You may have heard the term ‘Lead Magnet’ being thrown around before.
Although it’s definitely a buzzword for sales and marketing teams on LinkedIn, it’s still incredibly powerful for growing your business.
So we’ve put together what you need for a successful lead magnet down below.
Take a look!
So, What Exactly Is A Lead Magnet?
A lead magnet does exactly what it sounds like: it attracts leads to your business!
A lead magnet typically does this by offering something of value – for free or at a discount – in order to compel leads to hand over their contact details.
This method has become exceptionally popular in modern marketing, particularly on Facebook ads.
In fact, it’s become so popular it’s caused a problem.
The market has become so saturated with lead magnets that many customers expect your business to give them something before they even contact you!
Now, in theory a lead magnet will reduce the friction of a brand new lead contacting you.
It will allow you to gather their email and phone number so that you may ‘nurture’ them with marketing emails into a paying customer.
How Do I Reach People With My Lead Magnet?
You’ll still need to choose a channel to advertise your magnet with a media buying budget.
You may choose to advertise your lead magnet on:
- Facebook ads
- Google ads
- Youtube Ads
- Your website
- Marketing Emails
But What Are The Components That Make A Good Lead Magnet?
There are many moving parts to a lead magnet.
Some magnets will have plenty of parts done well, and others will have a few done very well.
Although there isn’t a secret formula to making one, we’ve compiled the best things for you to focus on.
Make Sure You’re Offering Something With Perceived Value
The most common attribute of a lead magnet is that it gives away something for free.
This could be a free case study, Ebook, or report.
The content should be tailored and relevant to your audience.
For example:
A plumber might write a report on the top five things that precede a major pipe breakdown in QLD homes.
The report would then provide leads with a means to check for faults in their own home and prevent a major breakdown.
Or a marketing company, for example, might give away a free website audit to try and woo potential clients with their expertise.
The more compelling the offer is, the more leads you will generate.
Consider Offering A Discount With Your Magnet
If you’d rather not give away something for free, you can always opt for a discount. It’s simple, but effective.
Many businesses will opt to give away thirty or even forty percent off of their service, just to grab a new client.
The key here is to make it clear that leads must submit their contact details to be eligible for this discount.
A word of warning: nobody likes to give discounts on their services. So if you’re cringing at this idea, we totally understand.
But the thing is many business owners will only offer ten to twenty percent off their services.
In this day and age, there are so many other businesses offering huge discounts, that modern customers expect at least thirty percent off before they consider giving away their details.
Design A High Converting Landing Page To Support Your Magnet
A landing page is essential for your offer.
An ad will only allow you to explain so much about your offer and service. But a landing page will let you go into deeper detail.
Additionally, you can add videos to your landing page and use high quality design to increase conversion rates.
Are You Promise Something More With Your Lead Magnet?
Your lead magnet will need to promise leads something more to come in the future.
This could be as simple as stating you will reach out to contact leads within 48 hours, or sending them a follow up email.
Remember: a lead magnet should be used to push those leads sitting on the fence over to a conversion.
Make sure you’re following them up!
Looking For A Finance Magnet, Too?
Now you know how to make a compelling lead magnet for use in your business!
As we mentioned, there’s plenty of different methods for advertising it; from Facebook ads to your website landing page.
But there’s really only one way to keep your business finances in check, year after year: with the help of an expert!
Call The A Firm today for your free meet and greet to see how we can help!