Lead Magnets: Best Way to Supercharge your funnels
If you become a giver, you’ll make them feel like they want to reciprocate.
Price Pritchett
People love free stuff. There are no two ways about it. They look around all over the internet to get free content.
But the problem for you is, they also have microscopic attention spans. The average attention span for people online is only 8 seconds.
That means anything you do online to attract people should take less than 8 seconds to catch their attention, or else they might abandon your website forever!
Scary, right?
Moreover, it makes you feel like the content you create online is treated as a commodity. Betting on search engines to get in front of people that might not even care.
But, What if there was a way to attract people by giving away something for free in exchange for building a chosen family?
A way to build a community that is only yours and, nobody can take that away from you?
That is your e-mail list.
That’s where the trick of the trade comes in.
*drumrolls* 🥁
The Lead Magnet
What is a Lead Magnet?
A lead magnet is a free offer or a service you give to your prospects in exchange for their information like name, phone numbers, and e-mails.
The primary purpose of a lead magnet is to generate a quality consumer lead, build a relationship with them by providing commendable value, and finally converting them into a customer with an irresistible offer.
Building an e-mail list is non-negotiable because it is one of the few assets on the internet directly under your control.
Lead magnets define the principle of reciprocity in Social Psychology, which means we pay back favors if we receive them.
Paying back does not necessarily mean buying your product. It can also mean being aware of your product or services, checking your website, or even engagement on other channels. Either way, it’s a win for you and your brand.
It helps build credibility and authority for your business because it can help you establish yourself as a thought leader in your niche.
Sure, you can wait for people to come to your site, explore it and then maybe fill in their details to subscribe to your newsletter as they please.
Or, you can throw in an offer in the form of a lead magnet that provides a ton of value for free and, they can’t help but subscribe.
Which one sounds better? I think you already know the answer to that.
What makes a good Lead Magnet?
- Specificity
- Repurposing
- Experience
- Live Content
1. Be Specific while choosing who to target
Everyone is not your customer, and just like that, everyone also does not need your free content.
It is naive to think that everyone wants your free content. The entire purpose of a lead magnet is to attract people to YOUR funnel.
If you don’t target the right people, your valuable resource gets lost in a sea of freebies hiding in plain sight on someone’s desktop. That’s not what your ideal customer would do.
To attract the right people towards your magnet, be more specific with what you offer and target the people you think are your audience.
For Eg: As an organic cosmetics brand in the beauty sector, you can target more people on Pinterest because most of the audience is female.
2. Repurpose your best content into a free offering
The best bullshit-free way to stop worrying about if your free content is valuable or not is to look at what worked in the past.
Go through your social media, blog posts, videos, or other content that got significant traction and turn it into a full-fledged offering with superior quality.
The trick is to take content that already worked well, add a pinch of fine quality ingredients, and make your audience take it home with them.
In my opinion, video lectures or short-form courses and e-books work really well because people are always looking to gather as much information as possible and, when they feel like they completed a free lecture series or a whole book for free, they’d be elated.
Pro tip: To blow their minds, add a certificate to the mix if you plan to give away a video lecture series.
It would cost you nothing but, it can lead to significantly better conversions.
3. Give them an experience they cannot forget
A great way to entice customers into your funnel is to let them experience your product for free. Give them a freemium version or, even better, a full-on premium experience with a free trial for 7–14 days.
It gives your customers so much freedom to let them decide for themselves but, it also reflects really well for a brand that believes in their product. A free trial is a way of saying, “Have a look at the perfection we’ve just created.”
Your target customers are probably looking for a product exactly like yours. The free trial or freemium version becomes the best chance to respect your customer’s space and let them have their own opinions instead of trying to lure them in.
From my experience, I used an app called Pixelmator pro, which is a photo editing software that came with a 14-day free trial. No questions asked. I liked the free trial even though I was not the ideal customer because I got to play with all the features for free.
No wonder that the free trial conversion rate of Netflix is around 33%. That is how powerful experiences can be for your brand.
4. Live videos for the connect
You might have heard how video marketing is booming. Research shows that 83% of people say that videos help them with lead generation.
But one thing that differentiates webinars from everything else is the connection and personalization of talking to your prospects directly on call.
Just think about the experience of getting on a call with all your potential customers, answering their questions or queries, and delivering a keynote presentation with it.
People get live, real-time, and highly “unique to their needs” content literally in front of them.
Also, webinars meant for lead generation purposes range anywhere from 60–90 minutes depending on the introduction, presentation, and question-answer session.
It means that live content creation for nearly an hour can give you:
- Content for repurposing into blogs, podcasts, and short clips.
- Testimonials from attendees for website content.
- Knowing customer pain points to improve your offer or product.
- An easy way for customers to move into the next step of your funnel.
Isn’t that so valuable?
Conclusion
Lead magnets are the “dating phase before a relationship” of the online world and, it is a neat trick that converts well. The key is to know and target your consumers at the right place, right time, and with the right offer.
People are already looking for free stuff online related to what they want, so get in there and give them exactly what they want.
Once they get hooked, they can’t help but keep coming back for more and, that is when you nurture them like your own family and convert them with some classic sales method.
What is your favorite lead magnet from a brand?
Let me know in the comments below.
