How to Convert Leads into Paying Customers? The Power of Lead Products
Unlock the Power of Lead Products to Convert Leads into Paying Customers
If you’ve spent much time learning how to market your small business, you’ve probably heard of lead magnets or lead generators.
But are you familiar with lead products?
When leveraged well, a lead product can effectively convert a lead into a customer. This guide will introduce you to the concept of lead products and explain their power in driving conversions.
Lead Generators Explained
A quick backstory on lead generators: A lead generator is a valuable product or service you offer in exchange for contact information. It qualifies a contact as a lead because they’ve shown enough interest in your offerings to “purchase” them with their personal information.
The Transition to Lead Products
Like lead generators convert contacts into leads, lead products convert leads into customers. If a lead generator is a free sample, then a lead product is like happy hour—it’s affordable, offers solid value, and gets things rolling.
They’ve practiced paying you to help them solve a problem they’re facing, and they now know the value they can get
Key Features of Lead Products
Here are three vital features of a successful lead product:
- It Costs Money. Customers practice paying you for a product or service, setting the stage for future purchases. This initial transaction is crucial as it establishes a spending relationship.
- It’s Independently Valuable. Even if they don’t buy anything else, customers should feel their purchase was worthwhile. If they must buy more to use the lead product, it feels like a scam. The lead product should stand alone in its value.
- It Connects to Your Core Products. While standalone valuable, it should make buying your main offerings an obvious next step. The lead product should naturally lead customers towards the more comprehensive solutions you provide.
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Examples of Lead Products
Although it’s called a lead product, it can certainly be a service. Here are some examples:
- Consultation Services. One-time consultations at a reduced rate to introduce customers to your expertise. Example: A business coach offers a discounted initial consultation session.
- Mini-Courses. Short, focused courses that give new customers a taste of your educational content. Example: An online learning platform offers a mini-course on "Basics of Digital Marketing" for a nominal fee.
- Sample Packs. Collections of small-sized versions of your products that allow customers to try multiple items before making a more significant purchase. Example: A tea company sells a sample pack containing small quantities of various tea blends.
- Single-Service Packages. One-time services that allow new customers to experience your offerings without a long-term commitment. Example: A cleaning service offers a discounted rate for the first home cleaning session.
- Entry-Level Products. Basic versions of your products that are accessible and affordable for new customers. Example: A software company offers a basic version of its project management tool with limited features at a lower price point.
- Starter Kits. Bundled products that provide everything a new customer needs to get started with your service or product line. Example: A skincare brand sells a "Starter Kit" including mini versions of its top-selling cleanser, toner, and moisturizer.
Like lead generators convert contacts into leads, lead products convert leads into customers.
Over 5 days, I’ll teach you how to use the power of story through a proven framework to craft the most profitable elevator pitch you’ve ever written.
The Power of Lead Products
Lead products are powerful because they do your selling for you.
They’re more affordable, making it easier for new customers to say yes. By solving a problem, they showcase your value, encouraging further purchases.
They’ve practiced paying you to help them solve a problem they’re facing, and they now know the value they can get. In a sense, they act as a gateway, easing the path toward more significant customer commitments.
How Better Story Marketing Uses Lead Products
At Better Story Marketing, we employ two primary lead products to attract and convert new clients:
- Brand Foundation Session:
- Website Reviews:
Here’s a little more about each of our lead products.
Brand Foundation Session
The Brand Foundation Session lays the groundwork for telling your story clearly and compellingly. During this 2-hour session, we identify your target audience, their goals, challenges, and the solutions you provide. The result is a messaging framework that guides all your brand communications.
What’s included:
- A Brand Messaging Guide (includes a StoryBrand BrandScript)
- A Marketing Playbook (customer journey map + prioritized action steps)
Lead products are powerful because they do your selling for you.
Website Review
Our Website Review ensures you don’t settle for a mediocre site. Many small businesses have websites that don’t convert. We conduct live audits to give actionable feedback, helping you leverage your site to grow your business and impact.
What’s included:
- Review of your home page, menu structure, and one additional page
- Recording of the session
- Key action points
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Action Plan
Getting Started with Lead Products in Your Business
Ready to use lead products in your business?
Start by identifying a valuable, entry-level-cost offering that connects to your core products or services. Make it independently useful, and watch as it paves the way for more significant sales.
By integrating lead products into your strategy, you can effectively guide your prospects through the buying journey, turning leads into loyal customers.
If you’re unsure how to get started, schedule a free focus session. Let’s work together to turn those leads into loyal customers.
Frequently Asked Questions
Lead Product
What is a lead product?
A lead product is an initial, low-cost product or service that a new customer can purchase. It helps convert leads into paying customers by offering significant value and showcasing the benefits of your core offerings.
How does a lead product differ from a lead generator?
While both are designed to attract potential customers, a lead generator is typically a free resource offered in exchange for contact information. In contrast, a lead product requires a monetary transaction, helping to establish a spending relationship with the customer.
Lead Generators + Sales Sequences
How can I make my call-to-action (CTA) more compelling?
Focus on clearly articulating the value and benefit the potential customer will receive from booking with you. Use action-oriented language to ensure the CTA stands out visually on your webpage.
What is a lead generator, and why is it important?
A lead generator is a tool or strategy used to attract potential customers and gather their contact information. It's crucial because it starts the process of converting interested parties into paying customers by capturing their attention and encouraging them to engage further with your brand.
What makes a good lead generator offer?
A good lead generator offer provides clear value to your target audience, addresses their specific needs or pain points, and is perceived as desirable enough that they are willing to exchange their contact information for it.
How does a sales sequence work with a lead generator?
A sales sequence is a series of targeted communications (usually emails) designed to nurture leads obtained through a lead generator. It aims to build trust, provide value, and guide leads towards making a purchase decision by progressively addressing their needs and interests.
How long should my sales sequence be?
The length of your sales sequence can vary depending on your industry, product complexity, and sales cycle. However, a sequence typically includes 5-7 emails spread out over a few weeks to nurture leads without overwhelming them.
