This little baby generated 28,507 leads in 45 days…
It’s called a Lead Magnet and if you don’t have one — or don’t have a good one — this article could literally change your life.
Lead Magnet – noun – an irresistible bribe offering a specific chunk of value to a prospect in exchange for their contact information.
The goal of the Lead Magnet is to maximize the number of targeted leads you are getting for an offer.
It’s the first step in my Customer Value Optimization process.
We’re going to look at 9 different types of Lead Magnets in this article and the absolutely WRONG question most businesses are asking about generating leads.
But first, you must understand the single most important element of a successful Lead Magnet…
I have great news.
Lead Magnets don’t have to be lengthy. Or complex. Or time-intensive to create.
In fact, a long and complex Lead Magnet will likely convert poorly.
You simply need to solve a specific problem with a specific solution for a specific segment of your market.
Here’s the key…
Your Lead Magnet must be consumed by the prospect for it to have an impact.
The perfect Lead Magnet will offer tremendous value within 5 minutes of the opt-in.
This is a “rule of thumb”, of course, but we don’t recommend, for example, a mini-course delivered over 14 days or a 300 page ebook as a Lead Magnet.
These Lead Magnets take too long to consume and are unlikely to be specific.
Notice how simple and specific this Lead Magnet is…
On the other hand, this Lead Magnet is non-specific and takes 20 weeks to receive the full pay off…
Shoot for the former and not the latter when creating your Lead Magnets. The good news is that the first one is much easier to create than the second one — and it will convert better.
Let’s look at some Lead Magnet types (with examples) that do it right…
1 – Guide/Report
Reports and Guides are amongst the most common types of Lead Magnets.
If you use a Lead Magnet of this type — be careful. You could easily violate the specificity rule with this kind of Lead Magnet.
Here’s an example Free Report Lead Magnet opt-in from Joe Polish at Piranha Marketing.
2 – Cheat Sheet/Handout
Cheat sheets and handouts work well.
They have a different “feel” to them than Reports or Guides.
They are generally very short (one page or so) and cut straight to an ultra-specific point.
You can deliver these as checklists, mind maps or “blueprints.”
Here’s an example mind map used as a Lead Magnet…
Notice how the mind map is blurred out to build curiosity.
In one case, we actually used a NAPKIN (or the image of it) as a Lead Magnet,
3 – Toolkit/Resource List
A Toolkit or Resource List can make a great Lead Magnet for the right business and market.
This company is offering a Time Management Toolkit in exchange for contact information,
And this is one of the tools that is delivered after the Lead Magnet is taken by the prospective lead,
4 – Video Training
If it makes sense and you have the skillset, video can be a very effective way to deliver on your Lead Magnet.
This first video delivered one Facebook Marketing tactic and made a pitch to receive a second Facebook marketing tactic if an email address is entered.
5 – Software Download/Free Trial
Software companies often offer a Free Trial of their software as a Lead Magnet.
Here’s how Bidsketch, a SAAS proposal building application, asks for an opt-in to start a free trial,
6 – Discount/Free Shipping
For those selling physical products on or off-line, discount clubs or Free Shipping offers can be an effective Lead Magnet Type.
Here’s how New Egg generates new leads using an offer of Promo Codes sent to the email inbox.
7 – Quiz/Survey
A quiz or survey, the results of which are delivered via email, can be a very engaging way to generate new leads.
You can use a quiz building tool like Interact to create these quizzes.
This is what the Lead Magnet offer looks like on the home page of a home improvement company,
The quiz is a fun and interactive way to capture new leads. Here’s a question from this quiz…
Once all the quiz questions are answered, the prospect is presented with this opt-in form…
8 – Assessment/Test
An assessment or test, particularly if it is delivered online to increase the speed of consumption and gratification, can make a powerful Lead Magnet.
Hubspot, a company that sells marketing software, has been generating leads with their “Marketing Grader” for years,
9 – Blind/Sales Material
In some cases, the most desired piece of information for the market is pricing and descriptions of products or services.
Ikea harvests contact information in exchange for their catalog. And they can deliver it digitally to speed up consumption and gratification.
But how do I get traffic to my Lead Magnet?
The fact is that traffic is all around you.
Google, Facebook and LinkedIn (just to name a few obvious sources) have
millions billions of users they’ll happily send to your Lead Magnet.
You just need to cut them a check.
The right questions to ask are:
- What offers will I make to new leads?
- How well do these offers convert?
- How much is a visit to my Lead Magnet landing page worth?
- How much is a new lead worth?
- How much is a new sale worth?
What if I told you that every time you generated a visit to your Lead Magnet landing page you made a $10 profit? Could you get traffic to that page?
Sure, you could spend up to $10 to generate that visit without losing money.
It isn’t difficult to answer these questions.
Start by understanding the complete Customer Value Optimization (CVO) process. The Lead Magnet is Step 1 of the 5-step process.
Then, understand these two simple metrics that determine what traffic, leads and new sales are worth to your business.
You don’t have a traffic problem.
With the right Lead Magnet in place and a strong funnel behind it… your business will become a lead and sales generating machine.
Questions? Comments? Let’s talk about them in the comments section below.