What is a Lead Magnet?
In a competitive market, there are a number of businesses targeting similar audiences with similar products and services. So how do you pull your ideal customers towards you?
We often see websites offering freebies such as free products, free access to videos or courses, e-books and others in exchange for contact information. These giveaways are called lead magnets. In the basic sense, a lead magnet is a product or service being given for free in exchange for contact information, which most often is a potential customer’s email address. A lead magnet can prove to be very effective in business to either boost a business’ popularity or directly drive revenue up.
What one website can give actually depends on their product or service, and must be related to it. For example, if you are a website which offers financial service, you can offer free e-books in exchange for a customer’s email address. Offering a lead magnet which isn’t related to your services may prove ineffective since most people know what they want from your website, and offering something they deem irrelevant may simply annoy them.
Some examples of lead magnets:
- Free consultation
- Free trial
- Discount coupons
- Free assessments or checklists
In order for Lead Magnets to work, you may need to assure your visitors that you are trustworthy. Of course, with all the cases of identity theft floating around, one cannot be blamed for being sceptic of such a strategy. To do this, you must have had a history of good service to make visitors comfortable with leaving their email address with you. Also, make sure your Lead is relevant for people’s problems and of good quality. Of course, if people see your lead magnet as useless, why would they ever want to subscribe to you?
Just like other business strategies, lead magnets can make or break your business. The right lead magnet can turn visitors into customers, while the wrong one can drive them away. So if you are considering on putting a lead magnet onto your website, be sure to check all related elements first.