Most business owners understand the power of having at least one great lead magnet on their company website. A lead magnet is an effective way to get data from a potential customer in exchange for your (free) content. A lead magnet is meant to be a piece of free content that acts as an incentive, where prospects will provide their email address in exchange for your lead magnet offer.
With a lead magnet, you're providing value upfront.
So what are some good lead magnets?
Maybe you have used a cheat sheet as lead magnet, or a free eBook. Perhaps you've put together a free PDF download with a valuable checklist. Or, a free trial of your back-end offer. Some people even offer free personality quizzes or fun lead magnets like such.
As a business owner, you will have to invest money, time and team effort to build your lead magnet. So it will cost you something to create it. But the email addresses or other data you can collect with a lead magnet is worth it.
Any business owner understands the logic behind a lead magnet. If you wanted to sell a box of chocolates, you would give one away for free, hoping the customer will end up buying the whole box because it tasted that good.
So it seems easy to “sell” something, when it is for free. But if it`s free, why you need to sell it?
Think about your experience with your lead magnet. Does everyone accept your gift? No. Just because it's free, doesn't mean everyone will opt-in or enter their email address. Some people will ignore your lead magnet, unless it's very compelling.
You see, your gift - your lead magnet - competes with so many other gifts being offered to customers. You compete for their attention in a world full of opportunities and distractions.
Your lead magnet has to stand out. Being free isn't enough to make it stand out.
Why your lead magnet is not working? You know it's not because of the price, since it's free. So what is it that isn't compelling customers? Below are some reasons why lead magnets don't work, and how to fix them:
You wanted to give to your prospects some value upfront to build trust. And there's nothing wrong with that.
But did you consider the market awareness level of your target audience?
For example, let's say you sell an educational program on business acumen for realtors. And assume your lead magnet is “Why You Should Quit Your Job and Work as a Freelance Realtor”.
Do you see the issue here? Someone may want to become a realtor, but not quit their job. Or maybe they're already working at a real estate office, and they don't want to go freelance.
Someone looking for business acumen advice for realtors does not necessarily mean they want to quit their job. Or maybe it does. How to find this out?
Customizing your lead magnet to your target audience and their awareness level can make a big difference.
If some leads want to quit their job and become realtors, then your idea would work. But this will only be successful if you target the right audience and understand their awareness level. So how do you do that?
Before sharing your lead magnet, you need to qualify your lead with specific questions. For instance, you can have a drop-down menu of options, asking why they want to enroll in your educational program.
The lead magnet usually works best for solution-aware prospects. These are the prospects that know there are various solutions to their problem available, but they're looking for the best solution.
These prospects love the lead magnets and appreciate you educating them. Show them your value upfront and they will be eager to access your lead magnet.
Let's say your prospect provided their contact information and downloaded your lead magnet, or filled in the free quiz. What then?
Nothing happened. You did not hear from this prospect again. But why?
I want you to imagine that you have one 2 week vacation allotted per year. The whole year you go through a lot of stress, so relaxation is so important for you. And a travel agency gave you a “free” package to the “most relaxing location you have ever been”. All you had to do was pay the "taxes" (classic.) So you went there and it proved to be the most noisy and overcrowded place you have ever experienced.
Are you ever going to book a vacation with this travel agency again? No.
The travel package was supposed to be “free”. But was it?
No, it wasn't free, and I'm not referring to the taxes you paid. You used your limited vacation time on a vacation package you didn't like. Now, you have to wait until next year, and wait until your next 2 week vacation to hopefully go somewhere you'll enjoy.
You see, “free” is not actually free if it took up your time. It's the same with your content in a lead magnet. If the content is weak, the fact that you have a lead magnet will not save you. “Free” is still costly for the prospect as it takes up their time.
Before you expose your content through your lead magnet, ensure your content is a magnet as well.
Remember, as Will Roger says, "You never get a second chance to make a good first impression”.
In the internet world, the first impression may be the only chance a prospect will ever give you. And your lead magnet is often your first impression.
To make a great first impression, you'll need to trigger your prospect`s emotions. Infiltrate the subconscious mind of your prospect. But this has to be in alignment with your offer, which brings us to the next reason your lead magnet might fail.
Your offer is anything that adds value to your service, so that the justification of the price is easier. But nowadays, as a business owner you know you have to go a step further.
You may have heard of the term "irresistible offer".
This goes beyond the justification of the price. An offer is irresistible when it provides focused value to your target audience.
There is no one-size-fits-all lead magnet. It must align with your brand and be congruent with your offer. Business acumen is key to be able to articulate an irresistible offer.
For example, imagine a prospect is looking for outdoor fitness activities. Does this mean he wants to burn fat? Not necessarily - or maybe not at all.
Maybe he`s just looking for a way to get some fresh air. Perhaps he just loves nature. Maybe he`s working from home and wants to escape from the routine. Maybe he wants to do outdoor fitness with his kids.
As a business owner, don`t you think you need to understand the motivation behind the desire for fitness outdoors?
This prospect is probably looking for something more than just exercise.
You can then embed this concept in your lead magnet. This would lead to results-driven value for your prospect.
There are 3 reasons which can hold your lead magnet back from delivering its purpose:
• Reason #1 – It`s not considering the market awareness level. Targeting your audience is key. Lead magnets work best for solution-aware prospects.
• Reason #2 – Weak content. If you content is weak, remove it! Don`t make people aware of it through your lead magnet, unless you fix it first.
• Reason #3 – It`s not congruent with your offer.
The good news is all these issues are fixable.
You can leverage the experience of a top Copywriter to improve your lead magnet and drastically increase your sales.
Schedule a consultation with a certified copywriter to learn more.
Dimitrios Katsetis is a copywriter who leverages your mind to connect with your target audience. He has a background in finance and fitness.Hire Dimitrios