What Is a Lead Magnet? And Why You Need One

What Is A Lead Magnet?

If you’re reading this then you know that growing your email list is important for your business. The thing most people don’t get at this point is that people are reluctant to give you their email address unless you can offer something of value. It’s called the principle of reciprocity.

This is where a lead magnet comes in.

What is a lead magnet?

A lead magnet is something that we exchange for an email address. A site visitor gives us their email address and we deliver freebie. It could be an ebook, a course, a checklist, something that’s printable or a template that your audience would want enough to hand over their email address for.

We usually tie in the receipt of this freebie with them opting into a mailing list. This is where you will also see the term opt-in when referring to lead magnets.

So, what makes a good lead magnet?

A good lead magnet should:

The format of the lead magnet isn’t as important as making sure it follows the above points.

The importance of lead magnets

As business owners, we are constantly told that we need to have and grow an email list. Experience, both mine and others, shows it’s true. An email is the best and easiest way to increase revenue.

That is because, when done correctly, an email list contains your biggest fans.

These are the people who have given you their email address. They’ve done this by first visiting your website and trusting you enough to sign up for your lead magnet. These are the people who listen to your advice, respect the quality of work you do and who believe in you message. These are the people who are more likely to buy from you than anyone. If they won’t buy, who will?

It’s through lead magnets that we cultivate our fans. So yes, your email lead magnet should be one of the most important parts of your business.

Why do lead magnets work?

As a business, you need to be building awareness, trust, and credibility. But it can be hard to measure how successful you are at doing this.

Lead magnets are the perfect way to connect with your prospective customers. Because they saw value in what you’re offering, they’ve given you their email address. The first step in building trust. Making sure that the lead magnet delivers someone relevant to the prospects needs and what you offer builds credibility.

How to use a lead magnet to build your list

The first thing you need to understand is this is about building trust. Lead magnets are one way to build that trust. This is because someone is giving you their email address and giving you permission to contact them directly. These days, that’s a big leap of faith they’re taking.

Your first priority is to deliver on your promise. If your lead magnet promises to show them how to lose 30 kgs in 30 days, you need to have a proven way for them to lose 30 kgs in 30 days. If you don’t, then you have lost that trust even before you’ve had a chance to offer a product or service.

Rule number 1!

Deliver on what you promise. Over deliver if you can.

Make sure your lead magnet delivers on the reason they signed up in the first place. If you don’t do this, they will unsubscribe. If you’ve told them they get the top 10 places to get married in Toowoomba, have a list of 12.

Rule number 2!

Make yourself easily contactable and available to sort out any issues.

Mistakes happen. In fact mistakes can build trust because it shows we’re just like other people. If a prospect has a problem getting your lead magnet, you need to sort it out. It could be that they can’t download it or a video is not playing. You need to make sure you’re easily contactable. Have your details in the welcome email you send them thanking them for requesting the lead magnet.

Rule number 3!

Lastly, you can’t please all the people all the time. Your lead magnet should solve one problem but not everyone will have that problem at that time. Solve that one problem really well rather than trying to solve a general problem with no clear direction. The main thing though is that you will be seen to be a problem solver and people like problem solvers.

7 examples of lead magnets

Here are just a few basic ideas for lead magnets. What you provide is limited by your imagination and, of course, taking into account what we talked about earlier.

1. Email training series

Send a series of emails each week or day that teach people how to do something you’re the expert in.

2. Samples

Many businesses give free samples in return for an email address.

3. Training videos

A series of free educational videos can build trust and credibility with your target market.

4. Limited trial

If you offer a paid service such as online courses or software, offer a time limited trial. People could get 14 days for free on one month for $1 dollar. Both work equally as well.

5. Case studies

You may not realise that case studies can be a great list building strategy.

6. Coupons or discount codes

Everyone loves a great deal. Make sure you have a reasonable expiry time as part of this offer.

7. Checklist

Don’t make them more than one page.

Wrap up

If you’re building an email list, the importance of a good lead magnet cannot be understated. In this article, I hope I’ve answered the question, what is a lead magnet? To make the most of them, remember the five things that will make your lead magnet successful.

Do you give away a lead magnet? What do you use and how successful is it?

Head over to the Atomic Education Facebook page and join the conversation.

Enjoy your day.

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