What Is A Lead Magnet And Does Your Business Need One?
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Marketing Tactics

What Is a Lead Magnet and Does Your Business Need One?

May 31, 2019

There is lots of marketing jargon out there and one example is “lead magnet”.

However, do you actually know what a lead magnet is?

Furthermore, is your business using lead magnets to their best potential?

First Things First – The Definition

The easiest way to define lead magnet is to break it down. A lead is a prospective customer. It is the potential client for your business.

At the stage of being a “lead”, they may be someone who might buy from you. However, that’s not enough; you want to convert this lead so that they will definitely buy from you.

In order to attract the leads that will buy from you, you need to make sure you are targeting the right demographic.

Start by profiling your customers and those you want to attract.

Conduct market research and work out where you sit in the market. Then tailor your marketing strategy accordingly so that it is like you are talking directly to those all-important leads.

Now we have established what a lead is; we move on to the magnet. A magnet is a powerful force that works to attract.

With this in mind, a lead magnet is something that draws your leads (prospects) in and makes them want to know more.

With a lead magnet, you can start to identify your potential customers and start filtering them through the sales funnel by collecting all-important customer data.

What Is A Lead Magnet?

A lead magnet could take a variety of forms.

However, typically it is a piece of content that you offer for free so that clients receive useful advice and expertise and get to know more about what you do.

Some forms of lead magnets include a video, webinar, infographic, eBook, podcast, free tool or anything else that provides value to your leads.

It will be something that is so enticing (like a magnet) that will get your leads to willingly hand over their details in return.

Typically, this is an email address or phone number so that you can start processing these leads through your marketing funnel.

At this point, your lead magnet isn’t to sell.

It is simply to draw prospects out and to start solving the problems that your customers have so they seek you out for more of your expertise.

When you create your lead magnet consider this;

  • Does it offer value?
  • Does it solve a customer pain point?

If the answer is yes, your lead magnet should prove to be successful.


Do I Need A Lead Magnet?

If your email sign-ups aren’t as high as you’d like or you’re struggling to attract prospective clients to your coaching business, then a lead magnet could be a game-changer.

Remember clients want to feel special before they buy from you. By offering a valuable resource or piece of content, you’re providing that first step of building an all-important relationship built on trust, expertise and rapport.

Not using an email sign-up? Why ever not?

Building an email database of leads is a chance to own precious customer data that you can use in your marketing funnel to convert into sales.

Your email list is your personal pool of customers that you can essentially start fishing from through powerful marketing techniques. Without having this pool, where are you fishing from?

Yes, social media is important but remember, this data isn’t yours to use. If a customer deletes their account, you’ve lost that person from your marketing funnel. Instead, by collecting the data for yourself, none of your prospects can slip through the net.

If a customer is willing to share their email address with you, then they are ready and waiting to hear from you.

So, if you can get this information, then treat it like gold dust for your coaching business.

Turn Knowledge Into Action

What Should My Lead Magnet Be?

You should tailor your lead magnet to the audience you want to attract. Are your prospects analytical and have time on their hands?

An eBook may be best. If your clients are time-poor, then a video could be the perfect solution. Webinars may be best for some clients, while one-page PDF can be better at converting other clients.

If you need help deciding what kind of resource you should create, why not ask your prospects and current clients what they’d like to see?

Once you have decided what medium, get to work on filling it with useful, interesting and engaging information that offers value but also shows you as the leader in your field.

Due to the potential returns that your lead magnet provides, it is worth spending time and money on it.

You don’t have to go all out, but a graphic designer can turn a good piece of content into an amazing one. Similarly, video editors can do more for you and your business than the camera on your laptop.

If you want to get the most benefit, then make it as good as possible within your budget.

Get The Details First

One crucial thing to note with your lead magnet is you want to get the details before you give away your free stuff.

The use of landing pages or pop-up boxes is perfect as they instantly attract the attention of the reader and then make it easy to fill in the details.

Keep it short and sweet, don’t ask the reader for too much information, or they won’t bother filling it in. Usually, a name and email address are all you need.

If you don’t know how to collect the data, don’t worry, there are lots of tools available that can help you to create squeeze landing pages.


Give Your Lead Magnet Power

Give it the amplification it deserves by getting it out there. Your lead magnet should be your call to action on social media, blog posts, guest posts and beyond.

You can even send it to those on your email list already to see exactly how engaged they are with your content and to determine whether your lead magnet is hitting the mark.

Don’t forget to review the statistics of your lead magnet and see what types of promoting are working wonders and which are falling short.

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Lead Magnet Idea Workbook

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Kase Dean works with consultants, coaches and a select group of small business owners who need help selling more of their services and making more revenue using automated marketing and sales systems.

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