Lead Magnets: What They Are & Why You Need One | Elevate Digital

This little gem is arguably one of the most important parts of any business that wants to start generating leads on autopilot.

It’s called a Lead Magnet, and if you don’t have one, or don’t at least have a good one, then there’s a chance this article could literally change your life and business forever…

So, as your suspiciously overdressed, Lewis Hamilton Wannabe of an Uber driver might say…

Driving Fox Tv GIF by Empire FOX

The best way to think of a lead magnet is that it’s effectively an irresistible, yet ethical ‘bribe’ offering something of real value to a prospect in exchange for their contact information (usually for free).

The primary goal of the Lead Magnet is to get potential customers into your marketing funnel and ultimately get you more customers.

The secondary benefit is that it makes the actual sale a whole lot easier when you’ve already impressed your prospects with the value you can bring to them before they’ve even become a customer.

It’s the first step we take our customers through when exploring the customer value optimisation process.

The good news is that lead magnets don’t have to be overly complex or lengthy in order to be of value.

In fact, a long and complicated Lead Magnet which is speaking to a very broad audience will most likely result in very poor conversions.

You simply need to solve a specific problem with a specific solution for a specific segment of your market.

Oh and that doesn’t mean just promoting your product or service…

A Free E-Book titled “10 reasons we’re the best” does not constitute as value, it only serves to stroke your own ego.

Remember, it’s ALWAYS about your audience, not you.

Check out this highly-specific and hyper-targeted lead magnet from Survival Life for example:

Pretty damn specific, right!?

So, let’s say for example you run a flooring store and you’re looking to target high-value clients who are thinking about purchasing expensive luxury flooring for their home. The objective is to get us more clients towards the top of the funnel (maybe not ready to buy just yet but are doing initial research).

We might create a lead magnet like…

“The 5 Step Checklist To Picking The Perfect Luxury Flooring For Your Home”

This could be included as a free download in our blog titled (3 Things You NEED to know before buying luxury flooring).

Again, the idea here is to position ourselves as the authority in our potential customers’ minds and make sure that we’re the first person they think of when the time comes to buy.

It’s important to remember though that lead magnet can be used for almost any stages of the funnel or buyer’s journey.

They can also take many different shapes and sizes – let’s take a look at some examples and potential use cases:

Guides/ Case Study

Guides are one of the most common types of lead magnet, but be careful not to fall into the trap of vagueness here.

If we take Yoga as an example here, something like “The Guide To Yoga” is very vague, doesn’t really speak to a particular audience and has a very good chance of being overlooked, especially if your audience is already familiar with Yoga and has reams of books on the topic.

However, when you begin to dial into your audience and where they are on their journey, something like “The Beginners Guide To Kundalini Yoga” is much more specific and will have a much better chance of converting when presented to the right audience.

Toolkits

A toolkit can make a great lead magnet for somebody looking to get started with something, but this type of lead magnet may require multiple different resources to make it really enticing.

Think of this as a starter kit or a toolbox of resources that a potential customer can use.

For example, a DIY store might provide a free decorating toolkit which includes samples, a handy measurement guide, and an inspiration/mood board to help people decorating their new home.

Free Trial

A free trial can make great lead magnet for businesses that rely on a recurring client base or subscription-based services allowing people to “try before they buy”

This could be a free trial at a local gym or even a free trial for a new app or software company.

Quiz/ Survey

A quiz or survey can make a brilliant lead magnet when done right but may require some initial data to create conditional quiz logic when deciding the outcomes.

An example of this might be a gym or fitness course advertising a quiz on social media like:

“What fitness class is best suited for your body type?”

Or maybe an online bodybuilding program running a more light-hearted, fun quiz like:

“Which Mr. Olympia are you most like?” 

Which then goes onto ask a series of questions about their current exercise routine and finds the closest match to a famous bodybuilder.

Not only is this helping you to gather additional data and information on your leads, but some quizzes also have a very high chance of being shared organically.

Let’s be honest, what aspiring bodybuilder wouldn’t want to share a post saying they’re like Arnold Schwarzenegger?

Oh, and remember when everybody on Facebook was finding out what Disney Character they were?? Yup…Quizzes…

Video Course/ Training

When targeted to the right audience at the right time, mini-video workshops or training videos can be extremely effective lead magnets. Especially if you already have some social proof or review to show that you or your company know what you’re talking about.

The key here is to make sure they deliver some instant (or at least quick) gratification.

If you’re a small business wanting to learn Facebook Ads, for example, a mini-workshop offering you to “Get your first Facebook Ad Campaign up and running in less than an hour” might be an extremely attractive proposition instead of having to search through countless YouTube videos or figure it out yourself.

So that’s just a few examples, but hopefully, by now you have a better idea of what a lead magnet is and how it can help your business grow!

If you’d like some ideas of how you might be able to use a lead magnet for your business along with a tailored strategy make sure you book our FREE Digital Review today!