In the most practical situations, lead magnets are PDFs that usually get left in your inbox and never opened. In modern business, you need more than a lead magnet and an effective tool is a demonstration of power.
For the third instalment of the Essentials of the Modern Business series, Adam Stott shares the importance of Demonstration of Power. Adam talks about how to put more value on your potential clients by showing what you can do. Listen to learn more!
- What traditional lead magnets look like
- Demonstration of power – Giving real value on the front end to stand out in the market
- What most businesses do today for giving value
- Building up relationships with people to create demand
- Ideas on how to implement lead magnets
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Please note this is a verbatim transcription from the original audio and therefore may include some minor grammatical errors.
Hello everybody and welcome back to Business Growth Secrets you are with your host Adam Stott. Hopefully you are doing well ad you’ve been enjoying the podcast episodes recently. Today we are going to jump straight back into the essentials of the modern business. To look at how as a modern business you can take advantage of getting tools in place for your business that can help you to get better results.
So what we’re going to talk about today, Is what I call the Demonstration of Power. Now, prior in the old days and the old days of marketing. If you really have been a, a student of marketing over the years, you might have heard the phrase “lead magnet”. The purpose of a lead magnet is to give something away free in order to get somebody’s email address their phone number. Some instances, just the phone number. Some instances, the email address and the phone number to get that person on your list. So you can start to build a list of clients for the future.
Now, where I feel that in modern business times has changed, and the reality is a PDF of the six things or five things or 10 things. Some type of PDF, just isn’t good enough anymore to make you stand out. Let me tell you why.
When people download a PDF of some type of lead magnet, it’s a very little value to the person. Usually it’s a PDF or something like that. They never open, they never read. They never get any value from therefore, all it does is you get somebody onto your list. And usually that person’s a little bit cold on your list. So what I really feel a modern business should be doing instead of just giving a lead magnet away or something, to get people on your list. You wanna get people on your list, but you want to get people that know who you are. Know what you do and like what you do on your list.
So we have to be a bit smarter than just saying here’s a PDF of how you can do this. Because that ain’t going to be no good for nobody. No one’s ever going to read it. No one’s ever going to buy from it. It’s going to do very, very little for your business. So we need to be a bit smarter. We need to do more than that. What I like to do now, I say the modern version of a lead magnet is the Demonstration of Power.
Now a demonstration of power is where you show people how you solve a problem. How your product or service solves a problem in such a way that it is very, very powerful. You actually give somebody a demonstration of that. So what I am a big believer in is giving value for free first, but not just a lead magnet, because it doesn’t really give value. Because you have to ask yourself the question. If you were to give a lead magnet way, but they never read it. Have they had any value from you?
Have they got any more affinity for your business? Or have they built a better relationship with you? Or have they built better relationship with your product services? No. Is the answer to those questions? So a demonstration of how, how is it different. Instead of giving a lead magnet away, why not look at potentially having a giveaway where you actually give some massive value up front. Instead of it being the 10 tips that you’ve got. Give them a real part of your process and record a video and give it away for free? Hey, here’s how you can get more clients, right? This is our four step process for getting more clients and actually give that. Because now they’ve got saying a value.
If they watch it, they’re going to go, this is somebody that can help me. If you are a business and you are recruitment company, maybe you give away something that is of value. Give a demonstration of power and say, Hey, like we have this recruitment process where we ask 14 questions to make sure that the candidates right every single time and go and give that away for free those 14 questions and record a video on the psychology of why you ask those 14 questions.
Now you actually demonstrate value. And I think this is the problem. Most people are too afraid to give real value away at the front end. And I think that’s what you need to do. Why is this so important? Because right now, in today’s world, there’s more emerging businesses, there’s more emerging products, there’s more emerging services. And the only way you can stand out is by giving more value.
Now some people will just take that information they’ll use it themselves. They’ll be happy with it and you won’t do business with them. And that’s okay because we can’t do business with everybody. But what you will find is rather than just getting somebody on your list at (5:15), we are actually given saying a real value. You’re going to accelerate the buying process much, much quicker.
Now I’ve jumped into that conversation full on and we’ll slow it down a little bit now. Let’s go backwards a few steps because some of you like, okay, what are you talking about, Adam? This sounds good, but I don’t know how I’m going to do that. I dunno what I’m going to do here, et cetera, et cetera. So I’m going to go backwards a little bit and start the conversation a little bit slower and explain to you exactly the psychology of what I’m talking about.
So what most businesses in today’s world do is they go out, they build a product or build a service and attempt to sell that product or service. Now, many people will use ads of marketing to drive that product or service out to their target market market to get people to sell their products or service, and this happens in pretty much every industry, but it’s only when we involve the client, the prospect in the product or service prior to them buying do we get typically get the, yes. See the modern business, we live in a world of try before you buy.
That’s like literally the world that we, we kind of live in now and as a business owner, you need to get used to that because if your mentality is well, I’m just going to go out there and I’m going to market my products and talk about my products, et cetera, etcetera, but I’m never, ever going to give anyone any value or anything they can use or anything they do.
You’re going to have very, very limited clients. Whereas if you go and give the demonstration of power, which I’ll give you some ideas on what that could be in the moment, you are going to get more people involved, trying your product and actually seeing your products and then making that buying decision. From getting a preview of that product.
Now, the way we personally do this is we do a free event. We invite people to the free event. We spend an entire day with them at that free event, giving them an insane amount of content and value and showing them what can be done. Showing them what can be accomplished, what can be achieved.
Now on the basis, my inner circle product, if you work with me and I coach you directly and I become your coach, that’s £25,000 product, and we have a waiting list for inner circle. Yet I still go out for free zero cost and spend an entire day with people that paid nothing and I go and talk to them, educating you value. And you say, Adam, are you mental? Maybe I am, or maybe I’m just given my demonstration of power and that’s why I’ve got a wait list. makes sense. So what I’m doing is I’m, I’m doing, what’s called counter.
I’m being counterintuitive and I’m going out and building relationships with the masses and then being selective over who we actually take on as clients. And if you move to that kind of model, You’ll find that you develop and build so much, many more relationships with people that in turn you’ll be in high demand, you’ll become more admired, you’ll have more people wanting to do business with you. Even if you look at the podcast, you know, I come on here, I give constant free tips, constant free education constantly, you know, talking about how you can feel businesses and how you grow businesses, bringing people that have been Dragon’s Den stars.
You know, people like lots of different value and I just keep bringing that on and, and just keep giving that for free. Why? Because we’re building, we use it to build relationships. We use it to give value. We use it to say, hey, like then this guy, I might know a few things that I don’t, therefore it’d be great if I could work with him to get to the next level. So that’s the key to understanding the model and what it is that we can do in order to build relationships in the masses. Give a demonstration of power. So how can you do it?
Let’s talk about some ways that you could potentially do this for your business. You can do this where maybe you hold a zoom meeting, you invite prospects to it, and you literally give them free value at that zoom meeting. You talk to ’em about what they can do how you can help them and you give them tips and advice and secrets, and you send ’em about your process and get them to become more in tune with your business and knowing more about your business. That will be one way a zoom meeting. Another way that you could do this is you could record a video series of really useful tips, advice secrets about your process that you give away for free and actually give a massive, massive, massive value.
Maybe you could take a product that you sell for a fair amount of money instead of charge anymore. If no one’s buying it, give it away for free and use it as a relationship builder. What I’m talking about here is your demonstration of power. Is how you go and build relationships with people and cultivate those relationships. So they get to know you more. They get to know your product more. They get to know your service more. Therefore they buy more into you, which means you end up doing more long term business that can be done.
Maybe you do a webinar for the content, for the advice, maybe you do a video series, maybe you do a zoom meet. Maybe you do an event like we do. You know, maybe you literally produce, you know, a really, rather than just a, a PDF with a couple of things on it. Maybe you actually pour your heart and soul into a guide of how they can, you know, let’s say you do hot tubs. It’s like, maybe you give them the ultimate hot tub guide and you review every hot tub and you tell ’em exactly what hot tub is good. What hot tub isn’t good in your opinion, in your professional expert opinion, and you save them doing all the research and therefore they don’t have to do the research anymore.
They can just come to you. They can read your guide and now they know which one to buy. And now they’re talking to you about it because you actually saved them loads of time on the research.
So the way that you do this, and the way to know whether you got this right, is you have to ask self question: do people say, thank you for the things that you give them before they are even a client of yours? And if the answer to that question is no, that shows you that you’re not generating enough of a demonstration of power at the front end of your business, to get people to do business with you in the long term. And really the, the Modern Essential, or the business that we’re talking about today is demonstration of power. Either you hang, haven’t got one. That’s saying that you should be working on.
So hopefully you’ve enjoyed that episode everybody. Hopefully that’s provided you with some good value. Hopefully that’s been a demonstration of power. Give you an idea around something that you maybe haven’t done before that you could do. And if it has, and you’ve loved that, make sure that you give us, if you can, you just spare the time, just the at 30 seconds of your precious time to go. Click the link wherever you listen to wherever you watch him and give us a five star review and subscribe so you can get the next essentials coming up. And hopefully you’ve enjoyed that podcast today. And if haven’t met you already in person, I very much look forward to doing so very, very soon.