You’re building your email list, right?
If you are, then you probably know that email is the top converting medium when it comes to turning leads into paying customers.
As you can see in the inbound marketing funnel above, while social media and blogs are great for generating awareness for your brand and getting attention, email is the best when it comes to nurturing those leads and converting them into customers.
In a recent survey from Econsultancy, email was rated the number one channel that brings in maximum ROI!
As you can see in the chart above, 68% of marketers rated email as good or excellent!
So now we know that social media and blogs are great for generating awareness. We also know that email is great for nurturing leads and turning them into customers. However, how do you get those prospects who find you on social media or through your blog on your email list?
For that, you need 2 things. A high converting landing page or form and a high converting lead magnet and in today’s post we’re going to cover the latter!
What Is a Lead Magnet?
Some marketers call them high-value free gifts, others call them optin bribes. They all mean the same thing!
A lead magnet is basically something of great value you offer to your audience for free in exchange for their contact information (usually name and email). It could be an eBook, video series, webinar, free app, coupon code, free samples, case study or any other thing that could be perceived as high value by your prospects.
Why Would You Need a Lead Magnet?
Simply asking people to enter their personal information so they can get your newsletter isn’t going to cut it anymore, unless they really know you and trust that you’re going to deliver great content in that newsletter.
People are overwhelmed by newsletters and they are becoming more hesitant when it comes to joining them. A great way to convince them is offering them something they can’t really help it but enter their emails to get it!
People won’t join your email list unless you give them a reason. A lead magnet happens to be the best reason you can ever give. It’s something of great value that they really want and you’re going to give it to them for free! This will encourage more people to get on your email list so you have the chance to build relationships with them which will eventually lead to a transaction.
Another reason why lead magnets are great is because they simply help you get more sales.
You probably know that less than 3% of visitors who land on, let’s say your sales page buy the product or service you’re offering. What happens to the remaining 97%? They probably leave your website and never come back!
If you’re spending money on advertising, then you know how annoying this could be!
You direct 1000 people to your sales page and only 20 of them buy (at a 2% conversion rate). That’s not good enough, right?
The better way to do this is send people to a landing page where you offer a highly valued lead magnet. Some landing pages convert as much as 40% of the traffic into subscribers (depending on the traffic source of course). So if you direct 1000 people to a landing page that offers a free lead magnet, 250 might optin (at just a 25% conversion rate).
If your lead nurturing funnel converts at just 20%, they you just got yourself 50 customers, which is 30 additional customers that you would've never converted using a sales page alone!
Don’t take my word for it though; here are couple of studies that prove my point:
- A) According to this paper from Marketo, the company achieved a 3x increase of qualified leads passed to sales using lead nurturing.
- B) According to Demand Gen Report, a recent study found that companies that do lead nurturing well generate 50% more sales leads at 33% lower cost.
Sorry I had to drift away a little bit from my original point, but the better your lead magnet, the more leads you’re going to get into your nurturing campaigns and the more customers your business will generate!
How to Create a High Converting Lead Magnet
Now that you know the importance of offering one or multiple lead magnets for your prospects, let’s see together the process of creating a high converting one.
One thing you should know is that you can offer a lead magnet and still get no improvements in email signups. They key here is to create something that your prospects will be more than happy to give you their email addresses in exchange for it!
Every high converting lead magnet has 2 major components: substance and medium.
What I mean by this is the value your lead magnet will provide to your prospects. For your eBook, video or webinar, the substance is the great content that you will offer to help people solve a certain problem or overcome an obstacle they are facing in your industry.
It could be that you’ll help them save money, make money, lose weight, save time etc. Determining the biggest problem your audience is having will make sure that most of them will be interested in your lead magnet. This will result in higher conversion rates!
How to Determine the Subject of Your Lead Magnet?
The subject of your lead magnets should always be about the biggest problem your prospects are facing. The bigger the problem is, the higher the conversions.
Here are 2 of the best ways to help you create a high converting lead magnet.
A) Ask Questions
The worst way you go about doing this is assuming that your audience is having a particular problem and creating a lead magnet around it. A business built on guess-work will never be successful. Every action you should take towards improving your business should be based on data and feedback.
The right way to do this is just asking your audience about their biggest challenge in your industry.
I write down every question I get asked by my audience and then I rank the questions according to their recurrence. The most popular question I get asked will be the subject of my lead magnet. This way I make sure that my lead magnet will convert even before I create it.
A great way to get questions from your audience is to always keep asking. One strategy I use is constantly sending my email list a request to submit their questions so I can answer them. I also encourage people to submit their questions in the comment section of my blog. Social platforms are also a great way to getting questions from your audience.
B) Check Your Most Popular Landing Pages
This is one of the best ways I have ever used to generate more leads for my business!
What you should basically do is log into your Google Analytics account or any other tracking platform you’re using and look for your most popular pages that are consistently receiving traffic.
Those pages could be great candidates for a high converting lead magnet since you know that people are searching for the information in those pages and you’re already receiving super targeted traffic to them.
Let’s say that your business is about weight loss. You notice that one particular post is bringing you lots of consistent traffic month after month. Let’s say it’s entitled: How to Lose 2 Pounds per Week, Every Week.
A great subject for a lead magnet could be a more detailed case study that outlines the exact process and results from one of your test groups.
If you have 2 or more popular pages on your website, then you can maximise your results by creating more than 1 lead magnet. This will get you more leads and at the same time help you segment your prospects based on the lead magnet they downloaded so you can create personalised nurturing campaigns for them.
What I mean by medium is whether your lead magnet will be written (eBook, report), recorded (video, podcast, webinar), software (app, calculator) or meeting (free consultation).
The subject of your lead magnet isn’t enough to attract prospects. You could have a winning subject, but people won’t download it because it’s a 200 page eBook and they just don’t have time to read it and consume the information.
On the other hand, your audience might be the type who wants to read instead of listening to podcasts.
The only way to know for sure is, again, ASK!
You can create a simple survey with 1-3 questions to learn more about the medium they prefer the most when consuming your content.
Another great tactic I see many businesses use is using different mediums for the same lead magnet. They create an eBook and then use the same content to create a video so they don’t miss on those who like videos. Sure it’s more work, but it’s worth it since you’re going to get more leads for your business!
So there you have it! The 2 most important components that will make your lead magnet a success. If you have any questions, please leave them in your comment below!