High Converting Lead Magnets: 40% or Higher Conversion Rates
Lead magnets are the first introduction a new prospect has with your company online. Absolutely every industry and market should be utilizing them to turn more prospects into customers. Yet, so many businesses either don’t use them at all, or they fail to create lead magnets that hold the prospect’s attention, let alone convince them to take the next step in the buying process.
By not utilizing lead magnets to their fullest potential, businesses not only miss a key ingredient in the conversion puzzle, but they are leaving a ton of money on the table for their competition to pick up and run with.
The lead magnet is the entry point into your marketing and conversion funnel. While it is a giveaway item, it still must have a high perceived and actual value in order to help your prospects and customers ascend into taking the next step to either becoming a new customer or a repeat customer.
The way you create your lead magnet can either make or break your marketing efforts. We see so many marketers who don’t put enough thought and planning into the creation of them and they are lucky to see a 10% conversion rate when they should be seeing a 40%- 60% or higher conversion.
The Ultimate Purpose of the Lead Magnet
While the primary purpose is to entice a prospect or customer into giving you their email address or contact information so that you can continue marketing to them, there is a fundamental truth that you must understand.
We as people are inundated daily with hundreds, even thousands of marketing messages all vying for our attention. Most of those messages are ignored because we have learned to develop market blindness. If you don’t find a way to stand out, you end up being lost at sea.
Understand that when a prospect gives you their contact information, they have also chosen to give up a piece of a very precious commodity… their time. Their time has value so you need to ensure that what you are giving them in return is equally as valuable.
Not only does your lead magnet need to be of high perceived and actual value, it needs to be consumed by the prospect in 5 minutes or less. This is where so many fail.
The Elements of High Converting Lead Magnets
- Ultra Specificity: People don’t have time to sit around trying to consume a dozen different concepts at once. It becomes too confusing and they lose focus quickly. Lead magnets must contain small ‘chunks’ of value that solve a SPECIFIC problem for a SPECIFIC market. Narrow it down to ONE topic with ONE desired end result.
One of the best lead magnets I’ve seen yet comes from Ryan Deiss of Digital Marketer:
It’s not something general like ‘How to Get More Leads From Social Media’. This lead magnet is ultra specific and speaks to the desired end result by the market. It covers how many leads (250), where they obtained those leads (Facebook), the time frame (18 hours), and how much they spent to obtain the result ($0).
2. Promise “One Big Thing”: As I’ve already stated, your lead magnet should cover only ONE topic or ONE desired end result, not several. Your prospect should immediately know what’s in it for them when they opt-in to receive it. It should immediately speak to the desired end result that they will receive and benefit from.
3. Offer Immediate Gratification: Do your lead magnets show your prospects how to take what they’ve just learned from you and put it into instant action so they can see some form of little victory? If not, then you’re not being specific enough.
4. Shows the Prospect ‘What’ Not ‘How’: The purpose of a lead magnet not to give away the farm all at once. Your lead magnets should show your prospects WHAT needs to be done in order to reach the desired end result, without showing them HOW to do it. The ‘how’ is the job of the tripwire product. Show them what you did, or what they could do if they model your process without giving them all of the details. Give them enough that they could use the information on their own to achieve a desired result, but leave them wanting more.
5. Must Have a High Perceived Value: Just because it’s free doesn’t mean it shouldn’t be valuable. Remember this is the first introduction to you that the majority of your prospects will have. Make your lead magnets full of valuable content and give them a reason to see you as the authority in your market.
The biggest mistake marketers make when producing lead magnets is putting out information that is not only boring, they just don’t provide enough value to the end user to want to continue doing business with them. Their lead magnets totally lack the specificity and the ability for the prospect to visualize themselves achieving the desired end result.
What Is Your Lead Magnet Hook?
You literally have 3 seconds to capture your prospect’s attention once they hit your landing page. Those precious few seconds determine whether or not you will entice the prospect enough to give you their contact information or not.
The key to instantly capturing their attention lies within the headline of your lead magnet’s landing page. Think of that headline as your elevator pitch of sorts. If you had 2 minutes to impress someone, what would you say, show or give them that would completely blow their mind?
When you can answer that question then you know what it is that your prospect or market really wants.Then all that’s left is demonstrating the proof that you can give them what they really want.
Ask yourself how you can demonstrate the results that they are going to get from your lead magnet without totally letting the cat out of the bag. If you can do that then you’ve got a powerful hook and a great lead magnet that will convert at 40% and above. Enter the conversation already going on in their mind and you’ve got them.
Remember, the job of your lead magnets is to answer what that burning question is, and your trip wire is to show them ‘how’ to elevate the results.