It’s a widely known fact that email marketing yields a 4,300% ROI (Return on Your Investment), making it a very attractive marketing strategy.
But...where do you start?
How do you begin to build out an email list?
Or better yet - how do you get people to sign up for your email list?
The secret weapon?
So...What is a Lead Magnet?
At its core, a lead magnet is an exchange.
Why you should be using lead magnets all the time...
A valuable piece of information given in exchange for your email address and name.
The key word here is valuable.
The information you give in exchange for their information must ‘move the dial’ for them.
Relieve a pain point.
Solve a problem (no matter how little).
For example, let’s imagine your ‘ideal prospect’ is someone who just lost their job and have made the decision to go out on their own.
A great lead magnet for this ‘ideal prospect’ might be a detailed checklist of everything you need to think about when you start your own company.
Why You Really Need a Lead Magnet?
A lead magnet is not a ‘nice to have’--it’s indispensable.
This is because over 95% of viewers who visit your site won’t actually make a purchase during their first visit, and many will just leave altogether. Forever.
How to create the perfect lead magnet
You have likely spent a lot of time, money and resources to get them to come to your website in the first place so you want to ensure that you ‘capture’ as many of these visitors as possible so you can continue the conversation later.
This is precisely what the lead magnet does.
It’s a way to say- “Hi! Interested in this subject? Grab this and we’ll talk more about this later. “
In other words, once the visitor ‘opts-in’ for your lead magnet, you then have permission to ‘chat’ with him in the future via email.
But if they don’t opt-in...you will never see them again.
How Does it All Work?
Let’s take a quick look at the 3-step process that goes into it…
- Create Your Lead Magnet - You first need to decide what you’re going to offer people in exchange for their contact info, and you need to make it good. It needs to be quickly consumed (less than 5 minutes) and actionable. A short how-to video, checklist or template are all great ideas for a lead magnet.
- Set-up an Opt-In Landing Page - The opt-in page is where you ‘sell’ your lead magnet. It should be a very single-minded page with a headline and copy that clearly communicates the benefits of your lead magnet and a straightforward opt-in form. Once they have given you their information, you can either give them the download for the lead magnet on the next page or via email.
- Trigger an Email Autoresponder - After the ‘opt-in’, you can then send a series of emails to your new prospect which introduce them to you, educates and entertains through stories. The purposes of the email autoresponder is to ‘warm up’ your new prospect to you and your products and to ultimately convert them into a paying client.
And remember--keep going! If one lead magnet doesn’t seem to work out so well, try a different approach and keep tweaking for optimization. Don’t make the mistake of believing you only need one lead magnet. In fact, the reality is the more you have, the better.
Some Different Types of Lead Magnets
The possibilities for different types of lead magnets are endless, so be creative and try new things! To get you started, here are a few of our favorites:
What is a lead magnet anyway?
- Free Consultation - If you’re in the service industry, offer a free consultation in exchange for your readers’ contact information.
- Free Shipping/Discount - Everyone loves free shipping and discounts. If you have the ability to offer either of these, this can be a great way to collect emails.
- A Blueprint People are often bewildered when it comes to how to do things. No matter what industry you are in, a checklist gives them a simple way to check they are on the right track.
- Exclusive Webinar - Webinars work. They allow you to develop a rapport with your audience and are thus are an excellent selling tool. Just make sure that if you use a webinar as your lead magnet, that you provide excellent content to all attendees--whether they buy or not.
Creating an effective lead magnet really isn’t all that difficult and it may just be the most important thing you do to boost your email marketing strategy and campaigns.
Don’t give up if something doesn’t work out right away - keep experimenting until you find the perfect lead magnet for your audience. In the end, your business (and bank account) will thank you for it.