Want to Boost Conversion Rates for Stronger Sales? Try Lead Magnets.
Once a prospect lands on your website, it takes a whole new process of optimization to move them along from being just a prospect, to the coveted next step: being a lead. This process is called conversion rate optimization, and it involves creating the right circumstances to encourage a purchase. But what happens when circumstances alone aren’t enough?
That’s where lead magnets come in.
Chances are, you’ve already come across lead magnets in your own online adventures. Ever signed up for an Ebook? Or perhaps opted in for a handy-dandy template? Congratulations, you’ve jumped on the lead magnet bandwagon.
Lead magnets have been a favorite tool for marketers for years. Why? Because they’re low-risk and they make it easy for the prospect to get something of value from a website.
The transaction is pretty simple: You (the prospect) give me (the website owner) your contact information, and I (the website owner) will give you this valuable/helpful piece of information that’s yours to keep. And at the end of this exchange, I (the website owner) will have your contact information to use later, even in other sales channels.
When all is said and done, the purpose of the lead magnet is to simplify the sales process. It’s an effective sales tool for two important reasons:
1) The lead magnet takes some pressure off the rest of the website.
After all, by opting in for a lead magnet, the prospect has already shown an interest in what you’re selling. They’ve given you their contact information. They’ve agreed to letting your company contact them at a later date. And that improves the chances of converting them from prospect to customer.
2) A lead magnet is a low-pressure way to get a prospect to agree to being in contact with your business in the future.
And the longer they’re in contact with you, the greater the chance they’ll buy from you. In other words, if the prospect just met your company, and you came right out and asked, “Do you want to buy this from us right now?” the prospect would probably say, “Um, no” (and in more colorful language!). But with a lead magnet, you’re not asking for a direct sale yet. You’re making it easy for the prospect to stay in your sales pipeline until a time when it’s more appropriate to directly ask for a sale.
In this post, we will go over specific ways lead magnets build value for your business. And we’ll show what the different types of lead magnets look like.
Measurable Benefits of Lead Magnets
- First, lead magnets are one of the best ways to grow an email list. And a healthy email list is worth its weight in gold for keeping in touch with subscribers about product or service updates and offerings.
- Lead magnets also provide a low-risk way for prospects to build trust through value with your business. Most people don’t mind sharing an email address in exchange for access to something they want. And once they see how valuable that exchange really was, they then become interested in what else they could learn from you.
In other words, lead magnets generate extra rapport – and this bit of good will can greatly boost your marketing conversion rates when you systematically stay in touch by email.
It’s a win-win.
Types of Lead Magnets
- Checklists, cheat sheets, and resource lists. Need an easy way to boil down your expertise on a complex topic? Try this category of digestible, actionable documents. They tend to be fairly quick to create and quick for the reader to use. And this makes them perfect for sharing in an email newsletter.
- Reports, infographics, and tutorials. These offer more value to the reader and are, typically, more involved or complex to create. Want to reinforce an important concept using quotable information and hard data? Try reports and infographics. Or take it to the next level with a tutorial that acts as an easy-to-follow guide.
- Ebooks, scripts, and templates. If you’ve set your sights on creating the highest-value lead magnet possible, then Ebooks are for you. Ebooks are in-depth long-form content that gives the reader information they’re not likely to find easily somewhere else. This focus on depth is also true for scripts and templates. Even though some scripts and templates seem short when compared to Ebooks, don’t be fooled by the length. A well-done script or template takes considerable expertise to execute.
Attributes of Lead Magnets That Work
First and foremost, in order for a lead magnet to succeed, the item being offered has to be useful. In other words, don’t create a lead magnet for its own sake. Only create a lead magnet that people will actually want.
If someone has given their email address and gotten junk or fluff in return, they’ll feel taken advantage of, and like their time has been wasted.
So make sure your lead magnet is successful by keeping these features in mind:
1) It’s specific and solves a real problem.
If you want your lead magnet to fall flat, then show someone how to do something that’s not related to why they visited your website in the first place. Or make it about a problem your prospects don’t even face. In other words, your lead magnet should immediately show how it solves an actual problem the prospect is facing.
2) It should provide a quick win.
In addition to immediately solving an actual problem, the lead magnet should also provide a quick win. With this quick-win strategy, the prospect will see the fruits of your advice right away and with minimum effort, thus making them more likely to attribute the success to you. This reassures the prospect that you are who you say you are, and can be trusted for more advice.
3) The perceived value should be high.
Always, always make sure what you’re offering is worthwhile and obviously valuable. In other words, your lead magnet shouldn’t be too basic or of questionable quality.
4) It should be something you can deliver immediately.
It’s best practice to have the free item delivered to the recipient’s inbox right after they sign up for it. This keeps momentum and excitement high, and fosters a positive experience with your brand.
We have tons more lead magnet ideas up our sleeves. Reach out to brainstorm one that’s most appropriate for your industry and audience.