You may not be familiar with the term “Lead Magnet,” but you’ve likely downloaded one at some point. Lead Magnets are extremely common with Inbound Marketing for one simple reason – they work, and they work very well.
The reason they work so well is that we humans are obsessed with getting something for nothing. No matter the deal, if we are convinced we are getting something extra, it’s a deal worth pouncing on. The key, of course, is to create something your target audience is already looking for and is willing to download.
What is a Lead Magnet?
Simply put, a lead magnet is anything of value that you can exchange for a prospective client’s contact information – the best is usually an email address.
The Keap Business Success Blog formally defines a lead magnet as, “an offer like a content piece, free consultation, or other experience valuable enough that prospects will share their email addresses to receive it.”
Lead magnets help your prospective customers solve the problem that brought them to your company, while helping you follow up with prospects and earn their business.
Why Do You Need a Lead Magnet?
You need a lead magnet because it makes your marketing job easier and more effective. Because email marketing is so effective, getting the email address of your prospects is a valuable transaction. It converts them to a lead, expresses interest in your offer, and gives you the ability to market your products or services to them.
The problem is, most people are notoriously stingy about sharing their email address, so they will not give it up easily. They must be offered something of value – which is where your lead magnet comes in.
Your lead magnet must grab the attention of your site visitors and deliver something of real value to them. By winning over your leads with a free offer, you are creating an interest in your paid offers and starting a relationship with them on a positive note.
How to Create a Lead Magnet
Creating an effective lead magnet takes more than just spitting out a free offer of some kind. Your lead magnet must have a purpose and a target audience.
Step 1 – Choose a Specific Category of Buyer to Target
Too many beginner marketers try to attract everyone with a single lead magnet. Every person on the internet is not interested in the same thing. You must narrow down to a specific audience and create a lead magnet that appeals to this narrow group.
Later, you may choose to have several lead magnets targeting many specific types of buyers, each with its own landing page. For now, just focus on one type of buyer and what they want or need.
Step 2 – Formulate Your Unique Value Proposition
Once you know which prospects you want to target, you have to give them a compelling reason to download your lead magnet. The best value propositions are something that your target clients already need. So, instead of trying to create something you think they could want, figure out what they already need and deliver that.
Find a common problem that your target buyer faces and provide a quick solution to that problem. The quicker you can get them results, the better.
Step 3 – Name Your Lead Magnet
After you decide what your target audience needs, give a compelling name to your lead magnet. It needs to be something that expresses your value proposition and appeals to the potential client. Similar to crafting an eye-catching headline for a marketing email or blog post, the title of your lead magnet will make a drastic difference in its level of success.
Step 4 – Choose the Type of Lead Magnet to Offer
Hopefully, you have an idea of what kind of lead magnet will be appealing to your target clients. If you’re still undecided, keep these things in mind as you choose.
- KISS – (Keep It Simple, Stupid) Keep your lead magnet simple to produce, simple to understand, and packed with true value to your audience.
- Play to Your Strengths – Are you a great writer? An eBook will probably be your best beginning lead magnet. Not so great at writing, but comfortable on camera? Go with video, instead.
- Prioritize a Quick Solution – Solve your target buyer’s problem as quickly as possible. This gives them a quick win and moves them further down your sales funnel.
Step 5 – Create Your Lead Magnet
After strategizing the audience, value proposition, title, and type of lead magnet, you still have to create the item that is the focus of your offer. The first type of lead magnet that probably comes to mind is a free eBook in the form of a guide or report. These are popular because they’re easy to create, easy to adapt to any niche, and people enjoy them. However, you aren’t limited to an eBook, or any of the other examples on this list.
These are just the most common types of Lead Magnets to help you get started, but if you have something that’s high-value and easy to deliver, give it a shot and see if it works.
- Guide / Report – Simple how-to steps for solving a problem or learning something new, or newly researched data that is of use to your target audience.
- Cheat Sheet – Handy steps to get more out of something you produce, or any other product your target audience finds useful.
- Video Training / Webinar – These are great for how-to’s or sharing interesting information.
- Free Trial / Download – Free to use for a limited time, like a software package.
- Product Discount / Free Shipping – Who doesn’t like a sale, right? Provide a discount coupon in exchange for an email address.
What kind of lead magnets have you found useful in the past? We’d love to hear how your first attempt at creating and offering one works! Share your results with us here in the comments below.