Have you read the book Magnetic Marketing by Dan Kennedy? Erik just finished listening to this book and in this episode, he will share the concepts that he learned over the years.
Erik J. Olson (00:01):
Summary of magnetic marketing, the book.
What is happening? I am Erik J. Olson, your host of this episode of The Journey To $100 Million. I do an awful lot of reading these days. So every morning I read 10 to 15, maybe 20 pages of a book. And it’s almost always some sort of business book or self-help book or a marketing book. And if I’m not reading it in a book that’s printed, I am listening to it as I run in the morning. And I just got done listening to a marketing book by Dan Kennedy. The title is magnetic marketing, how to attract a flood of new customers. Very, very good book. Now this summarizes a lot of concepts that I have learned over the years. Now, the general philosophy with magnetic marketing is that you don’t really wanna be in a position where you are chasing prospective clients like outbound sales.
Erik J. Olson (01:06):
You generally would rather position yourself so that they come to you. They’re attracted to you like a magnet, right? So it’s a process for running your marketing so that you attract the interest of people and they come reach out to you. Now, the way that, that the book prescribes you should do, this is a pretty fun. I mean, it’s a, it’s a fundamentally sound way of doing things. And it’s a way that I’ve been introduced to many, many times in the past in, you know, different books, forms, forms of this kind of packaging or this concept. But I’ll explain it to you. So first and foremost is like, when, when you have a say like a website, if you just put on there, work with us, you will only attract an incredibly small quantity of people that are actively ready to buy from someone that provides that service or product.
Erik J. Olson (02:06):
They have to be ready. And that’s a super small quantity of people. We’re probably talking like 1% now. I think the book actually said 3%, but I would say it’s more like 0.3% of people that come to you are ready to by now, most of them are in some phase of research of evaluation and they’re not ready to, by now, they’re ready to get more information. Now what most people want when they come to your website, when they come to you, if you are in sales, is they want information. There is something that they still don’t understand that they don’t know, because if they knew it all about your offering, they would’ve bought it already. They need help, right? They need information. So this whole concept of magnetic marketing is that you should put out into the world, this information for free.
Erik J. Olson (02:59):
Now, once you give it away for a quote free, you get something in exchange, which is the person’s contact information, their name and email address, maybe their phone number. And then you can start to provide more information to them over time. Like, let’s say an email newsletter because you have their email address now, and then you offer the thing you really wanna offer them, which is a sales consultation or some other variation of getting them deeper into that funnel, right? That is the magnetic marketing system. And we are actually sending that up right now using HubSpot marketing pro. But I’ve done this before. Now. There’s other books that I’ve read and other times that we’ve done this and other times that we’ve, you know, done it successfully, but things change. Sometimes we, we have a, a campaign that works. We stop her for whatever reason, but you know, we already had something like this set up with, with our podcast.
Erik J. Olson (03:54):
So we have another podcast called the managing partners podcast, where we interview managing partners of law firms. We give them something for free, which is visibility and free PR. And we give something in exchange, which is half an hour of their time, their name and their email address. And guess what the whole point of that is, you know, not only to become a thought leader in the legal industry, which works for us, not only to meet and to under, you know, meet managing partners and to understand more about the industry, but is to have a business development opportunity right in front of us, because there’s no other time that we can just get half an hour with a managing partner. It ain’t gonna happen, but we give something for free to them, something of value to them, which is being a guest on our podcast and then putting that out to the world.
Speaker 2 (04:39):
So they get a lot of free APR out of it. And in exchange, we get to at least ask them, would you like help with your digital marketing? And sometimes they say yes, sometimes they say no. If they say, no, it’s totally fine. The show must go on. But if they say yes, great, let me help you with that. So that’s one way that we’ve implemented it in the past. There’s this other book called? They ask you answer by Marcus Sheridan. And in that particular book is very, very similar, which is you provide information that people want. Then you can start to create a relationship and then they’ll come to you when they need something. Now, his story is that he was in the pool business outside of Richmond, Virginia. And every question that he got asked by a prospective client, he would not only tell the client face to face, but he would go home at night and he would write a blog piece on it, or he would shoot a video and put it on his website that night. He did this every night for years. And his website traffic just dramatically increased because Google was picking up on the fact that he was answering questions that people asked. They ask they being your customers. You answer that was his philosophy. That’s his book. I read that book
Erik J. Olson (05:56):
About years ago and we’ve implemented a lot of those techniques. As a matter of fact, if you go to thisisarray.com right now, there is a menu item that says pricing. And we explain in great detail, all the variables that go into pricing, digital marketing, so that you can figure out what it’s gonna cost you. I got that directly from the book they ask you answer. So this is a very powerful concept. I don’t know if magnetic marketing and Dan Kennedy came up with it. First. I suspect he did, or someone like Marcus Sheridan did. I don’t really care, but it’s a common concept. And it’s something that you should really think about doing for your business. Because again, very, very small percentage of people are gonna come to you and they’re ready to buy right now, much bigger percentage. They’re not quite ready. They have some questions. You could be their guide on this journey and they’re buying experience. And if you’re their guide, guess what they want you to remain their guide. So put information out in the world that will attract people to you like a magnet.