If you want more customers, you need leads. If you want more leads, you should establish some lead magnets. Lead magnets allow your customers to pre-qualify themselves to some degree. With one in place, you can capture information about website visitors that are most interested in your product or service. This allows you to narrow your focus on your best potential prospects.
A lead magnet is an offer to provide your website visitor something relevant and valuable in exchange for their contact information. Lead magnets are typically free and the owner of the website gains useful information about a potential lead, at the very least, an email address.
Examples of lead magnets are: trial subscriptions, samples, white papers, checklists, e-newsletters, eBook or video course, cheat sheets, discounts and free consultations.
Lead magnets are used to increase sales of a product or service or to market other unrelated offerings. They are important because they provide you a prospect’s contact information and establish the beginnings of a relationship. Less than 5% of website visitors will buy something on their first visit. A lead magnet helps establish a relationship and warms up the potential customer to doing business with your company in the future.
When a customer signs up for a lead magnet, they provide a name and other details in exchange for the information or offer. They effectively “pay for their lead magnet” with their information. When we use lead magnets in a campaign, we encourage our customers to make the nature of this information exchange explicit. As with other forms of marketing or advertising, some types of lead magnets can be criticized for not being transparent enough.
Here are a few things that make a good lead magnet:
- It should be valuable. Your lead magnet should be designed to provide something of a high perceived value or something that informs or solves a problem.
- The best lead magnets are specific. The more specific the benefit, the more likely people will be to provide you their information and the more likely you will be to measure its effectiveness. This is a win-win. The customer only takes action if they really need the lead magnet and you can measure and try a variety of other specific leads magnets to capture other leads.
- Easy and quick to digest. Better performing lead magnets typically are easy to digest. You should only offer eBooks or lengthy reports if you are establishing your own expertise. Think checklists, newsletter sign-up, contests, discount offers.
- Provides instant gratification. Your lead magnet will work best if you deliver it right away.
Makes sense, right? If you can deliver something that is valuable, specific, easy to digest and available immediately, you might be surprised how many people are willing to provide you their contact information and the quality of the potential customers in that group.