When it comes to email marketing, one of most misunderstood concepts is lead magnets. In this blog entry, I’ll explain why it’s so essential to know the ins and outs. As a marketer, your ability to do this the right way, can literally make or break your business.
Effective lead magnets attract more website visitors and at the same, help you build your email list. But keep in mind that these aren’t just ordinary visitors. People who respond to lead magnets tend to be highly interested in your messages.
On the other hand, lead magnets that don’t attract people do just the opposite. Generally speaking, fewer visitors means less income. But that’s not a hard-and-fast rule that’s true in all situations (I’ll delve deeper into that a little later).
What is a lead magnet?
A lead magnet is any item that’s offered for free in exchange for someone’s email address. The prime goal is to get email subscribers for the online marketer. It serves as an incentive for them to subscribe and receive offers from the marketer in the future.
Your lead magnet sets the tone for what people experience with your marketing brand. If this is done correctly, you put yourself in excellent position for future sales. If not, it won’t be long before subscribers choose to opt-out, which means that they do not want to be on your email list anymore.
The more the better? Not always
In building your email list, it’s important to understand that more isn’t necessarily better. You can have a large list (let’s say 20,000 or more), but the purchase rate of your audience is very low (1% or less). On other hand, you can have a smaller list (less than 5,000), but your purchase rate is 20%.
In this example, it’s clear that smaller list is far more productive because it has a higher purchase rate than the larger list.
Since the lead magnet is a giveaway, cost is important. You want to make sure that it costs little or nothing for you to produce it and distribute it. That’s the prime reason why digital products are popular as lead magnets. Once the original file is created, there’s no cost to make copies and give away as many as you desire.
Here are some examples of lead magnets:
- Training course
- Video series
- Special report
- Case study
- Free software tool
The type of lead magnet you offer will hinge on the nature of your business and the wants of your audience. Keep in mind what are their favorite ways to receive information.
Some people prefer reading, which means you will use free reports, ebooks, case studies, etc. In those cases where folks are more “visual” in their learning, it’s best to use videos. To ensure that you cover all the bases with subscribers, it’s a good idea to offer both (reading and video) if you can.
Points for emphasis for effective lead magnets
There’s nothing complicated about what it takes for a lead magnet to effectively do its job. It’s all about attracting the right kind of people (your ideal customer). These are commonly known as qualified leads. Always keep in mind the following key points when pitching your lead magnet.
- In exchange for the email, promise something and be specific.
- Make it clear who the lead magnet is for.
- Explain the key benefits your lead will receive from your lead magnet
- Call the reader to enter their email address and receive the lead magnet
Reasons why lead magnets fail
- Generic promise fails to appeal to specific audience
- Intriguing promise appeals to wrong audience
- Weak content doesn’t deliver on promise
- Solves problem, but not an urgent one
- Poorly designed graphics on landing page
- Weak headline or weak call-to-action on capture page
- Solid content fails to position lead for purchase
The above list is not exhaustive. But any one of these mistakes can impact negatively on your lead magnet’s performance.
Creating an effective lead magnet that performs well for your business is all a matter of attracting the right audience and positioning leads for purchasing. In too many instances, however, businesses tend to create their lead magnets as an afterthought. They don’t invest the time and energy needed to make it something special.
You don’t have to fall into that trap. If you pieced together your own lead magnet, you still have the opportunity to re-evaluate, so you can make sure that you’re on the right track.