The ability to generate new prospects on a weekly or monthly basis is critical for business success.
I recently wrote a piece about how most businesses get lead generation wrong and waste large amounts of their advertising dollars by only inviting responses from the warmest of leads.
This is where a good 'lead magnet' can help.
What is a Lead Generation Magnet? The missing piece in the marketing puzzle of many new businesses I consult with is a lead generation magnet.
Definition: A lead generation magnet is a method for attracting new prospects for your business. You offer valuable content to your prospect in exchange for their contact info.
A good lead magnet has the power to transform your business.
What does it accomplish?
For starters, the lead magnet itself does NOT push for a sale. Instead, it builds a list of prospects that with time and strategic follow-up, will purchase your services.
Example of a lead magnet
Suppose you're an accountant getting 1000 people to your website every month. Maybe 3% of those visitors convert into phone calls, appointments or inquiries (leads).
Most accountants would leave it at that. But what about the other 97% of their website visitors? They weren't in buying mode (yet), and would probably be put off by a hard sell.
But some of them might be interested in a free report about "4 Tax Saving Tactics The IRS Doesn't Want You To Know About" in exchange for their contact info.
THAT's your lead magnet!
Why It's Effective
By collecting their contact information and staying in touch with them strategically via email marketing and re-targeting ads, you can create a relationship and build their trust.
This makes them much more likely to purchase from YOU (and not your competitor) when they switch to buying mode in the near future.
Benefits of a Lead Generation Magnet:
Here are some reasons to use a Lead Generation Magnet:
It puts the prospect in the 'buying mentality' and positions you as the best source to buy from
It gets you the contact information of relevant leads which you can use for follow-up marketing
It positions you as an authority in your niche
It gives you a higher response from your ads and website visitors
It gives you the opportunity to build credibility and trust with your prospects
Lead Magnet Formats
What does a lead magnet look like? It's valuable information that typically comes in one of these formats:
Free Report (downloadable PDF or hard copy in the mail)
Podcast Audio
CD (sent through mail)
E-book
Video (Secret Link or DVD)
Live Webinar
Yes, don't rule out using hard copy CD's and DVD's. Not only does it get you more information about your leads (their address), but it also makes you stand out in a world full of digital clutter.
High Quality, or Nothing at All
The content in the lead magnet needs to be good. Actually, good's not good enough.
Your lead magnet needs to blow your prospects' socks off.
We want them to say "Wow, this information is really helpful. They know what their talking about!"
That way you'll be their go-to source when they need your services.
The lead magnet should be so valuable that they would pay for it, but you're giving it to them for free. Since you exceeded their expectations, they'll think "If this is what they give for free, then their actual paid service must be amazing!"
Elements of an Effective Lead Magnet
An awesome lead magnet should:
Actually solve a problem. The lead magnet is not a teaser. It should provide satisfaction by resolving an issue or answering questions they have.
Provide Instant Gratification. In 2017, instant gratification is a must for a positive customer experience. They need to receive an email right away with a link to access the content. The exception to this would be hard-copy books, DVDs and the like.
Be Relevant. In order to be relevant, you have to really know your ideal clients.
Who are they?
What do they want?
What are their concerns and pain points?
Where are they in the Sales Funnel: Aware, Interested, Desiring, Ready to Take Action?
How can your service satisfy what they want?
With those answers, you can craft valuable, relevant content that they would want in exchange for their contact information.
Be Specific. Don't try to answer all your prospects' questions in one piece of content. Your lead magnet should speak to very specific issues.
A plastic surgeon, for example, shouldn't create a lead magnet for "Your Guide to Plastic Surgery." That's too broad and unlikely to generate leads.
A more effective one would be along the lines of: "How to determine which type of breast implants is best for your body."
Display your expertise. Give examples of how you helped your other clients, how you're qualified and respected by your peers, awards you've received and anything else that builds your authority. You have to be careful, though, because you don't want your lead magnet to come off as sales-y. That turns people off. Keep it subtle.
Be visually appealing. You need to make a professional first impression, otherwise the lead magnet won't work. The design shouldn't look amateurish. Hire a designer or purchase a premium template to make it look nice.
Build rapport with your prospects. Show you're likable and that you understand your target audience. If you serve a local area, make local references.
Lead Generation Ideas
Cheat Sheet. Cheat sheets provide a short list or tips that solve a problem.
A chiropractor might offer "The Ultimate Cheat Sheet for Reducing Back Pain at Home."
Notes from a seminar or conference.
Let's say you're a b2b company and you're going to an industry conference that your prospects might be interested in.
Keep notes on the presentations you attend and turn it into a piece of content. You can create a special landing page on your website for people to download the notes, and you could post a link to that page in industry forums and groups.
Templates.
An estate planning lawyer might offer a "Free Template for a Last Will and Testament" in exchange for contact information.
Those prospects can then be nurtured for other services pertaining to elder law, trust administration and more.
Tools: This may require a developer to implement, but you can grant access to lead magnet in the form of a digital tool that provides value for your prospects.
For example: A mortgage broker could offer access to a "Mortgage Calculator" that allows prospects to factor costs including taxes and insurance.
How-to video. "How to" searches are growing 70% every year on Youtube because people consider video to be a good source for learning new skills.
A plumber could create a series of videos on some common procedures like "How to unclog a tub drain," "How to fix a leaky toilet" or "how to install a shower faucet."
Youtube Tactic: Another way to do this using Youtube: Upload a video on Youtube on a topic related to your niche. Then place an in-video link to bring viewers to a page on your site where they can see an in-depth tutorial or how-to video when they opt-in to your email list.
Resource Guide:
A company that sells hot tubs and maintenance services could create a Resource Guide for "12 Hot Tub Energy Saving Tips To Reduce Your Energy Bill."
There are many other formats for lead magnets, each business needs to find the formats that makes sense for them and their target audience.
The more value you provide in the lead magnet, the more prospects you'll attract for your pipeline and the more you'll grow your business. If you need help creating a lead generation for your business, drop me a line!