You’ve probably heard all about funnels, tripwires and lead magnets, but perhaps you don’t understand how they can help your business – or even what you could use as a lead magnet.
This blog post will break down the uses of lead magnets, the types of lead magnets, how to use them as part of an overall business strategy and how to find the right lead magnet for your specific product or service.
What are lead magnets?
Lead Magnets are incentives you offer to your customers or potential customers in exchange for their email address. Lead magnets are typically digital products.
How do they fit into a funnel?
Lead magnets are often the first step of a funnel and once you have your customers email address (and permission for marketing!) you can then follow up with an email sequence, a trip wire, and further upsell them to paid products.
By showing customers your value as part of the lead magnet, you are building the “Know, Like and Trust” factor.
How to use a funnel as part of a business strategy
Funnels are used as part of a wider business strategy as you can customise them depending on how customers interact with your offerings.
For example if a customer downloads your lead magnet and reads all of your email sequence, you can then direct them to book a call/ buy your lowest cost product.
If they don’t, you can demonstrate further value to them by offering a further incentive, ask them to join your group or offer other resources.
This is endless as it can just keep repeating itself until the customer takes the action you want them to take – if they don’t, you can just remove them from the sequence as they aren’t a good fit for you anyway.
Types of lead magnets
Lead magnets tend to be digital products and come in the form of downloadable guides, swipe files, templates, webinars, infographics, e-books, checklists, reports, whitepapers and much more.
The type of lead magnet you will want to use will depend highly on your niche, your audience and your content.
For example if you’re in the hairdressing industry you may offer a free guide for managing curly hair – but a template or swipe file wouldn’t be suitable for that type of content.
Similarly if you’re in the gift sector, you may offer a template pack that contains 10 poems to write in birthday cards – but this wouldn’t be suitable as a whitepaper or report.
As you investigate what your audience wants and the content you can create, you’ll begin to see which types of lead magnets fit your niche and product type.
How to find the right lead magnet for your specific product or service
Finding the right lead magnet for your specific product or service can seem really complicated at first, and it’s markedly harder for those who have physical products as opposed to digital products and services – but it can be done and is worthwhile doing!
The first step is to think about what your customers and clients want to know – what is their most pressing pain point?
Let’s look at my lead magnet as an example – 25 ways to boost your business – my clients often feel stuck with their business and are not sure of the next steps they need to take. So the 25 ways to boost their business literally gives them 25 ideas to improve their business and get more sales.
This can be applied to any business; perhaps you sell craft supplies, you could offer a free guide to choosing the best material for your project. Perhaps you help clients with Facebook ads, you could offer them a cheat sheet to Facebook Ads. Maybe you are an interior designer, you could offer a webinar on choosing the right colour scheme for your home. Maybe you’re a personal trainer, you could offer a free downloadable training calendar.
The possibilities are endless!
The next step is deciding on the format for delivering your content. Think about how your audience consumes content, who they are and their lifestyle. If your audience are mainly working parents, are they going to have the time or inclination to sit through a 45 minute webinar? Probably not. Are they more likely to read a quick cheat sheet – absolutely!
Another thing to consider is how the content lends itself to the format. Some content can work within many formats but some may be restrictive.
Identify your client/ customer pain point and how you can educate
Decide on a topic and a solution to the pain point
Finalise the format you’d like to deliver the content
Put it all together
Create an email sign up form, put on your website and social media – sign post people/ create ads that point to it.
Follow up with an email series autoresponder
Work out how the rest of your funnel aligns
Working out your lead magnet, especially for “problem niches”, can be difficult. If you need further support or help, feel free to book a discovery call to talk it out, or join the Entrepreneur Small Business Support & Advice group!