Welcome to the quiz launching lab. This is a early preview at helping you create an amazing lead magnet for your virtual business. Quizzes have really started to explode in popularity, and there is no doubt in my mind why that is. They are absolutely one of the most effective lead generation tools I think to come
what's the effective lead-generating tools for folks like you and me.
lead-generating tools. Lead-generating for fuck sakes. Go away. Go.
Lead it lead generating tools for people looking to build their email list, as well as grow their revenue, their reach, and their impact.
This first module. We're going to talk about why quiz for fuck sakes dog. Go, go. Nope. Oh, come on. Go.
In module one, we're going to look at why quizzes are one of the greatest lead magnets for your business. So why do you want to build a quiz? It really is to supercharge your lead generation quizzes are unique as far as lead magnets are concerned. And again, for a little bit of a review, a lead magnet is nothing more than.
A piece of content that just requires an email in exchange to access this sort of core of the content in the context of a quiz, you need to provide your email in order to see your results. So quizzes are special as, um, when it comes to lead magnets, because they're super engaging. They're fun. They can be fun there.
At least, even if the content itself is not fun, it's way more interesting and fun to engage with a quiz, rather than say, reading a PDF or an ebook, et cetera. And there's nothing wrong with a PDF or ebook as a lead magnet at all. We're just looking at what sets a quiz apart and how it can quite possibly be even more powerful for your business than any other lead magnet.
And I think the real secret to why a quizzes so effective is it really caters to the human condition of wanting personal results, wanting to see the result of what they input. So it really caters to that piece of our brain that really wants personal results and the sort of FOMO, if you will. It quizzes, I think tap into the fear of missing out the FOMO that people have in their life.
And they're also personal and personal lives. Just by their very nature. Obviously, if you're creating a quiz with meaningful outcomes by its very nature, that person is having a more personal experience, um, engaging with your content rather than if you just say. Had all of the meaningful outcomes packaged in say a PDF where if there's four, three of those, uh, sort of tips and content, uh, might not be relevant to them.
So it provides the ability for you to not give them those three possible outcomes or tips or whatever, and only give them the tips that it seems as most relevant to them. So that is why. Building a quiz is so powerful as far as lead generation for your business. And again, as I, I completely believe that quizzes are one of the fastest ways to grow a thriving virtual business.
And around here, we fully believe we fully believe. And around here, we fully believe that an email list is the sort of foundation of a thriving virtual business. And at least for us personally, a quiz per, uh, specifically two quizzes, I guess you could say our personal values assessment, um, which. Probably falls into the quiz category, but it is much more complicated and robust versus, um, the sort of quiz that you will probably make.
And the quiz that we will be making inside of the quiz, launching lab, as an example, however, between our personal values assessment and our mindset quiz, they really are our biggest lead generating machines. And, uh, it is what we have to thank for our growing and thriving email list. And by extension of that thriving email list at thriving virtual business.
So you can see how all of these things are connected. And this is why I am very passionate about quizzes as a lead magnet, because it really is what I attribute our email list and, uh, overall virtual business revenue results to now, why are. Quizzes. So powerful. Now the number one reason, these are based on our numbers to be clear this isn't, um, research backed by a large sample size or anything like that.
So always keep that in mind, but quizzes for us have the lowest cost per lead by a massive margin with our other lead magnets, the cost per lead. So that is effectively how much it costs to have somebody land on our email list and stick around for a meaningful amount of time. So. Everybody can calculate cost per lead differently, but I calculate an only count somebody as a subscriber, like a successful conversion, a successful lead if they make it through the nurture sequence process.
So it's not just a calculation of who completes a quiz and how much it costs to do that. It's actually how. Much it costs to have somebody complete a quiz and, um, pass through that nurture sequence. It might not be a long nurture sequence, but it's just like to be clear where we happen to draw the line at cost per lead.
So when we're looking at other lead magnets, um, PDFs, videos, or webinars, it's on average rough numbers, three to $5 a lead, which overall is actually not. That bad. Um, sometimes it can be more, some of our webinars cost as much as $10 per lead. Um, but that is more for other sort of higher end programs. So the math works out.
Um, but for the most part in general, three to $5 leads is kind of normal for us. And also I think it is in general, a sort of industry standard for the most part. Now with quizzes though, as crazy as it sounds, we get conversions and leads as low as 25 or 75 cents per lead using quizzes. So that is pretty outstanding numbers, as you can imagine.
Um, And even the cost per lead, further down the chain. So as more time passes, obviously more people unsubscribed from our email list, but in general, a meaningful lead that someone that sticks around on average to our quizzes costs only about a dollar, which is extremely scalable and, um, just really, really powerful, a really great cost per lead that you can really build a business around.
Um, or at least we have certainly built a business around. Another thing is the completion rate. So having somebody look at your lead magnet land on your landing page and sort of decide if they want partake or not the difference between. Say a PDF download and a quiz, as far as completion rate and conversion rate.
It's really not even in the same ballpark, to be honest, uh, on our average, uh, landing page for some other, um, lead magnet, a 15 to 30% conversion rate is probably normal. 30% would actually probably be quite good, whereas 15, 20% is good, fine, but. Or let's just leave it at that. It's fine. That's what it is.
However, with quizzes, we see at least a 50% conversion rate, at least like I have all these plus signs because it's actually even better than that. This is for our Kathleen's mindset ID quiz. These are the numbers and you can see it. There's a 73% completion rate. So a completion rate in this context is equivalent to a conversion rate.
So you can just see 7,000 people, uh, landed on the quiz and 5,000 people completed it. Um, and this is just the average time to complete it. If, if you're curious, but, um, A completion rate of 73% is just such a high conversion rate. And that's because people love quizzes. That is what's true. And you really will too.
And that's kind of what the quiz launching lab is all about. You will love it. Your people will love it. And overall your business will love it. And it really is just the beginning, how much people convert and the cost per lead and all of these things. That's really just the beginning. Quizzes will revolutionize how you understand your audience and how you serve them.
That is one of the most powerful, I believe business building aspects of a quiz, because even if say the conversion rate was more in line with a normal PDF, let's just go with that scenario. The ability to learn and ask questions from your audience directly. It's so powerful that ability to get that feedback and to just learn more about your audience, if you think about that, that's difficult to have in a virtual business.
If you have a. If you have say a brick and mortar business, you see people come in and out, you ask them, Hey, what do you do? What do you wa why are you buying this? Why are you curious about that product? And you have the ability to sort of do recon, uh, just by the nature of people being in front of you and the ability to ask questions and, you know, be a human being and interact with people.
Well, within the virtual business, it's actually a little bit different. It can often be a very one-way relationship, meaning. You as the creator are sending content and information out, but it's not really a dialogue. People aren't necessarily engaging back with you. Um, just by the nature of it being online.
It's just one of the realities I think of working online in a virtual business in general, but with quizzes. You're obviously ants asking questions. That's what a quiz is. So it allows you to do audience segmentation and really get insights into the people you're serving and as well as give personalized, meaningful up.
So when people complete a quiz, you have the ability to put them in almost these buckets and ability to give them personal. And the ability to give them personalized follow-up information. So again, kind of, this is just one of the highest level, main benefits of quizzes that. And to be clear, it's not just the personalization to the people like me completing your quiz.
And I get individual results. I really liked that. Obviously I feel more valued. I'm feeling like I get more value because the information I get is based on, you know, my purpose. So inputs, but the power again, even if this information never. Um, was directly used with personalization, the audience segmentation and the information you learn.
Let's just go with the made-up example that you don't send personalized results, but the ability for you to know more about your audience. That allows you to create different products, uh, prioritize certain things over others. Say, let's just say you happen to do a quiz. And just for simplicity sake sake, there's only two possible outcomes.
One is a high achiever and one is somebody that hasn't achieved too much. So you can then know for your business. What would make sense is you could have a high level like mastermind for those folks that are really firing on all cylinders, looking to get even more success in their life. And you could create maybe an easy and accessible online course to get those lower folks that aren't really thriving yet.
And you can give them some sort of fast action, quick and consumable. Uh, ways to sort of up-level their life. And without using a quiz, you might not be able to know that about an audience. So that is just one of the main benefits of a quiz and using it inside of your business as a primary lead magnet with all that good stuff, being said, it's my job to keep it real with you.
So there's no such thing as a, as a silver bullet, meaning. A quiz, even with the low cost per lead and the high conversion, it doesn't mean it's all perfect. And everyone should have a quiz and yeah. Forget about everything else. That's not, what's true. There are downsides to quizzes. So I'm here to keep it real with you.
So things to consider with quizzes is they can become too social. And if any of you have been on the internet for any amount of time, you might remember or still know about Buzzfeed and they got it, got quite a famous for their quizzes and they're hyper social. They end up like, which celebrity are you?
Or maybe something. Completely silly, like what's your stripper name? And you know, those sorts of quizzes, what they really popularized on the internet and they really went extremely viral. So that's a good thing. The virality and the socialness and the engaging part of a quiz is good, but a quiz can be too social, especially when it comes to a real business like you probably have and what we have, it's not just about creating a quiz.
That's super social that people love to complete. You also want it to. Make sure it's catering to your PCM, your perfect client model. And just to make sure you're bringing in people that, um, You know, are at least interested in what you sell, because the only way to really have a sustainable business is it's not just about exploding your email list and having millions of people complete your quiz.
If they're never going to be interested in buying your product. So being, finding that line between being social and fun, but also, um, narrowing the audience in a way to make sure those that complete it are actually interested in what you have to offer is very important.
Another thing to consider with quizzes is should it be a quiz at all? I've stumbled across a few pieces of content that were turned into quizzes and it's like, you know, the truth is, I don't know if this should be a quiz. I don't, I'm not going to give examples because, um, it's not really about that, but in some ways it's like not everything.
The important part to think about is not everything. Should be a quiz. Um, certain things really work super well, being a quiz and being fun and using pictures or gifts as options. And, and that's all great, but not everything should be a quiz. So that is something to always keep in mind. And also kind of back to the social it's kind of goes hand in hand is a bunch of conversions.
It doesn't mean they're quality leads. So this is just requires diligence on our part to ensure that we are asking meaningful questions and framing the quiz properly, that it's not. Just meant to just be fun and just be social and just be engaging. It also meant is men, from our perspective as business owners, to ensure that we are learning about again, that audience, that those people that are, uh, they don't have to buy our stuff.
We can't always have that expectation. That's not fair. We have to be come from a service mindset, but ultimately. Again, like I said, if we have millions of people or tens of thousands or hundreds of people, whatever it is for you completing a quiz that just would never buy what you sell. That those conversions don't mean anything because they're not quality leads.
So that is the end of module one, just a quick overview of quizzes and why they're so.
So that's the end of module one where we talk about just overall, why quizzes are so powerful and also the sort of things to keep in mind. I wouldn't call them cons of quizzes, but just something to keep in mind. So this is just laying the foundation of why you want to quiz. And then the next module, we're going to dive into planning and validating a quiz.