If you haven’t taken advantage of lead magnets, you might be seriously missing out. So, to avoid FOMO while you gain some loyal customers, getting on board with a lead magnet can do wonders for your business. Follow the tips below to learn how to choose the right lead magnet for your audience:
What is a lead magnet?
A lead magnet is a freebie or incentive you can offer your audience in exchange for their email address. These can be things like a discount code, e-book download, or course preview that gives your customers a reason to opt-in to your email list.
Why do you need a lead magnet?
If you want to grow your number of email subscribers and in turn, create a base of consistent customers, then you need a lead magnet. Lead magnets are incredibly effective for growing your email list and if you have a valuable freebie or incentive, people will sign up in order to receive it.
At the end of the day, you have to have a good incentive and you must be willing to share it. At first, it might feel like you’re just giving away your hard work for free but in reality, you’re getting a lot in return. It might not be in the form of money, but money isn’t always the most valuable commodity. Especially when you’re first starting out, growing your email list and getting in front of as many eyeballs as possible is going to make a huge difference in your business.
Why is it important to choose the right lead magnet?
Choosing the right lead magnet helps you narrow in on potential buyers and customers. So, it’s important that your lead magnet is relevant to your product or service. There’s no point in having a huge email list full of people who only signed up to get a $15 Amazon gift card. Chances are, they’ll unsubscribe shortly afterward because they weren’t actually interested in what you had to offer, aside from free money.
Instead, tailor your lead magnet to your business. For example, most retail stores offer a discount code as an opt-in freebie. A health and wellness coach might offer a free juice cleanse 3-day guide. An author might give you the audio version of their new book.
Tailoring your lead magnet ideas to your specific brand primes your audience and gets them ready to take the next step with your business. That might be using the discount code to make a purchase, joining your 30-day coaching session after a successful juice cleanse, or buying your next book when they see it in the store because they enjoyed your audiobook so much.
Step One: Survey Your Audience
To make sure you’re choosing the right lead magnet, it’s important to survey your current subscribers. You can use tools like SurveyMonkey or Typeform to gather some valuable data on the preferences and demographics of your current email list.
Don’t have an email list? Use social media to invite followers within your target audience to participate in the survey.
Step Two: Identify Their Pain Points
Pain points are the concerns of customers. Common pain points include:
–Financial: A customer’s current product or service provider is out of their budget and they’re looking for another option.
–Quality: Customers feel they can get a higher quality product with a different company and are looking for more value.
–Confusion: Without even realizing it, we could be confusing our customers by not communicating clearly or having tedious processes.
–Feeling misunderstood: Customers want to be listened to and if they feel like a brand isn’t meeting their needs, they’ll begin to look elsewhere.
As a business, it’s our job to understand the specific pain points of our customers and solve them. That’s where the surveys in the previous step get involved. Dive deep and ask questions to understand what they want in a service like yours.
For example, if you’re a yoga instructor, you might ask for your students’ most and least favorite things about going to your yoga class. Your customers might answer that they love having a yoga instructor lead them through a practice but they struggle to find the time to commute to a studio. Therefore, you might offer online classes or live stream sessions.
Identifying your customers’ pain points will lead you in the right direction when it comes to choosing an effective lead magnet. The idea is to come up with a product or service that solves their problem, preferably in the quickest manner possible.
Step Three: Decide What Type of Lead Magnet You Will Offer
The list of potential lead magnets is endless and it’s up to you to decide which one makes the most sense of your brand. Common lead magnet ideas include:
Access to a membership club
It might be obvious which lead magnets won’t work for your brand. A financial advisor giving out recipes isn’t the best idea. But it may require some trial and error before you find what really works.
Do a three-month experiment where, keeping everything else the same, you switch out your lead magnet each month. For the first month, you might offer an e-book. Next month, it’s a discounted course. And finally, you try out a quiz. In making sure that each lead magnet is tailored to your target audience, you can gather data on how many new subscribers were added from each method to help you decide which lead magnet was the most effective.
Step Four: Create Your Lead Magnet
Once you’ve decided on the type of lead magnet you’re going to try, it’s now time to create it. Canva is a useful tool for creating digital lead magnets. You can easily create checklists, cheat sheets, and other digital products with simple templates and design options.
Whether you’re an expert at digital design or you’re just doing what you can, it doesn’t matter as long as your lead magnet is readable, clear, and consistent with your branding.
Step Five: Launch Your Lead Magnet
Now that everything’s ready to go, it’s time to launch your lead magnet for the world to consume. Leadpages is a fantastic tool for hosting your lead magnets. They can help you host landing pages, pop-ups, alert bars, and more.
Similarly to when you were deciding on what type of lead magnet to choose, try out a few different options with the way you deliver your lead magnets and aggregate some data on what’s the most effective.
Step Six: Grow Your Email List!
You’re ready for the best part! Once your lead magnet is live, make sure you’re measuring and tracking your results. Conversion rates will vary but typically, you’ll see between a 20 and 30 percent conversion. Using these numbers as a reference, you’ll understand if your lead magnet is underperforming or not and whether it’s worth it to make some adjustments.
Once you’ve worked out all the kinks, sit back and watch the subscriptions roll in. With just a few simple steps you’ll be on your way to valuable leads and a solid customer base. What lead magnet has worked best for you?
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