A lead magnet is a marketing tool that is used to attract potential customers. In exchange for valuable information about your business or industry, these potential customers provide their contact information through a lead form. Just like with most sales, it’s a simple transaction – providing your valuable business information in exchange for the customers’ valuable contact information. And from there, these new leads could become customers for your business. After you develop the lead magnet and generate new leads, closing the sale is up to you, but here’s a few questions in beginning your lead magnet implementation strategy.
So, Do You Need One?
The truth is, there’s not many businesses out there who couldn’t benefit from a lead magnet of some form. Where the variation exists is in the implementation and execution which can depend on the business or industry you operate in. Only businesses who are operating at their current max capacity in terms of being able to serve customers don’t need to have a lead magnet in place. If that’s you, then keep doing what you’re doing.
Pro Tip: Do some research with your current customers to determine what information they would have liked to know while looking for your product or service.
How Do You Create One?
If you’re not at a point where you’ve reached your maximum capacity or workload, then a lead magnet can help you increase your current customer base and drive conversions. In order to create a lead magnet, you need to determine what information is valuable to potential customers that you could share and said customers would be willing to provide their contact information for. Once you’ve developed your offer, you need to create a pathway where customers can easily submit their information in exchange for your information.
Pro Tip: Make sure your lead form is only collecting the minimum amount of contact or personal information for each client. The typical setup involves name, phone number, and email address.
How Do You Measure Success?
By taking a look at your current process for collecting and prospecting leads, you can determine a benchmark for monthly or annual leads. With the implementation of the sound lead magnet strategy, you can expect to see an increase in the number of leads generated. Determining an appropriate measure of success and tracking your progress is key to understanding whether your strategy is working properly, or if any changes need to be made. Use the information that you have to make informed decisions about maintaining or modifying your strategy.
Pro Tip: If you have the capability, try some A/B testing with your lead magnets to determine which verbiage, imagery, and CTA’s convert better than others.