What is a lead magnet and what makes it good?
Using lead magnets is one of the best ways to build a strong customer base. But what is a lead magnet?
It is a marketing term for something of value offered to potential customers in exchange for their contact or other valuable marketing information.
For coaches, consultants and subject matter experts it is usually a white paper or a tip sheet or guide of some sort on a topic important to the target market. It is obvious to the user that they are freely providing their information in the exchange – and they should expect to be contacted as a result.
4 qualities of a good lead magnet
- Specific – think about what compels you to give up your contact information. It is usually something that addresses something specific you are trying to accomplish or learn about. With this in mind, your lead magnet should focus on solutions to typical problems your target audience has.
- Available immediately – make sure it is something the user can get directly after providing their information. Instant gratification.
- Unique – you know there are lots of competitors offering free stuff, so make sure you offer something a little bit different. Just as important is it should showcase your particular value. Demonstrate that you are the expert.
- High value – or at least concentrate on creating the perception of high value. The content should absolutely be high quality and provide value to your user – AND it needs to look professional.
Examples/idea for lead magnets
- Checklists – this is a classic lead magnet – basically it provides a road map for solving some problem or improving some aspect of your customer’s business/life
- Templates – these are becoming more and more popular. Think of a template as a fast start to accomplish a specific task, a head start. Everyone likes to get a jump on their work.
- Trials – whether it is software or a service you offer, people love to try before they buy.
- Discounts – I don’t know anyone who likes to pay full price for anything…NO ONE.
- Webinars – this is a very effective means to demonstrate your expertise and has a very high perceived value. Especially if you provide access to live webinars.
- Case studies – real-life examples of customers using your product or service. Any time you can relate to your target audience, identify with their pain and show how someone else solved that pain, you have accomplished your goal.
- Samples – like trials, samples can be a very effective way to “prime the pump”. Allowing your users to experience your offerings without financial risk is powerful.
Final thoughts – not only do effective lead magnets allow you to acquire valuable marketing data, they open up the channel of communication with your prospects and can allow them to experience your product/service risk free.
Remember to be specific with your giveaways to make it a win-win – they win because they get some valuable information and you win by establishing communication.