Acquiring new customers is the most difficult, expensive part of running a business. So how do you get the attention of an interested lead? Enter the lead magnet.
What is a lead magnet?
A lead magnet is a complementary product or service that you offer a prospective customer in exchange for their contact information.
From coupons to consultations, downloadable guides to trial memberships, lead magnets give someone an enticing taste of what your business has to offer.
The goal with a lead magnet is to collect email addresses and/or phone numbers to build a connection with prospective customers and turn them into loyal fans.
Why do you need to use a lead magnet?
Today, consumers have countless options on where to spend their money. Not only that, they’re growing increasingly hesitant about giving away their personal information. So lead magnets create a win-win situation for you and your prospective customers. They get a discount or sample and you get a sales lead.
Lead magnet benefits for the business owner:
- Get high-quality leads
- Build trust and authority
- Find out what customers consider useful
How to craft a great lead magnet?
As you can see, using lead magnets as a marketing tool for your small business is a no-brainer. So now let’s explore how to create a lead magnet starting with the 4 must-haves.
1. Offer value
Remember a prospective customer’s email address is extremely valuable to you as a business owner, so you need to offer them something of value in return.
Things like discounts, free gifts, samples, downloadable guides, short consultations all have value to a potential customer. I know offering things for free or at a discounted price can be scary, but remember the goal with this tactic is to turn this initial exchange into a growing base of long term customers.
2. Provide instant gratification
Don’t leave a prospective customer hanging! If you offer a 20% off coupon on your website for their email address, that coupon should appear in their inbox immediately.
This is incredibly easy to automate with email marketing software like Mailchimp and Constant Contact.
3. Keep it short and sweet
The value of your lead magnet must be obvious to the customer and easy to consume. Remember you aren’t giving away your full service or product. Give them just enough to see how you can solve their problem.
4. Show you’re the expert
A lead magnet is an opportunity for you to showcase your expertise. Offer something that illustrates the unique value you provide.
Types of Lead Magnets
The goal with most lead magnets is to grow your email or text messaging list. So let’s explore some options you can try.
Using free samples is an effective way to generate leads in industries like food and beauty. This gives customers the opportunity to literally try or taste your product.
Offering free basic templates is a great way to build your list by giving prospective customers an idea of your style and expertise.
Think free website layout templates, fitness training logs, or goal setting trackers.
People love quizzes and tests, so if your product or service is something personalized this could be a great tool to leverage. Consumers are more likely to fill out a brief survey if they get personalized results.
Let’s say you offer facials based on skin type, you could have a simple quiz on your website that leads to the correct service you offer for them and a coupon on their first facial.
If you’re in the fitness industry, offer courses or are a content creator offering free guides is a great lead magnet. You can offer potential customers a free mini guide to give them a sneak peek at what you have to offer.
If you offer courses and training, think about using shortened versions of your offerings or free webinars as a way to generate leads.
Discount codes are the tried-and-true method to building your list, especially if you are in e-commerce business. Simply offer customers a discount on their first purchase and you’ll quickly see your list build.
Not too many people will sign-up for a subscription or membership without knowing the value these days. That’s why free trials are key to building this type of business.
Build Your Lead Magnet
The first step in executing this marketing tactic is to create your lead magnet. So go set up a discount code or trial subscription in your point of sale system, build the piece of content (i.e. guide, template, etc) or create a quiz. Whatever type of lead magnet is relevant to your business and target customer, I want you to get that set up this week.
Once you’ve created your lead magnet it’s time to launch it. This will involve using an email marketing platform like Mailchimp or Constant Contact. So if you don’t already have an email marketing platform, go sign up!
Next, you’ll need to create an automation in your email marketing platform. This allows someone who joins your list to instantly get the lead magnet in their inbox.
Last, it’s time to integrate your email sign-up on your website and start promoting it on your social media channels and in-person.
No matter what industry you’re in, using lead magnets is a simple and effective way to capture leads and ultimately boost sales. Remember your job as a business owner is to bring in customers, and implementing a lead magnet is your first step to making that happen.
If you need help creating your lead magnet, getting set up with email marketing or integrating your email marketing into your website, book a FREE 30 minute business coaching session with me.
Hi Jess, i will be taking classes this monthwith you all but i am very interestedin lead marketing. Do I jeed.to.swt up an appointment?
Hi Li! Thanks for reading this blog. I’m glad you found it helpful. Yes you definitely can setup an appointment with me. We will also be going over this during the Start Up Program. Here’s the link to book with me: https://calendly.com/jessicamlewis
I want to participate in this event. I have videos of me training dogs and success storeies if that helps.
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