Creating Lead Magnets That Work

Lead magnets are as old as time. They are at least as old as selling and advertising. We definitely didn't invent them in our era, even though they are a frequent topic in discussions of Marketing 101 to marketing trends.

First let’s be clear what a lead magnet is, and isn’t.

A lead magnet is something free that you offer to attract people into your funnel. In some cases, you might offer a lead magnet to attract existing customers into a specific product funnel.

A lead magnet is not something you charge money for. That’s a tripwire and we’ll get to that in another post soon.

A lead magnet can take one of many different forms - the ever-popular e-book, white paper, video, webinar, infographic, physical item (e.g. CD, DVD, book, widget), service (e.g. consult). Really, the list of possibilities is as endless as your imagination.

Decades ago, when matchbooks were ubiquitous, art schools gave you a chance at admission if you would draw a particular subject and send it to them, appealing to the artistic desire in many of us. What about the CD promotion by Columbia Records where you could get 11 CDs for a penny, just to get you in the door? Technically that’s a combination of lead magnet and tripwire, but it worked either way.

The process

Just about anyone can create a lead magnet, like just about anyone can create a product to sell.  So, no problem, right?

The key is creating a lead magnet or product that your market really wants. The basic process is  simple and easy to learn. Getting it right takes practice and testing to learn what your market really wants, not necessarily what you think they want.

Step 1: Who is your target?

The first step requires a clear understanding of who your customer base is. While you can create a lead magnet targeted at a segment of your market, you are more likely to need magnets of broader focus so we’ll stick with that for now.

Whether your business is B2B or B2C, it is a person who ultimately buys your product or not. There is a particular person who is the absolute best fit for your business and products. Who is that person? That’s the first key to getting your lead magnet right.

Download the Step 1 Worksheet and give yourself 15 minutes with no distractions (yes, ignore email and Facebook and the phone!). Brainstorm as many characteristics of your ideal customer as possible and write them on the worksheet. Seeing the list on paper will stimulate you to think of more details about your ideal customer. The better you understand this ‘person’, the more effective your lead magnet will be.

Step 2: What does your ideal customer want?

This is a trick question. The answer is not what you think they want or, heaven forbid, need. The answer is what they really want. For example, does someone who joins a gym want to lose weight or be healthier? Nope, deep down they want to look more attractive.

So, what’s the one pain or problem your ideal customer has that you can solve that would make them jump up and down with excitement?

Be aware, there’s more than one pain point that your potential customer has. I created this Step 2 Worksheet to help you brainstorm those pain points, and help you to focus down on how you can solve them.

The lead magnet you ultimately create will target only one of those pain points and solutions.

Take 10 minutes or more on each section of the Step 2 Worksheet to brainstorm ideas. When you have identified the one you are going to focus on for this lead magnet, you’re ready to move on to Step 3.

Step 3: Outline your content.

Not everyone is a writer. Some know it and some don’t. But the fact remains that every lead magnet you create must be written by someone, even if the end result will be delivered verbally.

When you’ve completed Step 2 and you know what your focus is for the lead magnet you are creating, don’t let yourself get overwhelmed by the ‘blank sheet of paper’ syndrome. And please don’t think about formatting anything yet.

Create your content in outline format - use bullets, dashes, line spacing - whatever works for you.

You can even dictate it into a voice recorder, then transcribe it later or have someone transcribe it for you. Many people are more comfortable speaking than writing.

After you’ve finished your outline, it’s time to decide on the media you’ll use for your lead magnet.

Step 4: Which media is best?

The answer is really another question. What media will your target market respond to best? Response is key. They have to WANT what you’re giving them and they have to WANT how you are delivering it.

One of our client’s gets her best results using webinars as lead magnets. Another delivers a 4-video series over the course of a month. Another wrote a book and delivers the PDF version. Another delivers an infographic and one lesson (out of 20+) in the course they charge for.

The possibilities are endless. If you’re not sure, ask. Ask your clients what format they like best to get information from you. Offer your prospects 2 ways to get the information and track which gets the highest response. If you’re still not sure, offer the information in various formats on various platforms, then track, track, track the results.

PRO TIP: If you’re not a graphic designer or copywriter or videographer, hire an expert. It’s not worth saving a few bucks and risk killing your response rate. If you need a recommendation, contact us.

Step 5: How should you offer and deliver the magnet?

Another question: Where is your target market likely to hang out?

That’s where you should offer the magnet: where your target market is.

The best way to deliver it is the way they want to receive it.

If you’re offering it and/or delivering it on your website, I hope you’re using Google Analytics or another good tracking method. If you’re using email or SMS, I hope you’re using a CRM tracking system.

Regardless of where you offer or deliver the magnet, you’ll get the best tracking and reporting (and followup flexibility) if you are using a CRM. The one we like best overall is Infusionsoft and we’ve helped dozens of clients manage their lead capture and tracking.

Lead magnets should do much of the heavy lifting of filling your funnel. I recently had a conversation with someone who asked if the lead magnet comes after the cold call. My answer? “No, the lead magnet IS the cold call.”

Drive your traffic to your lead magnet, then only talk to the prospects who are really, truly interested.