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According to a Hubspot survey, 63% of marketers indicated that their biggest marketing challenge was generating traffic and leads.
It just so happens that creating a lead magnet is a great way to get more traffic and leads if you haven’t already. The biggest hurdle? Creating one that your audience is actually interested in signing up for.
Why do lead magnets work?
Research from Adobe shows that 96% of visitors to your website aren’t going to be ready to buy. In exchange for something valuable, they may be willing to share their contact information with you. This valuable offering is what we call a lead magnet.
Don’t have a lead magnet yet? Read this blog to learn where to start.
Lead magnets are the most popular tool that entrepreneurs use to generate leads. This is most likely due to the ability of lead magnets to not only collect contact information but also move leads closer to making a purchase decision.
So, what goes into a good lead magnet? And what can you do to fix yours if it’s not bringing in the results you’d like to see?
How to create a good lead magnet
1. Pick a high-converting lead magnet format
When creating a lead magnet, the first thing to consider is its format. In a GetResponse survey, 47% of respondents said short-form, video or short-form written content converts best. For example, this could be a short video series or a PDF checklist.
The formats above were more effective than visual lead magnets (such as infographics), interactive lead magnets (like quizzes), and even monetary value (things like discount coupons or special offers).
Wondering where to place your lead magnet once you have one? Read this blog to find out.
2. Consider where your customer is in your marketing funnel
When developing your lead magnet, you should consider where your customer is in their buying journey.
For example, your lead magnet could be looking to generate leads that are at the very top of your marketing funnel. These leads are only just starting to think about the problem that your offering solves for them.
Or, you could be hoping to generate leads that are towards the bottom of your marketing funnel. This lead type is much closer to making a purchasing decision, and this is because they’ve gone through a lot of the decision-making process already.
Let’s say you’re a designer who specialises in brand redesigns. You’re looking to generate leads at the top of your funnel, so you create a lead magnet. You go with a checklist that explores if your customer’s brand is aligned with their business.
If someone lands on your website for the first time, they’re likely just starting to think about rebranding their business, which is why this would be a top-of-the-funnel lead magnet.
On the flip side, if you’re looking to create a bottom-of-the-funnel lead magnet, you might want to create a checklist like: “5 questions to ask yourself before you start working with a brand designer”.
This lead magnet is more focused on the bottom of the funnel because only someone who is actually interested in working with a brand designer or strategist would download it.
This means they’re much closer to making a purchasing decision. As opposed to someone who’s just started wondering if their brand and their business are aligned.
3. Identity the problem you’re solving for your customer
When creating your lead magnet, make sure it solves a problem your audience actually has.
Coming back to the brand designer example, consider whether customers in your target audience care if their brand is aligned with their business.
Maybe all they care about is if their branding is on trend. In this case, creating a lead magnet around aligning branding and business wouldn’t be a good fit. Instead, a lead magnet like “5 ways to tell if your branding is dated” would be more relevant.
If your lead magnet isn’t performing as well as you’d like it to, then there’s a good chance the problem you’re addressing is off the mark.
Not sure what problems or common barriers to purchasing your target audience has? I would highly recommend asking them by sending a survey to your mailing list or chatting with some customers whom you have an existing relationship with.
The best way to understand what’s going on in the mind of your audience is to ask.
