You see the offers all the time online . . . .“Sign up here for my new webinar . . . “Get my free eBook” . . . “Get my ‘cheat sheet’ that shows you how to (insert any one of a thousand examples of overcoming some sort of commonly-encountered obstacle)”. They’re all variations of the same vehicle — the Lead Magnet.
Sure, they DO tend to elicit groans. Probably because they’re so omnipresent now. The result of social media channels being mined so aggressively by so many marketers.
But used correctly (emphasis intentional), Lead Magnets — giving away — or deeply discounting — valuable and RELEVANT material in exchange for a prospect’s email contact information can be an effective marketing tactic for a variety of businesses. With a little planning and forethought, a fairly wide variety of B2B and B2C marketers can come up with an informational product that would be of obvious value to potential clients.
Lead magnets aren’t just for “offer pitchers”. Or at least they don’t have to be.
Some keys to success . .
You have to know what your customers’ or clients’ REAL pain points are. Not just what you perceive them to be. Obviously, the best way to get at this information is to ASK your prospects. This is where having a large (and more importantly, engaged) following can really be a benefit. Obviously, there are many types of businesses that just don’t lend themselves to a huge group of followers — due to being very specialized, etc. In this cases, engagement becomes all the more important.
There must be a high degree of perceived value in the informational product you’re providing in exchange for your prospects’ contact information. A VERY high degree of value, actually. If your prospects see the potential transaction as nothing more than a “push”, you won’t get too many takers. There isn’t a one of us who’s looking to add to the ever-increasing “virtual pile” of email they have to sift through each day.
The NATURE of what you’re providing has to coincide pretty strongly with what your product or service is all about. Inside information on how to prepare your house for a successful sale means a lot more coming from a trusted real estate agent than it would coming from a car salesman.
A bigger or more comprehensive informational product will almost NEVER be seen as having more value. On the contrary, it will often be seen as LESS valuable, as your prospects will immediately factor in the time it would take to actually read/watch/listen to whatever it is you’re offering.
On a related note, if you’re going to use Facebook advertising to promote your offer, which is what the majority of marketers tend to do, opting for an unfocused but larger audience likely won’t be much help. It may seem appealing to get your offer in front of as many people as possible, but bear in mind that Facebook is a social platform, not a business platform. The more focused you are when putting together your audience, the more likely you’ll be happy with the results.
You might be thinking, “What about LinkedIn advertising?” Sure, it does have its advantages — a business-focused usership being among them, but the relatively higher (much higher) cost per impression may make LinkedIn advertising a little more of a gamble than you’re willing to take.
If you’d like to discuss how to use lead magnets successfully in your own practice, feel free to shoot me an email at Jon@JonFLee.com.