So, Lead Magnets. What Are They?
Put simply they are a free offer made by you to a visitor in exchange for their email address. Lead Magnets are now the number one way to generate leads. You’ve seen them all over the place. Templates, Ebooks, webinars etc.
Only 4% of first time visitors to a site make a purchase. What do the other 96% do? They leave.
So rather than lose 96% of potential customers – people who are interested enough in what you’re selling to click on to your site – doesn’t it make sense to get their email address so you can continue the conversation?
Examples of lead magnets:
- Free trials for software
- Content upgrades
- PDFs/Cheat sheets
Lead magnets are not just mailing lists with no incentive offered. There has to be an incentive offered to make people want to give you their email, it has to magnetic. For example Ireland.com:
It doesn’t offer value or an incentive to give your email address so it’s not a lead magnet.
Instead it could offer a free Irish travel guide on the top 20 places to see in Ireland.
Lead Magnets In Action
The chart below shows what happened for Christopher Grimmer when he switched from regular email sign up to a free template lead magnet. Email sign-ups increased by a crazy 384%!
Check out the Brightspark quiz that asks: how good is your social media?
What Makes Your Offer Magnetic?
Give them something you know they want.
You generally do this without even thinking.
- If your product is antivirus software and the visitor is on your website it can be assumed they have some interest in antivirus software.
If you offer them a free trial of your software it’s likely that they’ll give their email address.
- If you’re selling financial solutions, offer an ebook with answers to the top questions from your industry, and you’re likely to get more sign ups.
- Quizzes rock! We’re currently working on our own one for Brightspark that invites people to get their score for how much they rock in social media.
You want your visitors to be like a fat kid in a cake shop! You want them to part with their valuable email address without hesitation. That’s when you know you’ve got a good lead magnet.
Irish mobile connectivity service company, Asavie Technologies, uses a lead magnet that is a great example of what we’d call ‘magnetic’:
Asavie offers a free Ebook called “6 Steps To Better Mobile Management”. The chances are, if I’m on this site, I have some interest in mobile management and am likely to give my email address in exchange for this Ebook.
It is also likely that I will have an interest in other products of they offer. This means that I am a more valuable lead when compared to the average site visitor.
This is exactly what lead magnets are for: to generate relevant leads for the business.
Designing A Lead Magnet
There are several things to consider when creating a lead magnet.
- End goal – the end goal is to get their email address.
- Clarity – know how much you want to give away for free and make it clear to the visitor what they’re getting.
- Value – create value for the user. Make it impossible to turn away.
- Effort – If you want a good lead magnet you’re going to have to work hard to provide a quality offer.
- Be Critical – look at the lead magnet you have chosen if you don’t think it’s the best it can be don’t use it.
A good lead magnet should naturally weed out people who are not interested in your product. Think about it, would you be on an insurance website if you had no interest in purchasing insurance? Lead magnets produce leads that are more likely to be converted into sales in the future.
What’s The Value In Getting An Email Address?
People don’t trust strangers on the internet and won’t want to talk to you. By submitting an email they grant you permission to contact them. This gives you an opportunity to market your business to them and to sell to them more frequently than you’d ever get away with on social media.
Relevant emails drive 18 times more revenue than broadcast emails!
It opens a conversation between you and a potential customer. It allows you to show them the value of buying your product.
Your next step is to nurture these leads and convert these interested visitors into customers.
Converting Leads Into Sales
So you’ve got your leads, now you want to convert them into sales? The process of converting leads into sales is called lead nurturing.
Think of the entire selling process as a conversation between two people. The lead magnet is like an icebreaker. Then the continuation of the conversation is lead nurturing. The eventual goal is an end conversation where you’ve made a customer.
The easiest way to nurture leads is to look at the relationship you currently have and carry that forward. You want to emphasise the value that your product brings to the table, its benefits and why the customer should spend their hard earned money on it.
Lead nurturing on average produces an extra 20% sales chance. Why wouldn’t you do it? Source
How Do You Know When To Pitch A Sale?
There was a popular theory that it took seven connections with the customer via email before a sale could be made.
But this is now an outdated theory.
Simply put there is no universal “right time to sell”. It varies from customer to customer.
You should set milestones based on experience or testing to determine when a lead is qualified and ready to be converted into a sale.
When it does come time to sell you have to show that your product has high value, low risk and low hassle.
If you would like to have a conversation about how to use lead magnets for your business, why not get in touch? We’re very approachable and we’re bound to have some good ideas you can use.
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