A lead magnet is something (valuable) that you give to your prospects in exchange for their contact details. It’s a way to get their email or phone number so that you can reach out and start a conversation with them later on through email marketing.
It could be anything, like PDF, Quick video, Free trial, Discount, Free tool, Coupon Code or Cheat Sheet. These are the value stuff your user might need or are looking for.
So, Let’s explore the concept of a lead magnet in this article and see how you can make one for your business.
By the way, If you perfer to watch over reading do check out my Youtube channel where I have covered this same topic in detail.
Why Does Your Business Need Lead Magnet?
To attract customers to your online business, you need to craft an email marketing strategy, and a Lead magnet plays a vital role here.
While you take people’s email addresses to contact them later, it can be hard to convince them to give you their contact information in the first place without a lead magnet to serve as an incentive.
In the early days of email, users read the email and subscribe to read more. Today, people know that companies ask for their email addresses to sell them stuff.
That is why it’s no wonder that people are reluctant to give out their email addresses in the twenty-first century.
Also, you can’t ask potential customers to fill out lengthy forms where you bombard them with questions about their employment and other information. If you ask for more info, you need to give them something of value. Something your users will love so much that they prefer to pay you.
In simple terms, understand that you need to sell your lead magnet to your customer, but you don’t ask for their money but their email in exchange.
Customer Value Optimisation (CVO) – The Definition
Before we talk more about building lead magnets, let’s consider the concept of customer value optimization first.
CVO is a way to optimize the entire customer journey, from first contact to purchase or conversion and everything in between.
It optimizes the customer experience across all touchpoints and channels to increase brand affinity and loyalty.
CVO maximizes short-term and long-term ROI by focusing on continuous, incremental improvement throughout the customer lifecycle. It’s designed to create customers for life who will turn into evangelists and advocates for your brand.
Treating customers like assets is no longer sustainable; it’s expensive to acquire new customers because they’re more informed than they’ve ever been before.
How To Use And Build The (CVO)
To build your CVO, you need to figure out how much money you can make from a customer; you need to know how much profit a customer will bring in over their lifetime as a buyer of your product or service.
Now, CVO works as a funnel with multiple products flowing into it.
Let’s say you create an SEO course. This is your front product, and once a user purchases your SEO course, you can also sell them other products. For example, you could offer website-designing courses, and if someone buys one of those courses, you can then sell that person a Facebook ads course.
So, here you rely on your CVO to determine what type of lead magnet you need. The lead magnet will depend on the nature of your company. It needs to be related to your company and products.
Okay, Let’s understand it another way. Suppose you own a product called an SEO course, and on your Landing Page, you’re offering a free lead magnet about “How to grow a Youtube Channel?”. Do you think that might be related to your actual product?
No, it’s not.
It’s tough for you to convince people that your product or service is legit if the lead magnet isn’t related to your CVO.
In this case, your future planning will fail to make sales and will probably fall far from expectations.
4 Steps to Create a Lead Magnet that Works.
It must be relevant and targeted for your lead magnet to be effective. You should also create it in a way that will make it easy for people to consume. Below I have 4 step processes in building a Lead Magnet.
Identify Your Audience
Let’s face it, having a target audience is an integral part of the job as a marketer. Since you’re not marketing to yourself, you need to find out your target audience. That may seem like a daunting task, but it isn’t.
First, take out your CVO and review the nature of your business. If you’re not sure what that is, go back to the top of this article and review that first. Once you know what kind of business you have, it becomes easy to determine your target audience.
Accordingly, you’ll want to know how your audience talks. College students’ language differs from that of a graduate student. The same happens with males and females.
So, you need to understand who you’re talking to. If you own a high heel sandal store, your audience is female, but if you’re selling formal shoes, then your audience is Men.
Also, you need to be looking at your market. You need to be aware of what is happening in it, both in terms of things like public trends and changes in technology and how your customers and clients relate to the market.
Understand that your audience is not a static entity. It is a living thing. It grows and develops and changes. If you want your business to survive, you must embrace this change and work with it rather than against it.
Audience Want’s & Need’s
If you want to make a good impression and get the results you are looking for, you need to understand the needs of your audience. Who they are, their pain points, and what they are searching for in the market.
Let’s say you want to sell a book on making money. You’re thinking: I’m going to spend months writing the book, and then when it’s done, I’ll offer it for sale at $19.95.
The problem is that people who want to make money don’t think, “I need a book.” They think, “I have this pain point of not making money.” If your book helps them solve that problem — if it gives them the specific advice they need — then they will buy it.
Here you have to solve their pain points, first with your lead magnet and then by getting them into your funnel to buy your other product.
Let’s understand this with another example – Suppose, You’re thirsty for a glass of water. And if someone brings you water, you can trust them because they just solved a pain point for you.
Now, If they ask you to buy a water bottle for the further journey, will you say yes? Hopefully so. This is what happens with your audience too. You offer helpful information through a lead magnet and then introduce your product.
Identify Your Lead Magnet
It’s time you decide what type of lead magnet you will deliver to them. For example, if you’re good at creating videos, then create a video course for them and offer it as your lead magnet.
If you’re good at writing, then create an ebook or cheat sheet for them and offer it as your lead magnet. It’s that simple!
And make sure that your offer is something that will help them. You don’t want to give them something that they don’t need. If you can’t provide these things, consider giving them a free trial and other stuff.
Make your Lead Magnet.
Give your audience so much value in your lead magnet that they feel a sense of obligation to give you money for it. It’s important because people are more likely to buy your product if they get a lot of value from the free version of your product.
The first impression lasts; if you want to make a good impression on people, make your lead magnet easy to follow and simple to understand and packed with a lot of value in it.
You can make a lead magnet like –
- Short Course
- Free Trial
You need to relay your message to your users through your lead magnet. If you’re able to connect to them effectively, they will buy your product or service. Your lead magnet should show why you’re a good brand for them.
So that’s everything you need to know to make lead magnets. There will be points where you struggle to understand something but believe me, you’ll eventually come to an understanding.
Whenever you learn something new, you will experience some anxiety, and it’s normal.
To be successful in online business, you should devote your time and energy to gathering as much information as possible and learning from other business examples.
Please feel free to ask me any questions in the comments below, and I will be glad to answer them.