Having a good lead magnet should be one of the biggest strategies in your lead generation growth plan, and in our humble opinion, every single business needs at least one. If you’re not sure what a lead magnet is, we’re willing to bet you have interacted with one, and once you know how to recognize them, you will see them everywhere. And for good reason– they work. They work really, really, really well.
What is a Lead Magnet
Lead magnets work to increase the awareness stage of your funnel. If you’re unsure of what we’re talking about there, take a moment to get caught up with our last blog post, here. A lead magnet is, at its most basic explanation, something that you would offer for free that you could reasonably charge money for, and in exchange, you would receive a potential customer’s contact information. Usually, this ends up being a free PDF, free course, discount code, or another goodie that is delivered to a lead’s inbox after they confirm their subscription. By this point, you’re probably recognizing that you’ve filled out dozens, if not hundreds of these if you didn’t already realize what you were interacting with. The primary goal of a lead magnet is simple, to maximize the reach of your targeted content.
How lead magnets have changed
Let’s talk pop-ups for a minute. While its a pretty much universally accepted rule that pop-ups suck, they won’t be going away anytime soon. The reason for that is clear; love them or hate them, they work. The statistics show, over and over again, that despite them being incredibly annoying, pop-ups are effective. So, when marketers started offering freebies in their pop-ups, their reach exploded exponentially. It was a complete no-brainer, and not a whole lot of thought had to be put into the lead magnet behind the pop-up. This is where things have changed. Pop-ups still work, and lead magnets still work, but the biggest difference between now and a few years ago is that, thanks to advertising blindness, its critical to not just have a lead-magnet, but to have a good lead magnet.
How to Know if Your Lead Magnet Sucks
No matter where you are within your funnel building, you will need to check in and be aware of some key performance indicator to evaluate the on-going health of your lead magnet and funnel as a whole. Use these benchmarks to indicate that your lead magnet isn’t performing as intended.
1. Your email list isn’t growing as fast as you want to, or growth has declined significantly
As with any advertisement campaign, you will want to set measurable goals. This will help you establish whether or not a lead magnet is effective or not. Additionally, if a lead magnet has a noticeable or sharp drop off in contributing to your list’s growth, you’ll need to check into why.
2. Your lead magnet isn’t targeted enough.
This is an obvious one, but you need to make sure that your lead magnet is relevant to your audience. If they don’t care about it, why would they click on it?
3A. Your Lead Magnet Doesn’t Provide Enough Value
Emails are a very personal thing, and I don’t know a single person who likes receiving junk mail. So, if you want people to actually care about your content, it has to be value driven and worth them giving out their email. A lead magnet that is mostly fluff, poorly written, and generally not helpful absolutely will not work and you will be wasting your time. If you wouldn’t charge money for it and also expect people to pay for it, then it shouldn’t be your lead magnet.
3B. Your Lead Magnet Looks Like It Doesn’t Provide Value (i.e It’s Ugly and poorly designed)
I know you’ve heard the phrase “don’t judge a book by it’s cover”, but the reality is, your lead magnet not only has to be content driven and value-packed, it also has to look like it is. A strong design can make or break a lead magnet.
How To Create Your Lead Magnet
We’ve identified these steps to help you build your lead magnet(s):
Step 1: Identify Your Audience
Don’t try to attract too many people. You want to aim for quality, not necessarily quantity. The easiest way to identify your market is to think of an individual person that represents your ideal client. Give them a name, a face, likes, dislikes, and think of they would interact with your company and its product mix. If this ends up being several people, you will want to create lead magnets that cater to each of these people.
Step 2: Determine How to Help Your Ideal Customer
The most effective lead magnets are the ones that accurately determine how to help their customers. Neil Patel offers one ingenius idea, and that is checking the Amazon Kindle marketplace for what clients are paying for. If their paying for it, and you can offer similar (albeit condensed) content, you’ve got a sure win for it being value driven. Other methods include checking forums like Reddit, the comments section of other popular posts, and the also checking facebook groups for relevant content.
Step 3: Choose which format you want to deliver your content in
Popular content types include e-books, pdf guides/checklists/workbooks, email courses that are delivered in drip content, access to the free tier of a membership site, or video training. Depending on your business model, you might also want to consider offering a discount (like 15% off, or free shipping).
Step 4: Design Your Freebie
You can choose to hire this out, or DIY it with software like Canva.
Step 5: Get Your Lead Magnet Out There
By now you will have a fully functional lead magnet, so the next step is to promote it. Create a landing page and share it with your audience over facebook, the places you looked to help determine your ideal customer, and consider running advertisements for your lead magnet. In any case, social media is a powerful tool for promoting your lead magnet. You can also create signup forms for a blog/website sidebar, and add opt-ins in the header.
And, last but not least, you can always use a pop-up.