Your website is the ultimate conversion tool as your digital storefront. Encouraging people to click and take the desired action is the core challenge when competing with countless other businesses.
Lead magnets are an effective way of enticing someone to take a desired action, whether to click or join your newsletter list. But what is a lead magnet,** and why should businesses create them?
What is a Lead Magnet?
Lead magnets are essentially a trade. You offer something for free, and in exchange, the customer performs a desired action. It could be joining your contact list, creating an account, or following you on social media.
The magnet is something of value you provide in exchange for a conversion. Typically, the most effective magnets solve a problem by educating customers about something relevant to them.
For example, a personal finance brand might provide a free eBook on tips for getting out of debt. A mortgage lender might provide a checklist relating to first-time home buyers. Crucially, lead magnets aim to educate, not to sell.
The key to all lead magnets is making them relevant to the customers you’re looking to target. The more value you can provide, the higher the chance of advancing the relationship with the person downloading it.
What are the Benefits of Lead Magnets?
Lead magnets offer several benefits to businesses, such as:
- Establishing Authority – Lead magnets offer the chance to establish yourself as an expert on the subject. It’s helpful for your overall brand but also benefits businesses looking to establish trust with their prospects.
- Build Relationships – When a customer downloads a lead magnet, they establish a relationship with you. That’s the first step in the relationship, and by offering immediate value, you can progress to developing personalized experiences for them.
- Launch Lead Nurturing Campaigns – Lead magnets are another entryway into a lead nurturing campaign. Once you have that person’s contact information, you can start guiding them into your sales funnel.
Offering immediate value is one of the most valuable hooks available because you’ve already provided something for nothing. It’s also an introduction to your brand, what it does, and what it stands for.
5 Types of Lead Magnets to Create
Lead magnets don’t have to be a single type of product. Think about which magnets your target audience would appreciate and how to make a magnet encouraging people to download it.
Here are some of the lead magnets businesses use today.
1. eBooks
eBooks provide easy-to-digest information in a book they can read at their convenience on any device they choose.
Typically, eBook lead magnets cover a service or issue related to whatever you want to sell them. For example, an accountant might offer an eBook on popular tax deductions.
2. Templates
Consider using templates as a magnet if you’re pursuing an audience that uses them. For example, a social media marketing agency might provide a template for auditing your social media pages.
Templates are beneficial not only because they’re helpful but because they’re easy to create for businesses. In contrast to an eBook that might take weeks to create, templates offer instant value in an afternoon.
3. Webinars
Webinars are an educational tool that brings your prospects closer to you. It’s one of the best ways to demonstrate your expertise and meet you online. It humanizes your brand and showcases who’s behind it.
Some businesses may even offer live webinars to allow prospects to answer questions in a similar vein as a lawyer might offer a free consultation.
4. Whitepapers
Information-heavy industries may produce a whitepaper instead. A whitepaper is an in-depth document that discusses the nuts and bolts of a particular product or service. In all cases, a whitepaper positions your business as the solution to the problems your target audience is having.
Although they can be used in every industry, they’re most common in niches where details matter, such as eCommerce and technology.
5. Case Studies
Case studies are similar to whitepapers, but they’re more digestible and highlight the benefits of their solutions by telling stories of how their previous clients have benefited from using their products and services. The point of a case study is to show off your skills through real-world examples.
Like whitepapers, case studies are relevant to any industry but are most often used within service-based industries.