Have you heard the term “lead magnet” bouncing around the business world, but you’re still not clear on what exactly it is? The truth is, a lead magnet can be many things. However, all lead magnets have something in common: they trade value for value. If you’ve ever wondered, “what is a lead magnet?”, read on to find out.
What is a lead magnet?
A lead magnet is a free resource that offers your customers value in exchange for a piece of information, usually their email address.
Imagine this: You’re looking to purchase life insurance. You’re not sure what kind you need, how much you need, or how the process really works. So, you decide to look around the internet for helpful information and to find out how much it costs to start a plan.
You stumble upon an article about why life insurance is important. Then, you visit that company’s website and find more helpful information describing life insurance, explaining why you need it, the types of insurance, and how much it generally costs.
You notice near the top of the website a form that says, “Don’t miss our next blog post. Sign up for our email list.” Would you sign up?
Probably not. If you’re like most people, you already get dozens – maybe hundreds – of emails per day.
Now, say you’re looking around their website and you see this message: “Find out how much life insurance you need by answering three simple questions.”
The only caveat? After you answer the three questions, you have to enter your email address to get your result.
Would you give them your email address now? Probably.
Types of lead magnets
The example above is just one type of lead magnet. There are all sorts of options when it comes to offering your customers value in exchange for their email address.
Here are some other popular ideas for lead magnets:
- Resource list
- Planner or organizer
- Recipe book
For more ideas, check out our previous post, Creating a Lead-Generating PDF.
Qualities of a good lead magnet
A good lead magnet is a major asset to your business. Once you have a collection of email addresses (even just a few is a start!), you have a direct line of access to a group of highly-qualified leads. You can then use email campaigns to build relationships and turn these leads into sales.
So, what exactly makes a good lead magnet?
They attract the right leads
The goal of a lead magnet isn’t simply to get a ton of email addresses. Instead, it’s to collect email addresses that will convert to sales.
The people who take advantage of your lead magnet should be the customers that you’re actually working to target in your business efforts. Otherwise, you’ll end up paying your email marketing service for a more expensive package simply because you have a bunch of addresses that aren’t really valuable to your specific market.
In other words, low-quality leads will cost you in the long run. Think about the type of resource that your target market would see as valuable.
They have perceived value
Sorry, but no one’s going to offer up their email address just to be nice (except maybe your mom).
People will offer their email address for something that makes their life better, fulfills a need they have, and/or saves them time. If the information you offer is easy to find on any street corner, you probably won’t collect many email addresses. Offer something that makes your reader say, “Wow, for free!?”
The idea is that, while they’re receiving something valuable at no monetary cost, they’re also giving you something valuable – access to their inbox.
They keep the reader hooked
Now, while you want to offer enormous value through your lead magnet, you don’t want to give everything away.
Your lead magnet should follow through on the offer you made and should benefit the user. But it shouldn’t entirely solve the problem. Instead, it should show that you can help them even more. After all, if you completely satisfied your customer for free, they’re not going to stick around, and unfortunately, they won’t benefit your bottom line.
Here’s an example of how a lead generator could keep a potential customer coming back for more.
Perhaps you’re on a strict gluten-free diet. You struggle to find recipes that are gluten-free and still taste good.
You visit a recipe site and notice that their ideas look absolutely delicious. Then, you see that they’re offering a free, downloadable cookbook with 10 gluten-free dinner ideas. You download the cookbook, and for the next 10 days, you enjoy the tastiest meals that your family has eaten in years.
Do you stop there? No way! You need more of this type of meals in your life! And your breakfasts are still bland and boring.
What are you going to do? You bet you’ll be visiting that website again and again to dive into the depths of the simple, mouthwatering recipes it offers. They’ve got you hooked!
Where do I start?
Start thinking about what you can offer your customers that will really benefit them. Then, design a lead generator that’s both helpful and looks great.
Offer it in an easy-to-find location on your website. Next, watch the email addresses roll in. Voilà! You can now keep a line of communication going with your customers and potential customers and watch your relationships grow.
If you need help, we’re here for you every step of the way.
Stuck trying to decide on an idea? Schedule a meeting. Let’s talk about your brand and brainstorm together.
Need assistance bringing your perfect lead generator to life? Our graphic design department is here for you.
Don’t have time to keep up with email marketing? We’ve got this.
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