Ok so you’ve probably heard about lead magnets or you kinda know what one is and that you need one. But you have no idea what to create for your audience and you’re not really sure why you’re doing it. I’ve got an exercise below that will walk you through my process for developing an irresistible lead magnet offer.
Let’s start with some basics.
What is a Lead Magnet?
A lead magnet is that awesome freebie or opt-in as it is sometimes called, that gives people a taste of what you do and what you can offer, and is a way to get their email address as an exchange.
A lead magnet can come in all different forms from checklists, templates, ebooks, done-for-you content, swipe files, webinar, masterclass, a guide of some sort, a coupon, a give-away, a contest.
Sidenote, a tripwire is similar to a freebie/lead magnet but it is usually has a price, albeit a very low price. A tripwire can be used to help generate some small income while moving the customer along your marketing funnel by having them primed for a bigger purchase if they’ve already been willing to make that smaller purchase from you.
Why Would You Need a Lead Magnet?
If anything that recent outage across Instagram and Facebook taught us is that if we have all of our business beholden to a third-party platform and we have no other way to contact our audience, then it’s pretty darn paralyzing. Owning your own email list and platforms for your business is crucial in making sure your business will continue and is not held hostage by the changes or technical issues of another platform. Thus, building your own email list is key.
A lead magnet is your tool to allow you to start to build your email list and develop that relationship with your potential customer, remember most people don’t purchase from you the first, second, third or even fourth time you ask them to. It’s about leading with your value first, and demonstrating what you can offer and building that trust factor with your audience.
A lead magnet not only allows you to start getting those email addresses, but it allows you to do this automatically. People who are more interested in what you have to offer will self-qualify by selecting to give you their email address in exchange for some value you can offer them. Then it’s up to you to continue to nurture your relationship so that they come to trust you and like you enough to purchase from you.
What Should I Create As a Lead Magnet?
This is the key question many people struggle with.
Now we’ll get to the good stuff. Many people come to me wondering what would make a good lead magnet, especially those who have product-based businesses who aren’t sure what to do beyond a contest, a give-away or a discount.
First, take a look at the challenges or questions that your customers have. What do they struggle with? What kinds of questions are they asking? If you don’t know, then do some market research, pay attention to what your ideal customer is asking for, or repeatedly has questions about. Is there something you could create in answer to their questions? Is there a tool, a guide, a template, a workbook, a video or something that could be created to help answer their questions or walk them through a process? What barriers are there to the purchase of your product/service, is there something you can create to lower that barrier and add value immediately to your customer.
Second, take a look at the values of your customer, what do they care about? This is often a great exercise, especially if you are stuck on step one and still aren’t sure what question to answer for your customer. Think horizontally and offer something of value based on what they care about that could be related to your business. For example, perhaps you have an ethical clothing business and your customers care about not just who makes their clothing but also how to make their clothing last. You could provide resources to help them take care of their item and make it last longer.
Key Characteristics of an Irresistible Lead Magnet
There are several characteristics your lead magnet must have in order to be irresistible.
- It solves a problem. This goes back to providing value, if your customer does not perceive this to be a problem that needs solving, then they won’t see value in giving you their email address for it in exchange. Coupons, discounts and giveaways solves the problem of new customers who don’t see value in what you have to offer because they have never used it before.
- It is specific. A lead magnet solves one problem, not all of the problems that your customer may have. It is targeted to one aspect of something they are seeking a solution for. For example maybe they are having trouble with their marketing message, an effective lead magnet would target one aspect of that, and not try to craft their whole marketing plan for them. This also goes to the next point.
- It is easy to consume/digest/use. People don’t want some long drawn out process to get to the answer they’re looking for so it it can’t be complicated or hurried beneath a bunch of preamble. People also can’t process a tonne of information at the same time, so instead of trying to help them develop their business in one entire guide, focus in on one aspect of their business.
- It is immediately accessible (there aren’t several hoops to jump through to get it) and they can get access to it as soon as they give you their email.
- It should demonstrate some of the value you can offer/provide. This gives people a taste of what you are about and what you can offer.
Ideas for a Lead Magnet
Free Training or Education
- discovery calls
- free report
- round-up report
- access to a library of resources
- cheat sheet
- swipe file
- plan ie. meal plan, workout plan
Free Product or Removing Barriers
- free trial
- sample chapter
- free shipping
- free quote
- newsletter (to learn about early-bird deals or other resources/opportunities)
If you want more clarity on creating your lead magnet and how it fits into your marketing funnel, book your free strategy call with me now.