Why Your Business Needs a Lead Magnet
Article from The Bugle - Issue 85
The online world is full of competition that can drown out your marketing campaigns with nothing more than a strategically placed cute cat meme. To ensure your messaging rises above the rest, you need to integrate every single technique and customer touchpoint possible. That is where the power of a lead magnet can help.
A lead magnet is a well-known marketing tool that increases new leads by offering some kind of value in exchange for their contact information. You’ve probably seen these used in a variety of places online.
The reason these are so valuable is because email is still king. More than half of consumers trust emails they receive from companies they signed up for compared to random unsolicited emails.
As a result, email marketing is still one of the most productive and highest ROI methods, especially for small to medium-sized businesses. It generates $42 for every $1 spent. That is a 4,200% ROI!
Capturing those high-value email addresses is going to take some sort of value exchange. You need to offer something worth a direct line of communication to your customers. Here are some of the best types of lead magnets that can be delivered through email to increase your conversions and boost revenue.
Coupons & Discounts
The majority of consumers report that they will change their purchasing habits based on the coupons they receive. That just means opportunity for you!
Offering coupons and discounts is an excellent way to capture leads to build longer-lasting customer relationships. The cost of a 25% off coupon is much lower than the cost of acquiring a loyal customer and it instantly creates good will between your business and new customer. That means they’re more likely become repeat customers.
When it comes to video lead magnets for a lot of small businesses – ebooks, training courses, webinars, white papers, checklists, just aren’t going to convert the same way as they do for digital marketing related products and services.
But regardless video is still one of the best types of lead magnets and there are two types of video lead magnets that convert pretty well.
“How-To” videos are basically the most useful content consumers search for online. Demonstrate to your viewers they’ve got a problem and your video can help them find a solution.
“Case Study” videos pack a one-two punch mixing a “how-to” video and a customer testimonial video all in one.
I’m sure there are other ideas local businesses can use video to generate leads but these two are proven to get results.
Pre-made templates are a great way to increase leads, and they have the added bonus of being incredibly easy to make. With modern tools like Canva for graphics and a decent understanding of Microsoft Office, your team can bust out a few quick templates for practically anything.
Whether you want to offer pre-made social media posts your clients can fill in or ready-to-use financial documents for a new business, pre-made templates will undoubtedly provide high value for your leads.
Free Report & Guides
Not to be confused with e-books. You don’t need to have a five-volume tome on woodworking to encourage more people to visit your website. Using a quick written “how-to” guide for building a small birdhouse will be more effective.
If you work in travel you could create a checklist with a “post pandemic” packing guide for a customer’s next trip to Disney World. The possibilities are only restricted to your own imagination with this one. Think about the healthcare industry and how often you’ve come across “10 Foods for Lower Cholesterol” guides while shopping for a decent vitamin online.
But before you start generating any leads, make sure you have your autoresponder setup (we like Mail Chimp and Constant Contact) and follow up email series to nurture your new leads. Be sure there’s a clear option to unsubscribe. You never want anyone on your email list that doesn’t want to be there in the first place.
Summing it up…
Lead magnets have become an essential marketing tool for small businesses to quickly scale and grow revenue without breaking open the piggy bank to pay for the campaign. So, what’s your next lead magnet going to be?