All about Lead Magnets

One of the first things that people who enter the marketing field learn about is the sales funnel. This is the journey customers take from product discovery all the way to becoming a paying customer. Some businesses just need one interaction to lock in a sale, while some typically need multiple points of contact. 

Enter: the lead magnet.

What is a Lead Magnet?

Simply put, the lead magnet is one of the most powerful sales funnel tools there is. As the name suggests, it brings on leads or customers pretty strongly through attraction. This is typically a free gift or similar incentives to get the prospect to make a purchase. Most importantly, it's the best way to get very crucial data: customer email address.

Businesses across multiple industries globally use this strategy. Chances are, this is something everyone inside and outside of marketing has experienced at some point, such as:

• A small free gift for first-time orders
• BOGO (buy one get one) for first-time buyers 
• Free shipping for first-time purchases
• Free trials on apps
• Voucher for first-time diners at restaurants

Lead magnets don't just bring in leads and trigger conversions; they can double or even triple them.

How is a Lead Magnet Crafted?

All customers have to give in exchange for the lead magnet are their name and email address. It's important to get it done well from the get-go for the best functionality. Creating a lead magnet with high conversions is all about following these steps:

1. Determine Your Customer Avatar

This is essentially a more individual focus on the overall target audience. The avatar is an ideal customer's description down to the small details. This is the exact customer that businesses are hoping to attract. There is no actual singular person that can signify an avatar: it's several characteristics of people. Not having this in place will make the lead magnet useless since it will be too generic.

Identify traits from the existing customer base such as who's spent the most, who is easy to deal with, who's an easy sell, and the such. This is what the avatar will be made up of; then it has to be given a name, age, and job.

2. Pick a Lead Magnet Type

Contrary to popular belief, it's not necessarily a sales pitch. If anything, it doesn't have to be sales-like at all. That said, it has to still relate to the product of the business at hand. Examples include:

• Free Calculator
• Free Event
• Free Information
• Free Product
• Free Quote
• Free Time Saver
• Free Trial
• Free Voucher

3. Design the Lead Magnet and Name It

Choose a name that's clear and not generic. Ensure that the lead magnet is designed well in a way that strikes a balance between reliability and professionalism.

Conclusion

The lead magnet is an important tool in dealing with the sales funnel. It's usually a free voucher, free product, free trial, and the such. Create a lead magnet by determining the customer avatar, picking the lead magnet type, designing the lead magnet, and naming it.

If you need to get lead magnet design done, Happy Agencies can definitely help. We have a plethora of resources in terms of white label services that marketers will benefit from. Reach out today!