Leveraging Digital Products to Get More Qualified Leads

PodcastMarketing

Jan 24

Episode 816: Show Notes

Believe it or not, the profit that you make from your first sale to a customer isn’t critical to the success of your business in the long term. Getting paid at all to bring in qualified leads means that you’re doing better than 99% of the people who are marketing their products and services on the internet.

Some of you will be relieved to hear that growing an Instagram following or creating content for Reels isn’t necessarily the key to leveraging digital products and getting more qualified leads. If you want more leads or you’re interested in selling and leveraging digital products without getting caught in the weeds of flashy marketing strategies, this is the episode for you!

Tuning in, you’ll find out how to attract leads AND get paid in the process. You’ll also hear the latest update in the Battle of the IG Accounts saga, where I’m testing if reviving social media engagement works so you don’t have to! Follow @bossproject, @abagailsays, and @abagailpumphrey on Instagram to stay in the loop.

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Why the Profit from Your First Sale isn’t Everything

Most people who shout “digital products!” from the rooftops are focused on the profit or potential earnings from that initial purchase, but I’m here to tell you that it doesn’t matter. Yes, it’s great. Of course, any income earned from initial sales is fantastic, but the people you are comparing yourself to aren’t necessarily selling entry-point digital products. They’re typically selling signature offers that they’re marketing as entry-point products. I’ll say it again and again: the profit you make from your first sale isn’t significant. Getting paid to bring in qualified leads rather than paying acquisition costs is.

If you told the investors on Shark Tank that people pay you to join your list, they would invest in your company immediately! This isn’t the norm. This isn’t how most businesses operate. But you’re not a typical business. If you’re here, you want to build a business that supports the lifestyle you want to live. You’re not interested in scaling for the sake of it.

How to Use a Digital Product to Attract the Right People

The magic sauce here is using a digital product to attract the right kinds of people, employing magnetic messaging to convert loyal customers who won’t just buy once but are primed for everything else you have to offer them. Depending on where you’re at in your business, digital products can do one of three things for you. First, for brand-new businesses and side hustles that aren’t making a full-time income yet, you can utilize a digital product to build an audience of buyers. Then, when you’re ready to sell the next step in your offer ecosystem, you have a pool of people who are ready to say yes to it.

Next, more established businesses can use digital products to pre-qualify repeat customers and accelerate the transition from first purchase to second purchase. Finally, for those who want to do less 101 work, reduce the number of services they offer, and buy back some of their time, digital products can act like a ramp to bridge the gap between where you are now and where you want to be in your business. How quickly you make this transition or how big of a leap you’re willing to take is up to you!

Paid Offers Versus Free Lead Magnets

In an ideal world, leads would just magically appear. I used to think that was a total pipe dream, but if you build it the right way, a digital product CAN attract people. Are you still going to have to work to create a no-brainer offer and an easy-to-navigate sales page? Yes, of course. But once it’s set up, it becomes a reliable strategy that you can implement again and again.

A lot of people say that you should build your list using a free lead magnet first. You could do that, but you need to keep in mind that those people aren’t always ready to invest. Either they want to figure it out on their own and they’re looking to gain as much free knowledge as possible from you or they’re simply not ready financially. Someone who has invested with you once is seven times more likely to pay you again than someone who has never paid you at all, therefore it makes sense to build your list using a paid offer. It’s an ideal way to bring people into your ecosystem of offers and earn their trust!

I want to see you succeed at this. I want to see you leveraging digital products to get paid to grow your list. Whether you’re new to business or you’ve been doing this for a decade, this is a huge opportunity to refine your messaging. How you do it will be unique to your business, but I can walk you through the process in my brand new program, Digital Product Jumpstart.

Quote This

Someone who has paid with you once is seven times more likely to pay you again than someone who has never paid you at all.

Highlights

Why the Profit from Your First Sale Isn’t Everything [0:11:28]
Using a Digital Product to Attract the Right People [0:15:01]
Paid Offers Versus Free Lead Magnets [0:21:20]

OUR HOST:

Abagail Pumphrey

Abagail on Instagram

Boss Project on Instagram | Facebook

Abagail Pumphrey, the Co-Founder & CEO of Boss Project, has been a driving force in the creative entrepreneur industry since 2015. With a passion for empowering service-based business owners around the globe, she became internet-famous after the launch of the transformative training, "Trello for Business." This innovative system revitalized the operations of over 10,000 business owners, making a significant impact on the online business landscape.

Under Abagail's leadership, Boss Project has been featured in prestigious publications such as Forbes, Marie Claire, INC, and HuffPost. Her twice-weekly podcast, The Strategy Hour, is a staple in the business community, continuously topping Business and Management Charts on Apple with millions of listeners from around the world.

Abagail's superpower lies in her ability to break down complex concepts into easy-to-implement, duplicatable systems. As an expert in online sales and a data-driven strategist, she has turned a layoff into a 7-figure work-from-home business. Abagail's mission to help more female founders become financially free, without letting their businesses take over their lives, continues to inspire and guide entrepreneurs on their path to success.