Your Facebook ads fell short. The expensive videos you had made didn’t go viral. Your online presence is quickly dwindling into nothing. What’s the next best step?
Here’s the short answer: Harness the power of lead magnets to grow your followings, nurture qualified leads, build a strong email list, and ultimately scale your revenue.
This blog post will tell you all you need to know about lead magnets.
If you enjoy watching a video rather than reading, here’s the explainer video for this blog post about lead magnets:
And here’s the long story.
What Are Lead Magnets?
A lead magnet is a “freebie” such as an ebook or a cheat sheet or any other content upgrade that you offer your website visitors as an incentive in exchange for their contact information, usually their email address, for the purpose of lead generation and email list building.
Here’s a lead magnet example.
When people enter their contact information such as their first name and email address and click the button on this type of lead magnet, they will receive a free download of the guide.
Build responsive landing pages using the easiest drag and drop designer and attract potential leads.
Lead magnets can be seasonal/time-sensitive or evergreen, meaning you can use them any time of year.
A great example of a time-sensitive lead magnet is one that teaches people how to start a garden in spring.
An evergreen lead magnet is one that teaches people how to grow a garden inside their homes, which you can do whenever you want.
Once people provide their email, you can send the lead magnet directly to their inbox.
Aside from the fact that great lead magnets help to build trust and authority, it also allows you to continue email marketing to the people who opt-in.
So, what are some good lead magnet examples?
Common Types Of The Best Lead Magnet Ideas
1. Guides or Reports
Guides or Reports are one of the most common types of lead magnets. Here’s one good example.
Industry reports are one of the most popular ways to get people to share their information.
How many ebooks do you have on your desktop right now? That’s right, at some point, we all have shared our email ID for a free ebook. Companies generally try to sell courses in form of ebooks or tips and tricks for an activity. It’s one of the most effective ways to attract leads and grow your email lists.
3. Cheat Sheets
Cheat sheets are similar to reports except these are generally very short, one page or so. It talks about things in straight points. These are generally shared as checklists or blueprints.
For instance, a checklist to make your blog article SEO-friendly. It works as a great lead magnet.
4. Case Studies
In today’s time, with more information at disposal, customers have become more demanding in terms of proof. As the internet has evolved, customers invest more time in peer reviews, customer success stories, and more.
Case studies act as social proof by highlighting customers’ experiences and showing real results.
5. Toolkit or Resource Lists
These toolkit and resource lists act as a great lead magnet element as it attracts the user’s attention.
Educators often offer free toolkits for sharing process overview and methods to help users put ideas into designs. Similarly, you will find many DIY kits for making craft items.
Here’s how EngageBay displays all its resource material to helps its users find information easily.
6. Video Training
Visuals are an easy way to grab your visitor’s attention. That’s why many companies are now using video visuals as their lead magnets.
For instance, SaaS companies deploy a quick demo video to show their audience how their tool works. This video entices those users to download the free trial and try the product for real.
Why Do You Need to Be Using Lead Magnets?
“Ugh, I’m so sick of getting new customers,” said no business owner ever.
In fact, customer acquisition could possibly be the hardest part of keeping the doors to your business open — nevermind increasing your revenue.
And you don’t need us to tell you that many new businesses will fail, but we will anyway.
According to the U.S. Small Business Administration Office of Advocacy’s 2018 Frequently Asked Questions About Small Business, about 80% of small businesses make it past one year, and only half make it five years or longer.
Now, what does this have to do with lead magnets?
The benefits of lead magnets are many. Let’s break down a couple of the biggest benefits of effective lead magnets.
“Customer acquisition could possibly be the hardest part of keeping the doors to your business open — nevermind increasing your revenue.”
Lead Magnets Help Build Trust and Authority
We’re going to take a wild guess and say that you have a lot of competition in your industry.
Add to that the fact that most business owners think they simply need to exist in order to get people’s attention, and you have a recipe for disaster.
It takes a lot more to stand out.
The first hurdle you’re going to need to get over is potential customers who aren’t ready to spend money on your business or service yet. Why are they like this?
Simple. They don’t know you. Especially in the very beginning, they have one question on their minds: “What’s in this for me?”
You need to make sure that you nurture the relationship, build trust, maybe even offer a free trial and prove you’re an authority in your industry.
That’s one way Allison Lindstrom does it, and it works. She proves people can trust her as an authority by providing massive value for free.
By providing free information — read: free value — you’re accomplishing a few things:
- This helps you show your potential customers that you’re not just trying to get their money.
- You prove that you know what you’re doing and know how to help them.
- It allows you to position yourself as an expert in your industry.
While business owners and marketing managers understandably roll their eyes at the thought of needing to spend additional time nurturing leads, don’t underestimate the power of lead magnets.
Yes, it’s a little more work upfront, but a lead magnet brings you long-term gain.
How Lead Magnets Help to Grow Your Email List?
You can use different types of lead magnets to help grow your email lists, and email marketing is the stuff dreams are made of.
Make no mistake about it: connecting with the right target audience and delivering valuable content is a real struggle for businesses.
Email marketing can effectively eliminate both of these problems.
For starters, it helps you collect warm leads — meaning people who have already been familiarized with you.
Unlike cold leads, you can be certain these people are at least somewhat interested in what you have to offer.
The bridge between you and the sale is just a little be shorter.
Furthermore, depending on what lead magnet they took and how you’re segmenting your email lists, you can deliver the exact kind of content that your subscribers want.
For example, in order for someone to receive your lead magnet, they have to provide two things: their email, and what aspect of your business they’re most interested in.
You can then deliver to them, over time, information relevant to them specifically.
Choose a subset of users by applying various filters of your choice, including country, created date, source, tags, and more.
Email marketing is likely the biggest moneymaker for your business. Unbeknownst to many people, a strong and growing email subscribers’ list is the backbone of any company.
It’s cheap to produce and has a higher ROI than most other types of marketing. Take Facebook ads, for example.
You might need to spend anywhere from $500 to $1,000 minimum to start running and experimenting with Facebook ads just to determine what might work. (To be clear, Facebook ads can be highly profitable.)
Email marketing, on the other hand, can deliver results for a fraction of this price.
And what does it all start with? Lead magnets.
So… You Give Away Information for Free?
So often, business owners are steadfastly against “giving stuff away for free” — whether it’s a physical product or service, or even just information.
Why give it away when you can sell it? Here’s the problem: You’re not going to sell anything if you have no way of attracting new leads in the first place.
Besides, we’re not telling you to spill all of your secrets — just enough to pique people’s interest with a free trial.
Running a business is a marathon, not a sprint. Relationships need to be nurtured.
It’s not as simple as offering your service and getting paid.
Lead magnets help you to connect with the right people and prove your value, so they’ll be likelier to spend money with you.
How to Create Lead Magnets That Convert
How can you begin to craft a perfect lead magnet that’ll be enticing enough for leads to hand over their email addresses for it and increase the conversion rates for lead generation?
Think of these questions as you brainstorm ideas for creating a lead magnet.
What Are Their Pain Points?
Think of some of the common obstacles your leads are experiencing. Your lead magnet should help them solve a problem.
For instance, if you’re a personal trainer and you know that a lot of people struggle with finding time for the gym, your lead magnet might offer quick workouts that they can do at home with no equipment.
Don’t make this about what you want them to know. Make it about what they want to know.
Your lead magnet should address something they care about and need help with.
How Can You Help Them Have a Quick Win?
You don’t want to create a lead magnet that’s going to solve people’s problems six months down the line.
If you want your lead magnets to convert, they need to provide instant gratification.
Lindstrom does it in just one week.
Using our previous example of a lead magnet above with the personal trainer, leads can opt-in to receive that freebie and start exercising from home immediately, if they want.
As an example of what not to do, imagine a lead magnet that helps them achieve their dream body in six months.
That takes way too long and there’s too much room for error.
Plus, that’s definitely something you’d want people to pay for. It’s a huge responsibility on your part.
Give your leads a quick and simple win.
What Do You Want Them to Do Next?
After creating a lead magnet and using it to grow your email list, the next step is to find out what you want to happen once someone finishes using your freebie.
Do you want them to schedule a free phone consultation? Or purchase something using a coupon code?
Aside from having them on your email list, what’s your goal?
Your lead magnet should prompt recipients to take action of some sort.
This will help you further nurture your leads, move the relationship forward, and continue encouraging people to ultimately do business with you.
For instance, once they have finished reading your home training guide, you can further nourish the relationship by offering them a one-on-one training session.
It’s all about moving the relationship forward. The lead magnet isn’t the end of the story!
What Should Your Lead Magnet’s Opt-In Page Look Like?
You’ll very likely send lead magnets to people via the email course, but what about the one page where they sign up? How should you design it?
One word: KISS — keep it simple, stupid!
The more you say, the greater the opportunity people have to decide they’re not interested.
Don’t give them a reason! Your opt-in page should be concise and straightforward.
Tell them what they’ll get, how they’ll benefit, and how to get it.
Using our personal trainer example, your page would mention these things:
- Get 10 workouts you can do at home with no equipment!
- Achieve a healthier you, even if you don’t have time to go to the gym.
- Just provide your email address and we’ll send the workouts to your inbox
Sidenote: You can also accomplish this using a pop-up on your website or blog posts.
Great, But How Do You Get People to Opt-In?
Creating the lead magnet is often the easiest part. It’s getting people to sign up for the lead magnet that proves to be tricky.
Here are a few suggestions to help you get people to sign up for your lead magnets.
Promote it on Social Media
Once your lead magnet is ready, post the opt-in page across all your social media platforms.
If it’s evergreen content, plan to promote the heck out of it on a regular basis, even a few times a week.
Utilize all the features the various platforms offer.
For instance, you can post on your Instagram feed, but don’t forget stories. IG Stories are a great way to put your content at the very top of people’s feeds and increase its visibility.
Since your organic traffic might be minimal on social media (don’t worry — that’s the case for a lot of business pages), you might consider spending a little money on this, which brings us to…
Drive Traffic to it Using Facebook Ads
If you’ve got someone on your team who’s a pro with Facebook ads, don’t be scared to pay to play.
Facebook ads don’t have the best reputation, but here’s the thing: When they work, they really work.
Send an Email Blast
Have you already started building up an email list? Fantastic!
We know we said you can use lead magnets to get new email addresses, but the people already on your list might very well be interested in the free or perceived value you’re providing via the lead magnet.
Don’t let them miss out on it. This could still lead to a sale.
Not many businesses are taking full advantage of lead magnets. However, once you start thinking outside the box and get working on your lead magnet, the result might blow you away.
You can soon turn your leads into paying customers. That’s where we come in.
EngageBay’s CRM system is perfect for small businesses to organize contact information, manage leads, track deals, and build meaningful relationships.
Let us know your thoughts about this blog post in the comments section below!