‘The Magneto Effect’ Bootcamp – Lesson #5 of 7

Lesson #5: “How To Get Prospects To Pay You!”

Today we’re going to talk about how to generate money from prospecting, and do it without any traditional grunt work, starting today.

So let’s get the bad news out of the way first. Most people in our industry don’t understand the cost associated with generating good quality prospects. In my experience you can spend anything between £15 to £100 per lead (or the equivalent in dollars or euros) yourself by running your own ads. On the low end, that comes to £1,500 spent per 100 leads.

Now the key is not so much how many leads you generate but more how long it takes to turn your lead generation spend into profit.

If it takes one day then you’ve got a world beating business because you can take the money you made and spend what you spent the day before and just keep doing it. But for nearly every Intellectual Property legal services firm the time it takes to turn that money into profit can be anywhere from 3 to 18 months.

Now I don’t know about you but the majority of small firms trying to grow don’t have an abundance of money lying around to spend on marketing, if that marketing spend isn’t bringing home the bacon.

So it’s critical that your business is good at two things…

  1. Reducing the time it takes to break even on your marketing spend so you can keep running campaigns
  2. Increasing the conversion rate of prospects to full service clients so it gets cheaper to acquire them

That should be a massive wake up call for many of you right now.

But the problem is that you can’t push people to become full service clients before they are ready. And if you do they will just get fed up and go somewhere else, defeating the two key goals I’ve just mentioned.

All of this should leave you stunned and horrified by the fact that, if your Intellectual Property legals services business continues to wait for income because it’s solely just looking for high priced services clients, its going to be tough to grow.

Not only that, but the reality is that for the majority if you don’t go out and find a way to make short term or interim money from the leads you’ve generated, you’re probably going to go out of business or never grow your business like you’d hoped. That’s the reality of the situation.

We’ll here’s how to turn this situation around…

We already know that most people want to avoid pain, gain pleasure, are lazy, and would rather learn a strategy that gives them their ideal result, so why don’t we use that psychology and give the unconverted majority what they want…

Instead of immediately asking them to spend anything upwards of £500 to £5,000+ to become a client of your high priced service, why don’t you offer them a low cost, high value information product or information that teaches them the step by step strategy that will give them the result they are looking for?

At the same time you’re allowing them to take a test-drive with little or no risk.

And by the end of that seminar or product, your position as a leader and expert will be so entrenched in their mind, more of your prospects than ever will want to call you up to get started.

Remember something I said to you a couple of days ago…

“Nobody who bought a drill actually wanted a drill, they wanted a hole.

Therefore, if you want to sell drills, you should advertise and sell information about making holes – NOT information about drills.”

In other words selling a strategy that outlines what they need to do and why they need to do it to get the result they’re after is what you should be marketing, if you want to make more from the leads you have.

The bottom line here is this will allow you to make money from your leads within a much shorter time frame.

The Magneto Effect teaches you how to implement this model into your Intellectual Property legal services business.

Right now, there’s a very good chance that you’re only making money when you get a client, and that often means they never pay in advance. In other words that’s one of the reasons you may well be interested in this series. But your problem isn’t just about getting more clients. Its about bridging the negative cash flow between spending money looking for clients and getting their money in your bank account.

What I’ve just explained to you is how to solve that problem.

You need a business model that allows you to make money every day from prospecting whether people become full service clients or not, and the key to doing that, is to market an inexpensive information product first and not your business or your high price services!

It’s much faster and easier to get people to pay you £49 to £249 for information that shows them how to get their ideal result rather than get them to spend £1,000 to £5,000+ and risk their money on a service they’ve never had.

Those quick wins not only pay for your lead generation but line up high quality prospects for your client service offerings. And remember by the time you’ve delivered the information you’ll be an expert leader rather than just another Intellectual Property legal professional.

You see when you have a regular income stream that covers your lead generation costs you become very powerful because you can continually market to your prospective clients. Something that your competition just can’t do.

And NOW, you have a new client that has parted with cash to learn from you, they are also much more predisposed to working with you simply because you’ve created a relationship with them.

But for all of this to work you have to be able to do it automatically. The reason is you can’t stop working with clients to keep taking orders for your strategic information products.

So here’s the best part. Because you’re selling low cost information you can generate these sales online on autopilot using direct response advertising. That means you can generate sales 24/7 while you continue to work with your high paying service clients.

Imagine what would happen to your business if you could continually spend money on marketing, knowing that you could do it month in month out without needing to put your hand in your pocket every time.

Imagine what would happen if you had people queuing up ready to listen to your strategy that you used to give away for free at preliminary client meetings.

Retailing information to your prospective clients is not only a good idea, it’s essential if you want long term security and success in your Intellectual Property legal services business.

And you can do all of this automatically, hands free.

And the great thing is you don’t have to sell or pound the phones. You don’t have to spend endless hours networking or waiting for a referral from another non competitive professional or consultant.

So here’s the formula of highly profitable Intellectual Property legal services firms:

You place inexpensive ads.

But unlike everyone else, lolloping along and going out of business waiting for full service clients to hand over big dollops of cash once in a blue moon, you’re lining them up every day by promoting an inexpensive information product first.

Something that can be marketed automatically that solves their big problem and which can be purchased directly over the web without you needing to do anything.

A great example of this would be The Magneto Effect product or seminar.

The sales pay for your ads and your new information clients become your full service leads!

This means you can advertise MASSIVELY and ENDLESSLY at no cost to you! Which means you can subsidise or even profit from generating leads for your business. In other words it’s a very real possibility to think of generating high quality leads for free.

The real marketers in the legal services arena who treat their business like a business do three things…

First, they sell information.

Second, they never advertise their business first. Instead they market information that solves problems.

Third, they upsell their ‘paying prospects’ to their high priced client services weeks or months down the road.

This is called a ‘sales funnel’ and with today’s technology, you can completely automate the process.

Let me give you a simple heads up of what this looks like…

You place some advertisements online, which drives traffic to a lead capture page you’ve put together, which gives away free tips on how to solve some of your clients’ biggest problems.

The prospect enters their email address and starts to receive your helpful emails.

Within those emails, you promote an e-book that costs £39. The prospects can go directly to the sales page for the product and place their order 24/7.

Every time you sell a copy of the course, you make £39.

That’s money that goes back into your pocket before they’ve even become a full service client.

Now let’s say that in the 4th or 5th email you send, you start to link them to a sales page for your high priced service. By this time they know you as a giving expert who wants to help them get what they want.

Your services sales page which leads to an enquiry form, tells the story of how you came to create the strategy you use when delivering your service and the results it’s brought to your clients.

Some will take the next step, and others won’t, but I hope that you can see how this ‘sales funnel’ works.

Obviously the first part of this process has to do with writing and placing your own advertisements.

Unfortunately, as I’ve said before, because this is an industry full of people who have no idea how to market or promote, there’s a very good chance that you have no idea how to write a truly effective ad.

Fortunately, I have learnt a lot from my business partner, Grant Eagle, who has earned a reputation for being a top copywriter, and here are a few of my best tips on how to write incredibly effective ads that will cause your prospects to chase after you and buy what your offering…

Discover how to write effective ads in lesson number 6 tomorrow.

To your success,

Eria Odhuba

Click Here To Get The Magneto Effect Working For You Today… You’ll Get Endless High Quality Leads And Attract Hundreds of New Clients To You Forever Without Ever Having To Sell!

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Eria Odhuba

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