Lead Magnets. What you should Know in 2021 to Improve your Conversion Rate?
What is Lead Magnet?
Digital marketing is a thriving business. Trends change frequently and a new one comes before the existing trend completes its lifecycle.
If you’re not experimenting with the upcoming trends, it’ll become difficult to even survive in this world.
Apart from some trend dynamics, some static elements exist here in this zone. One of them is ‘Lead Magnet.’
Lead Magnet is an established, tested, and successful method to find new customers and make them buy your products.
If you’re not aware of them, we’re dissecting everything about it in this article. Let’s learn together.
Lead Magnet Examples
Before explaining what it is, let me give you an example. By the end of it, you won’t need an explanation to understand it.
1) You’re buying some groceries in your near-by Super Market. A salesperson comes to you and asks you if you’re interested in tasting some fruit jams from a new brand.
Who doesn’t love fruit jams, right? On top of it, you don’t have to pay.
The salesperson gives you the sample jam sachet. You take them home and taste it. It’s really good and your kids like it too.
What would you do?
The next time you go to the Super Market, wouldn’t you search for that particular Jam brand?
Who knows, you might become their regular customer in the future.
This example is based on physical location. The fruit brand doesn’t have your contact information.
So, if you forgot about the sample jam sachet, you won’t look for that specific brand.
Let’s look at an example from the digital space.
2) You’re watching a recipe video on Youtube. While streaming, Youtube plays an ad. It is about a new documentary on the history of our planet.
The trailer of the documentary is amazing and you cannot stop thinking about it. As a good content observer, you look for where to watch that documentary. Your research shows that it is available on Netflix.
You don’t have a Netflix account yet. But you visit the website to check out what it is like.
The homepage says something like this:
‘For a 2 weeks Free trial, Sign up here to create your account.’
You are thinking, ‘Wow, 2 weeks free trial. I could watch that documentary.’
So, you sign up, create an account, and input your credit card information (thinking you’d cancel the subscription before the end of the trial period).
After 2 weeks, you’re continuing the subscription.
What do we deduce from the above two scenarios?
A free sachet and a 2 weeks free trial piqued our interest. So we opted for them. They gave us something useful instantly.
It is not like, ‘We’ll send you something over mail. Wait for 10 days.’
No, we got instant gratification from them.
We search for a specific brand in the supermarket.
We continue the Netflix subscription.
Because we got hooked.
What hooked us?
Yes, you are correct. Lead Magnets.
What is a Lead Magnet?
You might have deduced it by now.
Yes, a lead magnet is something you give away to attract your potential customers and make them give their email address, mobile number, and such.
Sounds simple right. But is it?
No. There is no universal lead magnet we could use for any kind of business. A sachet may work in the supermarket scenario but it won’t work in the digital space.
What are the Characters of a Lead Magnet?
It should be useful, authentic, high value, accessible, instantly gratifying, and must give the potential targets a quick win.
I know, it may sound complex. Let’s break it down.
If you want to decide what lead magnet you should use for your business, you should get into the customer’s shoes. You should think like what they’d think.
Let’s discover it through some examples:
1) Your target customers are amateur digital marketers. You’ve designed a Course on, ‘How to succeed in the Digital Marketing Arena?’
To bring traffic to your website, you need to show something shiny to the target audience to grab their attention. Nowadays, Digital marketers spend a huge chunk of their time on Canva.
They design content, fonts, videos from scratch to use them in their posts. If you want to give them a quick win, prepare ‘50-100 Canva Designer Templates.’
If you give away these templates as a lead magnet, you’re giving them some quick wins, which is very high value. It solves their problem by saving them some time.
They’d definitely notice you, wouldn’t they?
To get the templates pack, they’d sign-up and give you their contact information. You can create an email-list using that information and send them a detailed brochure about your program.
That is how a relationship between your brand and your potential targets establishes in the digital space.
If you’re still not able to relate yourself to lead magnets, let’s dissect another example.
You are a Digital artist. You’ve designed a video course for those who’re interested in learning digital artworks in Adobe Photoshop.
If you want to attract the crowd, what can you do?
For instance, you can give away one episode of your series along with digital artwork brushes -custom designed by you.
People would come to your website, they’d watch the first episode, they’d try to do them. They’d download the brushes, install them on their computer, and try them.
It creates personal bonding, trust, and importantly gives a quick win.
Keep in mind that not everyone would join your program. But if 30-40% of the people join, that’s a great conversion rate. That’s how you know whether your lead magnet is working or not.
If it doesn’t convert 30-40%, you should try something else.
Effective Lead Magnet Ideas
There is no ‘One Size Fits all,’ in this scenario. Each and every business would require a personalized, unique lead magnet to attract their targets. We’ve gone through some of them in this article.
E-books are one of the successful lead magnets implemented by almost all businesses. Because it is universal. Whatever solution you’re providing it can be given in an e-book pdf format.
But you’ve to careful about it. You have to precise about it. It should not be more than a few pages long. If not your prospects will get bored and move on.
They won’t get their quick win and you’ll be forgotten from their memories. So, make sure it is short, crisp, and to the point.
If possible, make it like a comic. People engage with content that are different from the usual materials they get out there. Make it interesting.
At the same time, you don’t have to worry about the cost. Because once compiled, you have a lead magnet for a lifetime. You can use it whenever where ever you want it. With time, you may need to update the contents of the e-book.
2) Video Guides
If you look at the last 3-4 years, the quantity and the quality of the video contents are increasing exponentially.
Even for the basic explanations, people now rely on video guides. Hence it creates an attractive market for every business.
There are wonderful sites like Udemy, Skillshare which proves that there is a huge demand for organized content than those available on Youtube.
So, if you’re using video content as a lead magnet, make sure it is structured, well organized, and available in high quality.
3) Case Studies
Even though we have advanced so much in terms of technology and the availability of information is massive, we cannot blindly rely on those data. More than we know, false information is flooding the market.
If you’ve genuine data, examples, or case studies about your relevant field you can bargain them as a lead magnet to build your email list.
You must’ve heard about what affiliate marketing is, if not check out asmidigital.
By promoting someone else’s product as your lead magnet, you hit the double jackpot. You earn money if the potential customer download/buy the product. Also, you get their contact information.
In a way, using affiliates is the safest bet of all the lead magnet examples. But we cannot find relevant, effective affiliate products which exactly match our product.
But if you can find it, use it. Don’t miss out on that opportunity.
As we already discussed, templates are hot in the market. You have a variety of options you can cover. Resume templates, Canva templates, Presentation templates, Script templates, etc.
All you have to do is figure out what your target customers like and prepare them accordingly.
6) Recipes / Diet Plans
Even though we have countless diet plans, recipes out there, people are still looking for a new one every day. Because each of our bodies is different and one plan wouldn’t be suitable for all of us.
If you have a great diet course, give out the plans and recipes for your targeted customers to practice for a while. If they like the results, they’d definitely come back to learn more and join your course.
How many lead magnets should I use? You should have at least 10 lead magnets. Yes, you read it right. The number is Ten. It is fast pacing world. You cannot use one lead magnet for every one of your products. Make sure you diversify it. Even though we’ve mentioned it already, make sure it is high value, easily accessible, and give them a quick win. As soon as your customers sign-up, your lead magnet should reach them.