Do Lead Magnets Still Work?
If you have been researching about online marketing, most likely, you’ve heard the team “Lead Magnet” and wondered what it is exactly. In some cases, they are called freebies, giveaways, value offers or slew of other names. The bottom-line is they are a crucial part of your marketing mix and without them, it is hard to measure your success and many times, it’s hard to get to your goals without them.
WHAT IS A LEAD MAGNET?
A Lead Magnet is simply a piece of content or an item of value that people would exchange their contact information for. Perhaps you would exchange your email address for a free eBook. You might sign up on a website with your email address to get 20% off an order. You enter your email address to access to a free webinar or online course. All of these are lead magnets.
What’s NOT a lead magnet is a piece of content that just talks about YOU or your brand. Lead magnets are not promotional content. They are not a piece of sales copy. They are helpful and/or valuable content to the prospective customer.
Even if you think the item is super valuable because it tells your prospect about the services you offer, that is NOT a lead magnet. That is a promotional piece of content.
WHY SHOULD I GIVE MY VALUABLE CONTENT FOR FREE?
This is often the response of people when I say we need to take their template, their eBook, their white paper or tip sheet and give it away for free.
Do you remember the days when you paid to create brochures and flyers and then you bundled them up and went to the post office and paid them to mail these? Well what did that cost you? You are going to pay for your marketing, one way or the other. Why not use a method that is working for today’s consumers?
And if you are going to tell me the printed brochures do work for you, then you can get a pass on this post and get your gold star. Keep doing what’s working. But for those who need to find a way to reach today’s savvy consumer who is searching Google for answers, this is for you so keep reading.
WHY ARE LEAD MAGNETS IMPORTANT IN MARKETING?
In marketing, we have goals such as brand awareness, building trust, increasing brand engagement, and establishing credibility, but these are harder to measure. We also have more tangible goals like building an email list, increasing website traffic, driving traffic to sales pages and helping to convert to sales. These actions are usually done with the use of lead magnets. These actions are easier to measure because there is an action people take when they download or sign up for something.
Lead magnets are important because they form a bridge from EXPOSURE or AWARENESS, to TRUST and LIKABILITY. They give people a stepping stone and decide if they want more of you before you can expect them to open their wallets. The higher your price tag, the more steps you may need to do before this happens. You may need a free tip sheet that gets their email addresses and then send in a series of emails with helpful content that has a link at the bottom to download your research paper or eBook. You also might have to invite them to a free webinar to then talk about the coaching program or consulting practice you have.
They also help start to qualify a lead and gain a small commitment from the, moving them towards a sale.
TIPS FOR CREATING GREAT LEAD MAGNETS
There are a few things to keep in mind as you create a lead magnet. Firstly, you should keep them short and “digestible”. If you give me your 78 page eBook, I will probably save it for later reading…to be read right after those 900 wordy emails and 52 e-zines I have saved in that same folder. In short, it won’t be read at all. Keep the content valuable and short. You want people to download the item and use it right away to see how awesome you are. They will come back faster for more if you keep things short and sweet.
Secondly, you want to be sure the lead magnet is indeed, valuable. Just because you think it’s the most awesome piece of content you have ever seen, it doesn’t mean that people will find it valuable enough to turn over their precious email address for.
It’s like when I see “Sign Up for my Newsletter”, you know someone thought that was going to draw people like goats to tin cans, but let’s get hones with one another, who REALLY wants another email coming in? No one. But if you had something like, “Get our monthly business tips and resources!” that might be more of a draw. Always remember, ensure your offer or lead magnet is really providing value.
Lastly, always put your next move or call-to-action at the bottom of your lead magnet. If I download your resource guide and love it, I find it so helpful, I will probably be in the mindset to consume more! Have a link at the bottom or at the end that takes me to the next step!
To answer the question, it is a definite yes! Lead Magnets still work, especially if you want to really invest in engaging your market. Now, it’s your time to create your own lead magnet. I hope we’ve provided helpful insights about this invaluable marketing tool!