I’m going to go out on a limb here and say that if you’re currently running a business, there’s a pretty good chance that you don’t have exclusiveness over the product or service that you’re offering. Simply put – you’re not the only one doing what you do.
And this is especially so if you run an online business. The internet is crowded with A LOT of businesses all vying for the top position.
To really emphasise this point – the total number of websites on the internet now stands at 1.95 billion, and is continuing to grow and diversify year on year. Which means that sadly, in today’s market, simply creating a website and launching it on the internet isn’t enough.
With that amount of competition and with so many options to choose from, we need to be a lot more persuasive than we were ten years ago. Why should they work with you? What about you is different to your competitors? Do you have a unique method that will get them the results they need in a shorter time?
Ultimately, you need to nurture your target audience. You need to communicate why you’re the subject matter expert in this space, and that they can trust you.
Which is why it’s crucial that you don’t underestimate the power of a lead magnet.
OK, you got me. What’s a lead magnet?
When it comes to marketing your business and turning your website audience into a paying client – offering up a lead magnet is a fantastic way to grow your email list.
It enables you to easily collect some basic contact information (stick to First name and Email, don’t ask for their whole biography!) But more importantly, it gives you the opportunity to establish a relationship with your potential customer.
What could work as a lead magnet?
Lead magnets can be as simple as a trial subscription, a toolkit, a free resource/guide, a cheat sheet or even a free eBook.
By offering up free information, it ultimately allows you to position yourself as an expert in your industry, whilst allowing you to address your audience’s needs before they’re ready to sign up or part with their money in exchange for the service or product you’re selling.
Essentially – you’re giving them the confidence to eventually buy from you.
If you’re a service provider, for example a coach, some good lead magnet ideas include:
- Guides or mini ebooks
- Free webinar or five-day challenge (if this is automated, even better!)
- Online workshops
- Cheat sheets
Can you break it down further? I need a practical example
So we’ve just completed a build for a client who’s a financial/money coach. She works with her clients to empower them when it comes to their money matters, with simple money hacks. Her lead magnet is a simple guide to help you improve your credit score. She breaks down what can be an overwhelming topic area, explains what a good credit score is, and details some very simple, actionable steps to improve your score. If you’re her target audience, this PDF will easily show you that she’s knowledgeable about this stuff, and help you decide to work with her, either in one of her courses or coaching programmes.
But wait, before you get started
Before you start creating a lead magnet, you have to have the end goal in mind. It’s crucial to be clear on what your offer(s) are in order to determine the best lead magnet.
Essentially, you want to move your customer from engaging with your freebie to onboarding them to your paid offer.
So, if I’m a Career coach as an example, my primary offer could be 1:1 coaching to help you stand out better in the job market and land the job of your dreams. My ideal lead magnet would help you at the stage before you need my coaching package. Perhaps this is a ‘Fix my CV’ worksheet, or a guide to Handling tough interview questions.
Both freebies will help your target audience achieve a micro-win, which establishes your expertise, thereby making the sale of your premium/paid offer easier because they’ve got value from your free content. Makes sense?
Quick step-by-step guide to producing your lead magnet
Now that you know the what, the why, and some examples, here’s the steps to follow to getting your lead magnet set up and running.
Step 1 – Decide who your target audience is
Step 2 – Identify the unique offer you want to create a lead magnet for
Step 3 – Decide on the type of lead magnet you’re going to offer. Give it a catchy name and get to designing or building it. Pro tip: Canva is a great tool for non-designers and has lots of beautiful templates to get you started
Step 4 – You’ll need a lead capture mechanism – typically a form
Step 5 – Write out your welcome email and the rest of your email sequence (this is where you’ll nurture this lead to convert them into a paying client)
Step 6 – Set up the automations using your tool of preference
Step 7 – Create a Thank You page – usually this is overlooked but it’s the start of that nurturing journey
Step 8 – Add to your website or landing page, and promote
And there you have it!
So, remember a lead magnet is an essential asset when it comes to promoting your business and growing your email list, and it should be an integral part of your marketing activities.