What Exactly is a Lead Magnet?
A lead magnet is a landing page or an offer which is designed to give your visitor some kind of relevant value in exchange for their contact details. The offer is usually free, you could almost describe it as a bribe. The ultimate goal of a lead magnet is to increase the number of leads you are receiving for an offer and making sure those leads are valuable for your business.
A lead magnet can really be anything offered in exchange for some kind of contact information, here are a few examples of some of the more common ones that you’ll find:
- PDF Checklists
- Free Courses
Lead magnets should only be used if they provide significant value upfront, your offer should have enough value that it is worth it for a visitor to hand over their contact details and not regret it after. Remember the end goal of this is to turn this lead into a paying customer so you don’t want their first experience with you to be associated with a big let down.
This also means that there should be no selling in your lead magnet content, only value. It should prime them for becoming a customer later on but not sell them overtly in its content. This will lead them to trust you as a valuable source of information and be grateful that they have received something of value from you. They’re also more likely to see you as an authority in your industry.
As well as this, content like this is super important if your industry is one where customers tend to take a long time or need a lot of information before they buy. You can help them along that process of finding out information and you’re more likely to be at the top of their mind when they decide. Especially if you’re following up consistently with emails, which also should contain valuable content.
When you’re putting together your lead magnet, whether it be an ebook, cheat sheet, whitepaper etc. It’s important to have a good understanding of your customer and what their goals, desires and pain points are. This will allow you to craft a piece of content which is irresistible to them because it provides an answer to a question that they’ve had. An example of this would be “How To Set Up Your Google My Business” an ebook that we offer. This addresses a common frustration in business owners that aren’t sure how to go about setting one of these up properly, but know that it’s a really important asset. It provides valuable content aimed towards helping them solve that issue.
Why Lead Magnets?
Now that you know what a lead magnet is, you might be wondering why you need one. While there are plenty of reasons, the short answer is that it allows you to capture the information of potential customers who are interested in what you have to offer but may not have been in a position to buy from you just yet.
97% of people coming to your site on average aren’t ready to buy right now, as well as this 70% of those people will likely never come back to your website.
The reality is, there are so many options for a customer online now that they are almost definitely looking at multiple sites before they decide. The chances are that they’ll forget about you after this search, even if you have an amazing offer.
Having a lead magnet then provides a perfect solution to capturing the details of people that are in that information search phase. When you develop a great lead magnet with the right follow up process you will have the key to unlocking your business growth potential. This is because they will provide you with the opportunity to build trust with your prospect, which is an essential part of the customer journey.
Here are some more great reasons why you’d want to use a lead magnet:
- They help you brand yourself and build your authority
- The process of building them involves understanding your customer even better
- Your conversion rates will skyrocket
- People can’t resist free stuff
- Helps you to build up a large list of potential “warm” leads
Checklist for creating a great lead magnet
- Solves an actual problem for your customer – If your offer doesn’t intrigue someone enough to take any action then it won’t work. Your lead magnet needs to either solve a real problem or provide something that your ideal customer really wants.
- Needs to be super specific – Lead magnets about general topics won’t inspire anyone to do anything. They work much better when someone knows the exact end result they’re going to receive from your lead magnet.
- Quick Consumption – Your lead magnet will perform better if your prospect doesn’t feel like they have to commit a whole afternoon towards reading your 40-page ebook. Keep them simple and to the point, PDF checklists are great examples of this.
- Instant Gratification – People are less likely to want to wait for something to be delivered, your lead magnet will work much better if they can access it right away.
- Highly Valuable – your lead magnet must be perceived as valuable by your prospect and actually deliver on that value once they’ve received it.
- Communicates Your Expertise – Your lead magnet must prime your prospect towards becoming a customer down the line. You can do this by demonstrating your industry knowledge/expertise and communicating your unique selling points.
- Attracts the right people – Lead magnets can also help you filter out people who aren’t likely to be ideal customers for you. By addressing the people who you actually want to do business within your lead magnet you’re far more likely to attract them.
What to avoid when creating your lead magnet
While lead magnets are fantastic tools for attracting new business, there are a few mistakes to look out for if you want it to perform.
- Broad or generic offers that don’t appeal to a specific need of your customers.
- Lead magnet content that doesn’t deliver on what it promised.
- Content or an offer that appeals to the wrong people.
- A landing page with no trust signals.
- Weak headline or call to action for the offer.
- Good content that doesn’t prime the lead for purchasing later on down the track.
- Lead magnet content that has little to do with your product or service.
- Following up with email content that doesn’t relate to your lead magnet.
What’s the next step after you’ve built your lead magnet and you’ve started collecting email your prospects details? Now it’s time to follow up with even more valuable content through email marketing. The best practice for this would be setting up a marketing automation funnel such as Ontraport or even an autoresponder such as Mail Chimp.
Learn the next steps towards building a solid lead generation funnel with Email Marketing.
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