Typically, a lead magnet is something you offer for free in exchange for someone’s email.

But there’s another way to think about it (one I stole from Josh Spector).

Each year, Josh releases a product that summarizes the lessons and tactics he shares in his newsletter.

This is a “Pay what you want” product, meaning that people can get it free but also donate whatever amount they want.

The stats from last year:

• 1,058 downloads

• 119 people paid

• Avg payment of $9

• Revenue (aprox): $1,071

$1,000 in extra revenue doesn’t sound bad at all, but here’s the best part:

By doing this, you basically uncover the audience members who will pay for your stuff, even if they don’t have to.

If they pay for something they don’t have to, they will be more likely to pay when presented with the right offer.

Now you can segment these people and present them with more offers. Your superfans!

🕵️‍♂️ How to Steal it?

Consider offering your lead magnets under a "Pay what you want" model, similar to Josh Spector's approach. Here's how to implement it effectively:

1. Create a valuable product

2. Allow users to choose how much they want to pay, including the option to access it for free.

3. Analyze the data: Track downloads, payments, and the average payment amount to identify your dedicated supporters.

4. Segment Your Audience: Isolate those who willingly pay for your free offerings as your dedicated audience or superfans.

5. Present Targeted Offers: Tailor future offers or products to this segment of your audience, knowing they are more likely to invest in your offerings.