Are lead magnets dead in 2020? Not a chance! However, capturing emails is harder than its ever been. You can’t get away with quickly throwing something together and hope to get leads. No, you must go above & beyond what your competitors are doing if you want to succeed in the world of lead gen. In this post, I’ll show you how to do just that in 5 easy steps.
What is a lead magnet?
A lead magnet is something you give away for free in exchange for a prospect’s contact info – usually an email address.
Why do I need a lead magnet?
People love free stuff. Best-selling author Dan Ariely proved this with a simple experiment. He gave two groups of people the option to choose…
- A $10 Amazon gift card that’s free
- Or $20 Amazon gift card for $7
If you do the math, the second option is obviously more valuable. $10 vs $14. However, 100% of the participants chose the first option. He calls this the Zero-Price Effect. People cannot see the downsides of something free.
And that’s why lead magnet’s work so well.
In the early days of the internet, people were eager to sign-up for free stuff. Today, not so much. People are starting to value their email as a currency. So instead of viewing it like you’re giving them something for free, view it as a transaction. You give them something of value while receiving something of value.
The biggest mistake entrepreneurs make is thinking of their lead magnet like a free giveaway. You’re not doing them a favor! It’s a normal transaction. The product is your lead magnet, and the currency is your prospect’s email address. If your lead magnet isn’t valuable enough, people won’t “buy”.
That’s the key to crafting lead magnets. Your lead magnet must be valuable enough for your prospect to pay you (with their email). If it isn’t valuable enough, they won’t!
Now that we’ve covered the basic principles of creating lead magnets, let’s create one.
Step 1: Create a detailed buyer’s persona
A buyer’s persona is a detailed description of your ideal customer. It helps you understand your customer’s problems and desires so you can appeal to them. The biggest mistake marketers make, is trying to appeal to everyone. If you try to appeal to everyone, you end up appealing to no-one.
The first step to creating a detailed buyer’s persona is to study your customers. Ask personal questions like…
- What is the buyer’s age?
- What is the buyer’s gender?
- Who lives with the buyer?
- What is the buyer’s income?
- What are their hobbies?
As well as work-related questions like…
- What company does he work for?
- Is he self-employed?
- What is his biggest fear?
- What is his biggest problem?
- How can your product and service help solve his problem?
- What are his dreams and aspirations?
But how do you find the answers to these questions? Well, you can…
- Survey your existing customers via email
- Check your Google Analytics
- Interview your customers
Keep in mind that when creating a buyer’s persona, never assume! If you assume your ideal customer works for a 50-man tech company, but in reality, he’s self-employed, your campaign will be way off.
Now that you’ve created a detailed buyer’s persona, it’s time to communicate your value by writing a value proposition.
Step 2: Create an appealing value proposition
Now that you’ve written a buyer’s persona, you must use the info you’ve gathered to write a value proposition.
This is where your buyer’s persona comes in handy. You already know your customer’s dreams, desires, and problems, now appeal to them.
The best value propositions don’t try and convince customers to buy. They simply present a solution to a problem their customers already face.
Step 3: Choose what type of lead magnet to offer
Lead magnets come in all different shapes and sizes. Lead magnets can be…
- Email course
- Video course
- Swipe Files
- And the list goes on…
When creating a lead magnet, work with your strengths. If you’re a good writer but suck at talking at a camera, eBooks, and swipe files will work best. It would be pointless for you to talk to a camera.
The opposite is also true, if you’re a terrible writer but you good at talking to a camera, you’ll want to create webinars or video courses.
Play to your strengths!
Phew! We’re halfway through, on step 4…
Step 4: Write a headline
Your headline will make or break your lead magnet. I know it’s cliché, but it’s true. You can have an awesome lead magnet, but if your headline sucks, your conversions will suck!
This is where your value proposition comes in handy. All your value proposition did was present your customer with a solution to a problem they face. If your value proposition appealed to their desires, then it presented your product as something that will fill that desire.
Now all you must do is add some power words and some numbers.
Examples of power words are…
Examples of numbers are…
- Fix this problem in 3 months
- Make this amount of money in 90 days
- Achieve your dreams in 6 months
Now, add these 3 together and you’ll get an awesome headline.
Power words + Value proposition + Numbers = Awesome headline
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Whatever you do, avoid the words how-to!
If your audience sees a how-to headline, they think, “Why do I need to give you my email when I can just Google it.”
This will result in a lead magnet that doesn’t convert.
Headlines with power words and numbers work best.
Now that you’ve written your headline, it’s time to create your lead magnet.
Step 5: Create your lead magnet
According to Sleeknote, your lead magnet must…
- Offer immediate value
- Invite repeated usage
- Stay up to date.
To do these 3 things, you must…
- Define what your audience wants and give it to them. This isn’t difficult assuming you’ve created a buyer’s persona.
- Track its performance
- Regularly update your lead magnet. Get rid of old info and add additional tips.
- Advertise that shit with Facebook Ads.
By doing this, you’re ensuring that your content is relevant to your audience. It includes the latest information, and you get it in front of your audience’s eyeballs via Facebook Ads.
By the way, if you’re looking to use lead magnets on your website but don’t want to create one, message me here and I’ll help. 😊
To create a high-converting lead magnet that your audience loves, you must…
- Understand your audience by creating a buyer’s persona
- Clearly communicate your value using a value proposition
- Choose what type of lead magnet to use based on your strengths
- Write a headline using your value proposition
- And create a lead magnet.
Creating high-converting lead magnets isn’t for everyone. It takes lots of research, writing, recording, and failing. But if you’re willing to put in the work, you’ll be head and shoulders above your competition.
Do you use lead magnets on your site? If so, share your experiences in the comments below.