What is a Lead Magnet?

Introduction:

Unlike funnels, which you may never have built or seen in full action, you have definitely come across a lead magnet. Sure, you may not have written and launched one, but I guarantee you have downloaded one - it may have been a discount code, an activity for a child, a checklist for Christmas, a party planner or even a free calendar.

Whenever you hand over your email address in exchange for a download or discount or a video etc, you are engaging not only in the supplier's funnel, but also with their lead magnet.

But what is a lead magnet and how does one work?

What is a lead magnet?

A lead magnet is so aptly named because you are drawing your leads to you like a magnet.

You are offering something enticing, with a high enough perceived value to your target market that they cannot resist swapping their email address for the item.

A lead magnet helps you to draw more targeted leads into the realm of your business by providing them with an insight into what you offer with a short, simple but valuable resource. That is, the people who are attracted by your offering, are people who are actually interested, to some degree, in the topic you represent. Those people are more likely to buy your products and services than a person who did not download your item.

Lead magnets are not just for online or service businesses, many companies have found innovative ways and means to get the precious data they want from their customers, for example, Clubcards offered by many stores and supermarkets. Those ‘Clubcards’ or other loyalty perks, only work if the stores have their customer details to work with.

Like with a ‘Clubcard’, a business that holds its customer's data, can identify ordering and buying patterns and thus target specific offers to specific customers, making them more likely to sell specific items. It's sheer marketing genius really, because it is allowing the customer to tell you exactly what they want and whether or not they use it. 

Why should I give away my content for free?

Good question, although you are not technically giving anything away for free. You are getting their email address in exchange. Email addresses are valuable property to entrepreneurs, in fact as part of your data set, they should be one of your top assets.

Email addresses are valuable because they give you direct access to your customer and do not rely non outside platforms like Facebook or Instagram, who can ban you at any point with seemingly very little provocation.

Once someone enters your world via the lead magnet they have already turned themselves into a lead, because they have shown interest in what you are offering. However, they are more of a suspected lead and generally have a long way to go before they become a warm or even hot lead, ready to buy.

 Guidelines for a Lead Magnet

You want people to consume the content in your lead magnet, because it acts as a first, proper impression of your business landing in their inbox. You want people to use it and think, “fantastic, this solved my immediate problem. What else do they have that could help me?”.

A lead magnet should not be:

·      Boring

·      Just a newsletter

·      Very long or take a long time to complete

·      Baiting customers to get a sale

·      Deceptive and full of crap

A lead magnet should be:

·      Good value

·      Relevant

·      High quality

·      Shareable

·      Demonstrating your authority on the subject

·      Specific

·      Clear and have actionable instructions e.g. ‘try’, ‘receive’ or ‘get’

·      Written with a hook to attract your ideal customer to want to download it enough to exchange an email address for it. E.g. “5 mistakes all email marketers make…” or “7 tips to staying lit this Christmas” – I jest, but you can see why someone might be ‘hooked’ into reading more.

What does an example lead magnet look like?

This is my current lead magnet, a tech checklist for online business owners, to help them decide on the right tech for their business strategy.

This then leads into an acquisition funnel, otherwise known as a nurture sequence. You can read more about funnels here.

But a lead magnet can be more than a document or checklist. You can also offer, in exchange for an email address, one of the following:

·      Checklist

·      Video

·      Templates

·      Swipe files

·      Visuals

·      A guide that solves a problem

·      Surveys

·      Whitepapers

·      Discounts

·      Special offers

·      Webinars

·      Discovery calls

·      Online demonstrations

·      Software trials

·      Online events

·      Competitions

·      Facebook groups

·      Online chat

·      Toolkits

·      Quizzes or games

·      Widgets and tools

·      Many, many more options

What are you going to create? Let me know, I’m excited to see it.

Conclusion

Look I know these things can seem complicated and overwhelming, but that's why I am here. I can help you to strategise and set up and build your lead magnets and opt-in pages, amongst other things. I am Coach Vicki, and I am a Tech Genie, here to help you focus on the work you love, not on the tech you don't. Book a slot, let's chat about your needs.