that into an audio, I would say
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:that probably wouldn't be very helpful.
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:Um, cause in, in my mind, like without
having any further details than, than
337
:what you gave, I would think that you
would need to be, you know, like giving
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:screenshots and prompts to follow
and like other pieces that listening
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:wouldn't really be helpful for.
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:Right.
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:They would need some sort of visuals,
some sort of, um, like words to, to
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:follow into like copy and paste and
to, um, kind of get them started with.
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:So it like what would happen if it
was audio only is that the human that
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:you're trying to help, they would
end up becoming a student instead
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:of getting to be an action taker.
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:And they would have to take a lot of
notes and that the burden would be on
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:them to kind of follow along and to
understand instead of their job being
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:to take action and to get that win.
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:All right.
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:Does that make sense?
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:If it was for another idea.
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:Then it might be right.
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:I don't, I don't know.
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:Right.
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:It's, it's, again, it's that case
of, is this the right vehicle
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:to help them get what they need?
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:So the first question we always want to
ask is what, when do we want to get them?
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:So it's not, what do I want to make?
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:It's what, when do we want to get them?
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:And then how best will they get it?
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:You know, that can be a PDF.
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:It can be a training.
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:It can be, um, visual or audio.
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:It can be workbooks.
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:It can be templates.
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:It can be, uh, in person.
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:It can be live.
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:It can be like lots and lots
of different options, right?
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:It can be a challenge.
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:It can be workshops and spaced
out into, you know, multiple days.
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:Like there, there's all kinds of
different ways, um, asynchronously,
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:you know, same time on demand.
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:Like, like lots of options
that can be put into place.
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:But instead of putting that
first, let's think first about
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:what is it that they want?
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:Then let's think about what's the
best way for them to get that win.
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:Then let's tack on what's.
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:the way that I actually want to
do it and I have the capability
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:and the capacity to do it.
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:All right.
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:So as for the breakdown of
Laura's question, you know, each
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:one of those points could be
an episode in its own, right?
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:And if you want to dive into
any of them deeper, let me know.
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:This is the kind of work we do
together in the group coaching program.
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:And as I mentioned at the top,
you can grab audience to client.
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:It's like.
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:37 bucks and it guides you into
knowing like how to package up your
388
:knowledge in a way that supports
the humans and your business.
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:Right.
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:And that's just Tracie Patterson.
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:com slash a T C and the link will
be in the show notes, but I know we
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:went deep in some pieces and I had
to kind of, you know, leave them
393
:for the sake of, um, timing and
not like topic stacking too much.
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:But I hope that.
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:That the takeaway is that a freebie is
the initial contact someone has with you.
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:It's their first taste
of working with you.
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:So it should be in the context of your
business and with them feeling like
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:they're with you now and you've got them.
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:Yeah.
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:So yes, bring in play.
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:Yes.
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:Bring in experimentation, but always
from that lens of what does my human
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:need and what will help them get the
result thereafter that I want to provide.
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:Okay.
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:There's a sweet spot that you can find and
it will still feel creative and expansive.
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:In fact, it often feels like more
liberating once you step into it because
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:you're no longer wondering, will it work?
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:Will they like it?
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:Can I do it?
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:Because those are
automatically built in yeses.
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:And that can be kind of more,
more of a fun place to, to
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:play from and to build from.
413
:So of course we can, we can dive
into and geek out on ideas of, of
414
:conversion rates and different kinds
of traffic and you know, what's leading
415
:to what and all this kind of stuff.
416
:But you know, please know that it
always starts with that question of
417
:what's going to actually help the
people that I'm wanting to work with.
418
:Right?
419
:Because we get to make that
first decision and then the rest
420
:falls into place from there.
421
:Okay?
422
:So we don't get hung up on the ideas of
the conversion numbers if we haven't first
423
:set it up with, is this actually going to
help the humans that I want to work with?
424
:Otherwise, that's the wrong way around.
425
:All right?
426
:So you do have this.
427
:I believe in you.
428
:And until the next episode,
be well and have some fun.