If you want to convert prospects into paying customers, the first order of business is to find a good way to communicate with them. With a reliable communication channel, you can start to build a relationship in which your target customers know, like, and trust you. That ‘know, like, trust’ equation is the basis of all repeat sales. It’s also extremely difficult to build unless you can communicate regularly.

What’s the best way to communicate with your prospective customers? Email. It may sound outdated, but for most demographic groups, email is still a primary form of communication which people check daily. Once you have someone’s email address, you have a direct channel for building a relationship. The best part is that you have control over that channel.

While people have the option of opening your email or not, there’s no third party company who can randomly take away your contact list. There’s no social media company who decides whether people see your message or not. And there’s no search engine that calculates whether to show your information or not.

But how do you obtain those email addresses in the first place? One of the best ways is to create a ‘lead magnet’ that’s so irresistible that your target audience will be eager to provide their email address.

By the time you complete this course, you’ll be able to:

  • Explain what a lead magnet is and why they are important
  • Identify the goal for your lead magnet
  • Define the target market for your lead magnet
  • Identify a topic and format for your lead magnet
  • Create your ideal lead magnet
  • Draft the content of your web form and opt-in page for sign-ups
  • Identify how you will deliver your lead magnet
  • Outline your follow up emails
  • Select ways to promote your lead magnet
  • Assess the effectiveness of your lead magnet

 

What is a Lead Magnet?

A lead magnet is a valuable product, solution, or benefit that you give to a prospective customer in exchange for their contact information. You may also hear the words ‘freebie’, ‘opt-in gift’, ‘buzz piece’, ‘lead gen offer’, ‘squeeze page bribe’, or similar terms to describe a lead magnet. Whatever you call it, an effective lead magnet will evoke trust and encourage your audience to exchange their information, usually their name and email address, for the offer.

A properly designed lead magnet can convert any relevant prospects into subscribers, leads, and then eventually into customers. The goal of your lead magnet is to bring people into your sales funnel so that you can convert them to customer status. To accomplish this, your lead magnet needs to be so much more than a freebie. It must be a truly valuable offer that acts as a magnet to pull in your most ideal target customer.

The ideal lead magnet will:

  • Demonstrate Your Value – An exceptional lead magnet will show how valuable your products and services are, which will help build trust.
  • Position You As An Authority – When someone uses your lead magnet successfully, they will start seeing you as someone who knows what they’re doing.
  • Build a High Quality Email List – If your lead magnet is laser focused on only your target audience you’ll build a list full of people who need what you offer instead of people who just want free things.

An effective lead magnet will provide a specific solution for one particular pain point for your ideal audience. In addition, it should offer a sense of immediate gratification and help your prospect start believing in your ability to solve more of their problems. The lead magnet should have a very high value and be available to use and put into action within minutes.

Key Parts of the Lead Magnet Funnel

While we’re going to be focusing primarily on the actual lead magnet in this course, it’s important to understand how it fits into a basic sales funnel. There are several components to this funnel:

  • Traffic Source – Where will your traffic come from for the lead magnet? Social media, blog posts, articles, emails and pay per click ads are a few potential sources.
  • Opt-In Page – This is the page where you ask for an email address, and possibly other information, in exchange for your lead magnet. It explains the benefits of the lead magnet and offers a form to fill out to be able to obtain their gift. You’ll also hear this page referred to as a ‘squeeze page’ or landing page.
  • Auto responder Series – The opt-in page form submission triggers an automatic email series to be sent to the subscriber. Most people will have their auto responder service first send a confirmation email in which the subscriber must click a link to confirm they want the lead magnet. The auto responder will then send whatever emails you have pre-written, in the order and schedule you’ve set. It should start with a welcome email that sends people to their gift.
  • Thank You / Download Page – This is where the lead magnet lives and where those who provide their information get sent to retrieve their gift.
  • Upgraded Offer – You can offer something for sale after people have retrieved their gift. This could be on a download page, as an add-on that enhances the lead magnet, or as an upsell to the lead magnet.
  • Remarketing – You can also use this opportunity as a way to ramp up your email marketing by asking people to share your lead magnet with others. For example, you can ask people to ‘like’ or share a link to your opt-in page with others.

 

What Does a Lead Magnet Look Like?

You’ve probably seen lead magnets all over the place and not realized what they were called. In fact, whenever you’re asked for your email address, you’re typically given some sort of gift as a result. Examples of lead magnets include:

  • EBooks
  • Free Shipping
  • Free Trials
  • Step-by-Step Guides
  • Templates
  • Checklists
  • Free Consultations
  • Coupons
  • Free Assessments
  • Physical Products

Now that you know what a lead magnet is, give some thought as to your own products and services and how you can create an effective lead magnet. This could involve using something you already have, or creating something brand new to offer in exchange for an email.

Here’s a simple series of steps you can follow now to help you understand lead magnets.

  1. Identify lead magnets that exist.
  2. Decide which kind of lead magnets you like most. Why?
  3. Think of your audience and which types of lead magnets they like most. For example, what currently gets the most attention now on your blog or social media networks?

Learning Activity:

Think about some lead magnets you’ve signed up for recently from companies or people.
1. Which ones did you like most? Why?
2. Which ones did you actually use? Why?
3. Which ones did you NOT use? Why?
4. Take a look through your Facebook newsfeed and look for sponsored ads for freebies. Which ones stand out and look enticing to you? Why?