What is a Lead Magnet and Why Does Your Business Need One?

With so many digital and content marketing strategies, tools and terms flying around, it can be hard to keep up with what’s what and what you need. 

But one digital marketing tool you can’t afford to be without is a lead magnet.

Whether your business is small, large or in between, a lead magnet done well will not only help you build your contact list, it will also boost your sales. It achieves this by creating a connection and building trust with those who may not be ready to buy from you just yet (which is actually about 97% of your prospects), engaging and educating them so they feel confident buying from you when the time is right. 

In this article we’ll look at some tips to make your lead magnet successful. But first, we need to look at what a lead magnet actually is.

What is a Lead Magnet?

A lead magnet is a piece of content that your ideal customer is interested in. 

It might be a video, a guide, a checklist, a blueprint, calculator, or anything along those lines. 

The idea is that you can present this piece of content to your ideal prospects via  ads, social, email, etc., and have them give their name, email address, and sometimes even their phone number, in exchange for this content. 

This then allows you to add them to your marketing and/or sales database and communicate with them via email, SMS, or phone call. 

So now that we know what a lead magnet is, let’s look at some ways to make it successful.

1) Make it valuable

You may be giving away your lead magnet free of charge, but that doesn’t mean you should skimp on value. It still needs to be something that’s genuinely helpful, useful or beneficial, firstly to encourage people to hand over their contact details in the first place, and secondly to make them feel like it was worth it.

A lead magnet that has real value is a great way to make a first impression on those people who are in the early stages of their buyer journey, but only if it hits the mark. So put yourself in your prospects’ shoes and think about what they want, then package it up in a way that’s clean, sharp and accessible so they are excited to use it.

2) It must be relevant

For prospects who are researching their options and educating themselves about the product or service you offer to figure out exactly what they need, where they can get it and how much it will cost, a lead magnet provides the ideal platform to give them what they want. In the right format, your lead magnet can save people a lot of time and effort, by packaging up the answers to the questions they’re asking, all in the one place. 

At this early stage in the buyer journey, the simpler, the better, and it must deliver immediate gratification. You’ll likely get a better response for something short and sharp like a price list, template, checklist or even a quiz, than you will to a lengthy course or email sequence that’s delivered over a month (although that can definitely come later). 

As a first step, you don’t want to ask prospects to commit to too much. Instead, creating a lead magnet that solves a problem they have now is a great way to start building a connection without being pushy or too in your face.

3) Remember to keep in touch

The best lead magnets are more than just a way of collecting emails for your database – they’re the first step in a bigger strategy. Your overarching aim should be to continue to deliver value and build trust over the entire buyer journey, until ultimately the time is right to buy and your prospects have full confidence that you are offering exactly what they want.

You can continue to deliver value through an email welcome sequence where you share information that continues to build on their growing awareness and answers the questions that pop up as they move closer towards a decision. As an example, if you’re a home builder your initial lead magnet might be a pricelist for your different designs, then you continue the conversation via your email sequence which dives into the more detailed aspects of building a home, broken down into digestible chunks, from buying land to choosing lighting.  

Lead magnets deliver a win-win

No matter what business you’re in, a lead magnet is a fantastic and effective way to break the ice with your potential customers. Done well, a lead magnet is valuable, relevant and is just the first step in a longer mutually beneficial relationship.  
Need help to kickstart your marketing strategy? Apply for a free marketing strategy session here or contact us on 1300 988 111 to chat about your needs today!

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