Lead Magnets: What are they and how can they work for you and your business? Here’s all you need to know
When it comes to marketing, entrepreneurs always have to be innovative and “think outside the box” to be a step ahead of their competition.
If you are a small business owner, then you’re already aware that competition is fierce. You need something that grabs attention and gets you an opt-in.
In this post, we’re going to talk about a marketing strategy called “lead magnets” and how this can work for you and your business.
Firstly, before we can get started on how lead magnets can work for you let’s first understand what they are. Only then will their role in your marketing strategy become clear.
What is a lead magnet?
Lead magnets are considered “ethical bribes” to obtain a potential customer’s contact details by means of giving away something of value for free.
You can think of them as small but very effective little “rewards” that business owners offer their potential customers for subscribing.
Subscribing to the newsletter means that the customer is willing to hear the news and receive additional information.
In essence, you can use lead magnets towards your lead acquisition goals.
If you acquire more leads, then your chances of converting visitors to buyers are higher.
Why use a lead magnet for email subscriptions?
We know what you’re thinking – emails are dead.
But not so fast because there is something you really need to wrap your head around when it comes to your email list.
As digital marketers, we are all-in on social media. You can find us on Facebook, Instagram and YouTube.
BUT…
We do not own these platforms. If something were to happen and Facebook closed it’s doors where would that leave us? Where would it leave YOU?
You do not own your social media platform but you do own your email list (excepting for unsubscribes).
Your email list is worth gold and you must do everything in your power to grow it.
Emails are a great way to link back to your website, or social media pages and in this way, get your readers to see what you want them to see.
This is a solid strategy when it comes to increasing leads and click-through rates. By increasing your leads and click-through rates, it helps to improve your business. Slowly but surely you can convert your readers and visitors to paying customers.
Essential properties of lead magnets
1. Lead magnets solve your reader’s possible problems
People are always looking for solutions to their problems. As a business owner, you always need to create solutions for your customers and potential customers.
Craft your lead magnet to give people a quick win. For example, if you’re a marketing company, you want to give your reader a way to improve their business like sharing valuable tips to benefit their marketing strategy.
2. Your lead magnet is accessible
Your customers will opt-in if the lead magnet is interesting and easy to access or download. Most importantly, ensure that your lead magnet is instantly accessible.
By this, we mean that if you are promising someone a cheat sheet, ebook, shopping list, report or guide, ensure that it arrives in people’s inbox immediately after they have opted-in.
This helps secure trust and make your new lead happy for signing up.
It’s a win-win situation.
3. Highlight your skills
Your lead magnet does more than just get people onto your list. It’s the perfect opportunity to showcase your skills and expertise.
Use your lead magnet to highlight what you’re able to do and what you can offer them.
4. Gives people valuable info
A lead magnet must be of high value so that it’s able to give a better impact on your audience. As mentioned before, it provides a solution to their problems.
7 Effective lead magnets to use for your business
There are many great lead magnets out there but it is without a doubt that some are far more effective than others. It’s clear that some lead magnets create a better impression and most of all, offer a better “perk” to the reader and the potential buyer than others do.
We suggest that you experiment and try come up with a few different lead magnets to test which one/s have the highest conversion rate.
Here are our top picks when it comes to lead magnets:
1. Offer a free hand out or “cheat sheet”
Cheat sheets are a win because they are easy for you to create, enticing as a lead magnet and very user-friendly for the person who opts in.
2. A guideline toolkit to help them better their skills
Handing out a toolkit is a great way to gain the trust of your readers even more. It’s like you’re sharing some of your trusted and approved secrets to help benefit your audience in their own business endeavours.
The tool kit can focus on how to manage time better, how to balance work and personal life, and simply some great “hacks” to improve business.
Who wouldn’t want such a valuable tip/help that’s freely shared? That said, toolkits are real winner lead magnets.
3. A free trial they can’t resist
Free trials are a good way to help your readers and viewers get a bit more information for free. In fact, it’s a great way to give them a “taste” of what you have to offer. It’s like a teaser without revealing everything, yet it makes your readers hungry enough to want to purchase the whole software package or book.
4. Free + shipping
Several brands have used the free + shipping method with great success.
What this entails is to offer a physical product such as a book completely for free and the person opting in only pays for the shipping costs.
5. Discount deal on first purchase
Who doesn’t like a discount when shopping? This very effective tactic will help you to gain more leads as you offer a small but generous enough discount to benefit your viewers who are in essence, your potential buyers.
6. Let them take a quiz
Quizzes are so much fun and one of the highest converting forms of lead magnets. People love discovering things about themselves and receiving personalised feedback.
In short, quizzes make people feel unique and special.
No matter what industry you’re in, you can use a carefully crafted quiz as an interactive way to get your audience familiar with your brand.
7. A free report
Access to a free report means that you’re giving away some valuable information that will help your viewers in their endeavours to better their lives.
Reports could relate to people’s personal or professional needs.
The takeaway
Lead magnets are one of the best ways to quickly grow your email list.
Remember, your email list needs to form part of your long-term marketing strategy and by using a lead magnet, you build your brand and gain some fans at the same time.
Lead acquisitions can be difficult to accomplish especially when small business owners are looking to increase their customer base. So be sure to create a compelling lead magnet to grow your email list.
If the thought of all the tech involved with creating lead magnets gives you a headache, be sure to reach out to us and let us know how we can help.
Have you used lead magnets to help boost lead acquisition, conversions and sales for your business?
