You’ve probably seen or even received free samples while at some events, exhibitions, etc. These were traditional marketing strategies. But, you’ve probably wondered how this happens online, now that everything is available online. Here’s hope it happens. When you go to a website, you probably might see some free trials, limited period offers, sign-up, etc. These are your online equivalents.
Similarly, a site visitor takes a step toward becoming a paying client for your company when they transition to a lead. But you must take the appropriate steps to guarantee that these visits first turn into leads for your company. These are called lead magnets. And in order to turn them into customers/clients, you must set up some strong lead magnets on your websites that successfully motivate visitors to become regular paying customers.
Lead Magnets help qualify your visitors. Obviously, no matter how compelling your Lead Magnet happens to be, you won’t get anywhere near 100% of your website visitors to sign up for your email list. But those who do are typically much more valuable than the average subscriber.
Did you know? 50% of marketers who start using lead magnets report higher conversion rates
Also read: What Is Business Incubator? Meaning & Benefits
What is Lead Magnet?
Lead magnets are a marketing strategy that offers potential costumers certain benefits with the aim of converting them into regular paying customers/clients. For example, by signing up with a website, and entering contact details and other basic profile information, you may get some offers or resources like ebooks for free.
Although lead magnets are frequently thought of as being employed at the top of the marketing funnel, they may really be deployed at every level.
Here, the term marketing funnel is used to describe the various stages of a potential customer turning into loyal customer. It involves stages of being aware of the product, learning and exploring its uses, leading to a purchase. Finally, if the whole experience is satisfying the customer becomes loyal to the brand or product, resulting in repeat sales.
Fresh leads may enter your funnel at any time. Alternatively, if people are coming in from the top, ie, at the start, you'll need a strategy to keep them interested and going forward. Therefore, think of lead magnets as incentives that draw prospects into your funnel and retain them there.
Now let's discuss how to deploy lead magnets at all three layers of the marketing funnel- top of the funnel, mid-funnel, and bottom of the funnel:
Top-of-Funnel Lead Magnet Ideas
At the top of the funnel, lead magnets are typically the most interesting. This provides you the greatest creative freedom to develop entertaining concepts to draw in your intended audience and showcase the lighthearted face of your company.
These lead magnets may be more general in scope than your product or service, but they will still be connected in some way. Keep in mind that this is the funnel's awareness phase. Prospects might not even be aware that you exist!
These leads should obviously go through a nurturing process so that the individuals that reach sales representatives are serious buyers.
You don't need a form that asks for personal information for top-of-funnel lead magnets. Email, first and last names are all that are required. To measure the ROI, make sure every lead magnet is appropriately labelled with a lead source.
Giveaways
You should be aware that freebies make excellent lead magnets. With a range of giveaway choices, like free tickets and a cheaper yearly membership to your product, you can draw potential customers in. Remember that the relevance of the offerings to your product or service will have an impact on the quality of the leads.
Face-to-Face Field Marketing
At trade exhibitions, get-togethers, and conferences, for example, field marketers have face-to-face interactions with potential clients. To inform, educate, and encourage prospects to interact with your business, they use a combination of marketing and sales knowledge. In this way, you won't necessarily get a lot of leads, but the ones you do get will be of very high quality.
Blog Post Downloads
Focus on free and simple offerings here because most visitors to your site are probably just beginning their awareness and information-gathering process. Free and simple for you as well! Offer to deliver the article (or a condensed version) to their email address so they may read it later. They only need to provide their email address.
More top-of-funnel lead magnet ideas:
- Podcasts.
- Idea generators
- Cheat sheets
Also read: Strategic Planning Process in Business: Goals and Benefits
Mid-Funnel Lead Magnet Ideas
At this point, lead magnets do start to have a more serious tone. Visitors who reach the funnel in the middle are already familiar with and interested in your company. Mid-funnel lead magnets are supposed to be at least remotely associated with your product or brand.
You might wish to request additional details than simply an email address for lead magnets used in the middle of the funnel. Name, business name, email, and any other criteria that may be useful to you may be included.
Additionally, be sure to keep encouraging these leads! Even though your sales staff might be anxious to speak with these highly qualified leads over the line, tag them and add them to the appropriate nurturing stream. Don't use aggressive sales techniques that will frighten them away.
Webinars
Nowadays, webinars are quite popular. A webinar can be recorded, utilised again, or sent via emails as part of a nurturing programme. If you're organising a webinar, be sure to ask the attendees what topics they would want to be addressed during the event. This will increase engagement and help you collect more lead information.
Checklists
Checklists provide you with a high-level, low-effort means to convey that information, whether your product streamlines a solution or offers your team an extensive understanding of a specialised procedure.
Hot tip: Google ad campaigns that provide downloadable checklists usually have good results.
Free Templates
Provide a template for a topic in which you have experience. For instance, How to create a project management flowchart. When compared to samples, templates are much more mid-funnel because the prospective client is now prepared to start working instead of merely seeking inspiration.
More mid-funnel lead magnet ideas:
- Original data reports
- Product comparisons
Bottom-of-Funnel Lead Magnet Ideas
These lead magnet suggestions are for the best possible prospects. They may already be familiar with and respect your brand and product. This is your chance to demonstrate why your offering is ideal for them.
Case Studies
Case studies can serve you well if done right. They often have the tendency to be too lengthy and may drag on. It's simple to make a mistake with them. However, it will be worthwhile, if you invest the time to ensure how a particular pain point could be solved. A well-researched case study sometimes might be what convinces them to sign on with you.
Partner Referral Discounts
Any kind of discount will probably need to be approved by your department managers and sales teams. Discounts, however, are strong attractions since everyone likes to save money. Referrals are similar to positive reviews in that they have a significant impact on potential customers researching a new business.
Free Trial
For a short while only, give your service or your product a free trial! There are many types of free trials available on the market. But the objective is to create yours stand out as the only one, and most importantly, and the finest method to experience your business.
How to Create a Lead Magnet
For creating a viable lead magnet, you'll need:
Call to Action (CTA):
A Call to Action is what prompts your website visitors to signup, try out a free trial, etc. It could be a button or even a sentence with hyperlink that prompting you to do something, right after a convincing reason as to why.
Landing Page:
Here, the visitor's contact information is collected by your lead magnet. When visitors click on CTA, they are directed to a landing page. The users can fill out the form with their name, email address, and any other relevant information that you've determined is crucial.
Thank-You Page:
The visitor who has now become a lead arrives on a thank-you page that includes directions for accessing their product and is also linked to your mailing list.
Kickback Email:
Your follow-up email to the lead shortly after the interaction is when you send the kickback mail. The main goal is to maintain the lead's interest in your company by starting a dialogue with them.
Also read: Role of GST Software in Your Business - Explained
Conclusion:
A lead magnet is a marketing concept for a free good or service that is offered in exchange for contact information; examples include trial memberships, free samples, white papers, or complimentary consultations. Lead magnets are extensively used by marketers to create sales leads. Marketers can promote unrelated products or services to sales leads in an effort to turn visitors into paying clients of a particular good or service.
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