In this post, we’re helping you create an effective lead magnet so that it’s an asset in your business.
[Meghan] I’ve had lead generation on my mind lately, not just for clients but also for myself since I need to re-do my own lead magnet.
And, that inspired this episode’s topic, which is going to be a refresher on what makes a lead magnet highly effective.
We’re going to give you a list of five questions to ask yourself about your lead magnet. These questions will guide you and help you assess whether your lead magnet is doing its job or whether it’s time for an update!
[Theresa] Look, everyone should assess their marketing strategies and tactics regularly. So, this is a smart exercise for you no matter where you are in your marketing and no matter what product or services you offer.
Good, consistent lead generation is critical to a successful business. Therefore, it’s really important to carefully evaluate what you’re doing to turn a website visitor or social media follower into an email subscriber or lead. It’s not always an easy task.
[Meghan] No, it’s not. You’re not trying to get just anyone to become a lead. Your goal is to attract those people who are truly interested in what you do so that it’s easier to turn them into excited buyers.
[Theresa] Imagine how awesome it would be to have more engaged people on your list! That way, when you follow up or make an offer, they care because what you’re talking about or promoting aligns with their interests.
[Meghan] Yes, that is the power of a lead magnet!
And, it occurs to me that we should probably define what a lead magnet is so that we are all on the same page.
What is a Lead Magnet?
[Theresa] A lead magnet is a free or low dollar offer that is used as a marketing tool to attract qualified prospects and get them to give their contact information so that you can follow up with them.
[Meghan] The lead magnet is one place the sales funnel or sales journey begins for your customer.
You offer something, like a free checklist or guide, in exchange for a name and email. Then you have an idea of what interests this person so that you can follow up and promote a related paid offer.
A lead magnet attracts qualified prospects and gets them to give you their contact information so that you can follow up with them, which builds your email list and helps you increase your sales.
For a real-life example of a lead magnet, take a look at Hubspot. They have a Resources page that shows all of their lead magnets. They also use blog posts to promote these freebies. So, check them out if you want some ideas or you want to see a lead generation strategy in action.
[Theresa] Alright, I think we’re ready to dive into the characteristics of an effective lead magnet and the questions to ask yourself.
[Meghan] Let’s do it!
Use these 5 questions to assess whether your lead magnet is effective in building an email list of qualified potential buyers.Click To Tweet1) Does It Deliver a Quick Win?
[Meghan] The first question to ask yourself is: does your lead magnet promise and deliver a quick win? The faster the gratification the better since the person is interested at that moment.
When a person first gets your lead magnet, they are a warmer lead than they will be the next day, the next week, or in a month.
So, you want to strike while the iron is hot, as they say. Give them what you promised while the person is more engaged. And, that promise should be easy to achieve or accomplish quickly.
[Theresa] That’s right. Because if your lead magnet takes too long to consume or is too complex, then the person will lose interest and move on. People typically don’t have a lot of time or attention.
So, if you can get them a result or resolve their pain point quickly, that translates to success.
[Meghan] And that success proves you are reliable and credible since you’ve delivered on the promise you made.
[Theresa] Which is a perfect way to give people a little sample of what your business offers to get them wanting more. And, that’s what an effective lead magnet does!
2) Is It Attracting Your Target Audience?
[Theresa] A good lead magnet also attracts relevant people so that you build a list of interested, engaged prospects. So, the second question to ask yourself is: is your lead magnet attracting your desired target audience?
[Meghan] Your lead magnet is really important because it determines who is on your list. Are you attracting looky-loos that are only mildly interested in browsing the aisles? Or, are they people in your target audience who are truly on the buyer’s journey? I think of it as browsers versus buyers.
An effective lead magnet aligns people’s challenges with your solutions or offers. As such, it attracts relevant people—meaning people in your target audience who have a problem you can solve and people who are interested in solving that problem.
[Theresa] Let’s use an example that Meghan and I were actually discussing the other day.
If you offer business coaching for female digital course creators, who do you want on your list?
- Established female entrepreneurs who want to create and launch their first course
- Female course creators who want to scale
- Anyone who’s interested in creating an online course
Although they have course creation in common, these are different target audiences. They don’t have the same needs and wants. And, they will be at different stages in the customer journey.
So, make sure your lead magnet is designed to attract the audience that you want to serve.
3) Will It Guide People to the Next Step?
[Meghan] Question number three to assess whether your lead magnet is effective is: does it guide people to another step in the buying journey?
People often have barriers that prevent them from purchasing. So, you can use a lead magnet as a tool to get a person from Point A to Point B. This transformation can nudge your lead to look to you for more help.
[Theresa] Take Michael Hyatt as an example. Through the company Full Focus, he sells daily planners that help people to achieve their goals. So, his lead magnets are downloadables such as eBooks and calendars that focus on planning and productivity. There’s also a Lifescore Assessment to help people set goals.
These lead magnets get people to start setting goals, planning their time, and prioritizing tasks. Once they get a taste of progress and achievement, a person is probably more likely to take the next step of buying a planner to help them manage their time and increase their productivity.
[Meghan] This is a very strategic use of a lead magnet. Though, I will say, it is not always obvious what to offer to get your target audience over a hurdle and coming to you for help.
If you’re more advanced in your business or you’re really in tune with your ideal customer avatar, then this one will probably be easier.
[Theresa] You hear it all of the time, but it does really help to know your “who” and the person you’re trying to help. When you understand your target market’s struggles, you can really hone in on their beliefs, fears, desires, and where they need to be in their mindset before they buy.
4) Are You Going Too Broad?
[Meghan] Alright, next up is to ask yourself if your lead magnet is too broad? Does it cover too much? Did you bite off more than you should chew?
An effective lead magnet is super specific. It doesn’t go broad or into too much depth. Otherwise, you’ll overwhelm, confuse, or scare off your lead.
Remember, this is all about the quick win (which we discussed in question #1). So, you can’t address every pain point or big problems that require more effort to resolve. More is not better!
Personally, this is my weak spot. And it’s one of the reasons I’m re-doing my main lead magnet.
[Theresa] Yeah, I can relate to wanting to overdo it!
But try not to cover every topic. Your lead magnet is a bite of pie, not the whole pie. Heck, it’s not even meant to be a slice of pie! Too much information and extraneous information will hurt the effectiveness of a lead magnet.
For example, if you offer Facebook advertising, you’d want to avoid the free 50-page “everything you need to know about Facebook” eBook or guide. That lead magnet isn’t going to perform well.
[Meghan] Instead, maybe you offer a free 15 minute consultation or a top ten checklist of what a business owner needs before investing in Facebook ads. Or, maybe offer your secret formula for a converting ad.
[Theresa] Yes, those ideas are better because they are way more specific to your services and help to target people interested in running Facebook ads. And, they offer a quick win. You can also design those lead magnets so that they help take the person to the next step and make them want more!
5) Does It Show Off Your Genius?
[Meghan] Ok, we’re at number five and the last question, which is: does your lead magnet do a good job of showing off your genius and convincing people that you’re the person to help them?
Look, this is your moment! This is your chance to prove yourself and to express your personality as well as your skill. And, it may be your only chance.
[Theresa] That’s right! You’ve got to make it count.
An effective lead magnet will:
- build your credibility,
- emphasize your expertise or experience, and
- increase a person’s confidence and trust in you.
You don’t necessarily have to announce or declare your amazingness. That’s not what we’re saying. The idea is to use your lead magnet as an opportunity to show what’s unique about your business.
[Meghan] That’s not just your knowledge but also your character and the distinctive qualities that make you stand out from the competition, including your personal core values.
Perhaps you have your own framework, process, or approach. Maybe you’ve focused on an underserved niche. Or, maybe your story or background make you more convincing and make what you sell even more compelling.
No matter what makes you different, it’s time to shine!
An Effective Lead Magnet Makes Selling Easier
[Theresa] Although it can be challenging, lead generation is a necessary part of your marketing and sales process. When done well, your lead magnet can help to generate more qualified, warmer leads. And, that means more sales.
When executed less strategically, a lead magnet can attract the wrong people, which translates to an email list that isn’t as much of an asset as you’d like. So, this is important, people!
[Meghan] Hopefully your lead magnet is effective at building your business.
But if it’s not, we hope these questions and suggestions will help you improve your lead generation strategy. And, if you need help with your lead magnet, I’m here to help!
And, if you want more help with lead generation, be sure to check out how to get more leads from content marketing.
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