Let’s be honest, there’s a lot of lingo in the marketing world. some of it is relatively easy to decipher, but some terms will leave you scratching your head trying to work out what on earth they mean. One of those terms is ‘lead magnet’. Something that sounds very important, and that all businesses should have. But what exactly does that mean, and how do lead magnets work exactly?
The Definition of a Lead Magnet
Thankfully, the name ‘Lead Magnet’ gives you a pretty big hint about what it is. It’s a ‘magnet’ for leads! In other words, it’s something that you can give away to your customers, usually in exchange for their contact details. It’s generally something that people who are interested in your services would find valuable, so they are willing to give you their name and email address.
Once they’re done that, they get the content, and you get a qualified, warm lead to follow up with.
A lead magnet can take a lot of different forms, depending on what your company does and who your customers are. A few examples of lead magnets include:
- An eBook
- A webinar
- A template
- A discount code
- A free guide
- An industry report
Why Do You Need A Lead Magnet?
Every business needs a lead generation strategy, and in a world where content is King, lead magnets are a pretty solid choice. Research into the effectiveness of lead magnets has shown that 50% of marketers experience higher conversion rates when they use them. And the reason is incredibly simple.
Lead magnets let you understand what’s going on in your customer’s minds, and what stage of the buying process they are In. If you have more than one, it can even tell you what services they are interested in. That kind of insight is gold dust for salespeople, who can use it to increase their chances of converting prospects into customers. That’s why having at least one strong lead magnet is such an important part of customer acquisition.
What Makes A Good Lead Magnet?
So the question then becomes, what makes a good lead magnet? What is it that can entice prospects to port with their valuable personal information? No matter what format your lead magnet takes, it should always be:
Lead magnets should focus on the customer – not your business. It should help them save time, solve a problem they’re struggling with, or provide unique insight. For example, if you sell cash flow forecast software, you could write an eBook guide on starting a business, including advice on cash flow, forecasting and forward planning.
You should use your lead magnet as a way to establish your credibility within the industry. It should be full of trustworthy and reliable insights that are backed up by evidence, experience and research. This builds trust with potential customers that they are in safe hands.
While it’s always nice to share information, your lead magnet should always be part of a wider strategy. Once you have that list of qualified leads, what are you going to do to convert them? How are you going to nurture that lead over time so that when they are in a position to buy, they come to you? Will you run a targeted email campaign? Set up a sales call? Create follow-up content to keep them engaged? Without a strategy behind it, your lead magnet is less than useless.
Do lead magnets work?
Yes, lead magnets can be effective tools in marketing campaigns. They can help businesses capture leads and convert them into customers. Lead magnets typically provide valuable content in exchange for contact information, allowing businesses to nurture relationships with potential customers.
A good lead magnet can do wonders for your customer acquisition, but only if it’s done right. That means heavily researching your customers and their buying habits, as well as some expertise in creating your unique lead magnet.At Lion Spirit Media we love working with businesses at every stage of the process, from developing a strategy to creating lead magnets and promoting them online. If you want to find your roar and use it to entice your next client, just get in touch with the team today.