What Exactly is a Lead Magnet?
You know those freebies you get for subscribing to a list? Those are lead magnets. They’re something offered as a free gift or enticement in exchange for an email address and other information used for segmenting. They’re the easiest and fastest way to build a list of target subscribers.
Remember this: The goal of any lead magnet is to convert traffic into leads.
Create a Valuable Lead Magnet
While it’s true you can throw just about anything together and call it a lead magnet, it’s also true that the better (and more targeted) the lead magnet is, the easier it will be to build a profitable list.
A lead magnet doesn’t make money by itself. Yet working as your front line ambassador, they can be extremely lucrative.
Related Reading: Mastering the Sales Funnel for Lead Generation
As you know, there are three ways to grow a business:
- Increase the number of customers
- Increase the average transaction value per customer
- Increase the number of transactions per customer
With the right lead magnet, you can increase the number of prospects and customers you have joining your list. And with a well-targeted lead magnet, you can also increase the average transaction value and even the number of transactions per customer, by attracting the very best customers for your particular business.
As you go through the following sections, always think of your lead magnet as an irresistible bribe that will offer real value to your prospects.
Your lead magnet has to be so good, your prospects will ‘buy’ it with their email address.
It should be relevant to your niche and your offers.
It should be ultra-specific in what it gives to the user.
It should be priceless, in that the prospect can’t easily google the information and find it for themselves, or even buy it someplace else.
And it should be easily consumed, because you want the prospect to consume it immediately after they download it.
We’ll go through each of these in turn in a moment.
The point to remember right now is this:
Your lead magnet is perhaps the single most important piece of your entire marketing system.
The right lead magnet will bring you a never ending stream of new prospects and soon-to-be customers.
The wrong lead magnet will bring either the wrong prospects for your offers, or no prospects at all.
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