‘Lead magnet’ is an awful term, I know. But a good lead magnet does exactly what it says on the tin – it’s a really powerful way for businesses to bring in new leads and customers.
As a copywriter, I’ve seen how a lead magnet can help generate new business. Just this month, one of my legal clients saw 400 downloads in 24 hours for a new lead magnet, we created, which led to follow-up enquiries from new clients. This was for a niche offering from a very small business. The reason for this success? Everyone loves a freebie, particularly a high-quality one that delivers real value for the reader.
In this blog, I’ll be taking you through why you should consider using a lead magnet for your business. I'll also be guiding you through my seven top tips for creating a lead magnet that delivers the goods for your customers and clients.
In basic terms, a lead magnet is a free offering that you give away in exchange for readers’ contact details. This can take a variety of forms, such as a guide, white paper, report, webinar, survey, e-book, template, e-newsletter or a free consultation. Actually, it’s not really free at all because you’re giving the item in exchange for these contact details.
A lead magnet can help you to build your credibility as a thought leader in your field and raise awareness of your business services or products. It also allows you to build an email marketing list, which is pure gold for any business owner.
But, these days, we’re all suffering from email fatigue. People are very wary of giving away their contact details. So, you need to think carefully about what you offer.
For my legal client, the lead magnet has helped her build a list of ‘warm’ leads – in other words, people who have shown an interest in her business services and may wish to use her services.
How else could you build a list of business prospects at such speed – short of buying a list of ‘cold’ direct mail prospects (not so great) or investing in Google Ads (potentially pricey)? Certainly, social media is not going to bring you these high-quality leads in a very short space of time.
So, here are my top tips for creating a lead magnet that helps to get you in front of your customers.
Some of these tips are content-related and others are more practical tasks.
1. Invest time in creating a high-quality lead magnet. Make sure that the lead magnet meets a specific need for the target audience. Does it improve your readers’ skills in a particular area, offer insights they can’t find elsewhere or help them save time and money? You want readers to keep the lead magnet and share it with others. So, it must deliver value for your community. Lead magnets can take time to create. But that investment will pay dividends.
2. Don’t give too much away. It’s a fine balance between creating a valuable document and giving away too much information. Use the lead magnet as a teaser to show what the business can offer. I wrote a report-writing guide as a lead magnet for doctors. We wanted readers to book my client’s report-writing course as a follow-up. So, the lead magnet needed to give a flavour of the course – not replace it.
3. Collect the right contact information. You’re asking readers for their contact details. So, this is a great opportunity to get more detailed insights about your customer base. As well as asking for readers’ names and email addresses on the form, you might also want to know their job titles or where they found out about you. But take care not to overload readers with questions.
4. Make the process simple. Don’t make readers jump through lots of hoops to access the lead magnet. Make it clear what they need to do and make this process as easy as possible.
5. Test, test, test. Ensure that a few people have tested the lead magnet form before you go live. If it doesn’t work, this will only frustrate readers and potentially lose you valuable leads.
6. Get the message out there. There’s no point having a lead magnet if you don’t promote it. Use email marketing, social media, word-of-mouth, events and your website to promote your offering.
7. Follow-up on your lead magnet. You’ve got your list of new leads, so what next? Whatever you do, don’t just ignore your new contacts. Follow up on the lead magnet with regular communications, asking for feedback and let your readers know what the business can offer.
By following these tips, you’ll be on the right path to creating a lead magnet that really delivers the goods for your customers and clients.