How Effective Is Your Lead Magnet?

Business Leads

Every business is dependent on new leads, and one of the most effective ways to get new leads is to offer a lead magnet.

What is a Lead Magnet?

A lead magnet is something of value that you give away for free in exchange for an email address.  Your lead magnet is your ticket to building your list.  Here are three ideas (I’ll give you some more ideas shortly).

Increasing customer value is the most cost-effective way of increasing profits, but having a consistent stream of new leads is the lifeblood of most businesses.

How to Create an Irresistible Lead Magnet

What makes a lead magnet irresistible?

  1. It solves a problem that is vexing your readers. They’re struggling, and you offer them to solution to their problem. When you promise and deliver a significant win for your new lead, you’ve gained their confidence.
  2. It’s super-targeted. Your lead magnet is not the place for a scattershot approach – keep it simple and solve one significant problem.
  3. It’s quick, simple, easy. Make your lead magnet quick to consume and simple and easy to use.
  4. It’s easy to access. Don’t make your leads jump through all kinds of hoops to get it – at the most, make it one simple step from your landing page to their email inbox to an email with a link to get it.
  5. It’s valuable. High value is what you want to offer. High value is what shows your expertise and establishes you as an authority in your niche.

3 Great Lead Magnets (with more to follow)

  1. Your lead magnet could be an offer of your time (e.g. a free consultation). The problem with this one is that it can be time-consuming, and if you’re not creating business from your consultations, it’s draining time from more profitable pursuits.
  2. It could be a webinar (which is a very popular lead magnet today). If you have enough valuable content and something to sell that ties into your webinar, this is an avenue worth exploring.
  3. It could be a product you’ve created (like my lead magnet, “The 10 Ultimate Headlines Formula To Maximize Your Profits“).

There are many different lead magnets – the most important aspect of a lead magnet is that it is attractive and desirable for your target audience.

The principle behind an effective lead magnet is the same as the rationale for your products and services – what will be of most help to your target audience?  How can you meet a need or solve a problem for them with your lead magnet?  What can you create that will be irresistible to your target audience? This leads us to a very important question…

Who is Your Ideal Customer?

Before we consider more ideas on what you can offer as your lead magnet, let’s get laser-clear on who your ideal customer is and what will be most appealing to them.

  1. Who do you want to attract?  When you have a mental image of your ideal customer, create an avatar of that person, filling in as many details about them as you can.  An avatar is simply a person or figure that represents your target audience.  The more details that you can add to this, the better idea you will have about who you are trying to reach.
  2. What can you create that will be valuable enough to them to induce them to give you their email address?  I’m not talking about creating the minimum value lead magnet that will attract your ideal customer.  Skimping on your lead magnet is a sure way to communicate to potential customers and clients that you don’t have what it takes to deliver what they need most. What you want to do is give as much value as you can in order to introduce potential customers and clients to your business.  Show those new to you and your business that you can over deliver on your promises.  People are inundated with email these days, so your lead magnet must be powerful enough to get them to add you to their inbox!

Once you’ve answered those two questions, you’re ready to create your lead magnet.  Do you have some solid ideas for what your lead magnet should be?  I offered three great ideas above, but here are nine more.

9 More Great Lead Magnet Ideas

4. A checklist. According to OptinMonster, these convert the best of any lead magnets that they’ve tried. And they’re easy to create. Here’s how: take a popular blog post on your site and convert it into a checklist. Make it a step by step process and presto, change-o, you’ve got a checklist lead magnet.

Bryan Harris of videofruit.com tested a number of lead magnets and continued using the ones that performed the best. He took the most popular blog posts on his website and turned them into checklists. The result of this experimentation was that he was able to increase the number of new subscriber leads that his website pulled in from 15 to 75 a day.

5. A cheat sheet.  A cheat sheet is a list, or a set of tips, or a worksheet that can help your potential customers and clients to solve a specific problem.  The more specific you can get on your content for your cheat sheet, the best targeted it will be for your ideal customer.

6. Content Upgrades.  In this approach, take a blog post and then create more content around it that can be offered as an enhanced pdf version of the post.  Brian Dean reports that this approach has yielded conversion rates of 1198.32%!  I know that sounds unbelievable, but I’m going to try this shortly and I’ll let you know how it turns out.

Dean did this with 15 of his blog posts and saw an 185% conversion rate increase.  For one of his blog posts he hit that 1198.32% increase.

7. Templates.  People love templates and you can easily create them using Microsoft Word, Excel, or a number of other programs.  I just googled free templates and the first results were: website templates, graphic design templates, newsletter templates, and online form templates.  It would take literally all day to go through all the links that Google pulled up on that one search.

8. Swipe files.  I’ve downloaded a number of these from other internet marketers and they can be extremely useful.  Swipe files are simply a file of examples of something that is pertinent to your business. Advertising copywriters often keep swipe files of great ads.  You can pack a lot of useful information into a swipe file, which is why they can be valuable to your audience.

9. A video tutorial.  These aren’t hard to do and can definitely meet a need for your new subscribers.  Here’s a video I did about 6 years ago and while it’s not a tutorial, it is a good 3-minute treatment of why to use video for marketing.

10. Free training can be offered through a number of mediums including video, written reports, workbooks, webinars, teleconferences, etc.

11. Resource List. I’ve created a list of solo ad sellers who have worked well for me. If you’re interested, contact me at support(at)tonyseel.com and request it.

12. Worksheet or workbook. Make yours so that your leads can download it and fill out on their computer. A document format works well for this.

Unleash This Super Power For Your Business!

Now that you have a dozen different ideas on what to create, what will you create? The power of your lead magnet to draw in new subscribers is one of the great super powers of an automated online marketing business.  If you’ve got a great lead magnet and good promotion of your business, you are on your way to big paydays over and over again.

I welcome your comments and questions, and your likes and shares.

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