Lead Magnet Definition: An item of value that a brand offers to a sales prospect or customer. In exchange for receiving the Lead Magnet, the prospect or customer “opts-in” to receive future communication from the brand.
Today’s Challenge: The Invisible Shopper
One of the biggest challenges for you, as an advertiser today, is the “invisible” shoppers on your website.
Before the internet, you met your customer at the top of the sales funnel when they walked into your store, called you on the phone, requested you send them a catalog, etc.
Not so today. Your advertising drives the shopper to your website, where they browse in complete anonymity. Without any method of engagement, the prospect often leaves your website and continues comparison shopping.
You are left not knowing who the prospect is; much less communicating directly with them. 70% of customers who leave your site never return. The Invisible Shoppers who do end up purchasing from your brand are close to the bottom of the sales funnel by the time they connect with your sales team.
Revealing Your Invisible Shoppers
Enter the age of the Lead Magnet, Lead Capture, Marketing Automation and Sales Automation. These late-model marketing tools allow advertisers to connect directly with online prospects and assist them through their buying journey.
When a prospect opts-in to receive a Lead Magnet, they are typically asked to provide personal information such as their name, email address, SMS phone number or other personal information. The opt-in can also be in the form of “following” or “liking” the brand on social media. The previously Invisible Shopper is revealed, identified and available for H2H (human to human) or B2P (business to person) engagement.
After a customer has opted in to receive electronic communications from your brand, you also have the chance to help and advise them as they move through the sales funnel toward the purchase of one or more services or products you offer.
A good Lead Magnet does more than just generate leads. Given that many online shoppers are fully through the sales funnel and “ready-to-buy” when they engage with your sales team or shopping cart, lead magnets give you the invaluable opportunity to educate your prospects as they perform “do-it-yourself” online research. Well crafted Lead Magnets can also help build credibility and trust for your brand. The customer allows you to become a trusted advisor and expert during their buying journey.
What Makes A Great Lead Magnet?
The challenge for you might be trying to determine items of real value that can be offered to prospects to convince them that interacting with your brand as they move through the sales funnel is worthwhile. Our advice – dip your toe in! Start testing using your best judgment, based on what you already know about your customers.
Given time, testing and communication with your prospects and customers you will learn what Lead Magnets are of most value. Start with testing different magnets. Include A/B tests to determine best messages. Use feedback and analytics to improve as you go.
To help get your idea development brainstorm kicked into high gear – here are 10 idea starters from my “Ultimate List of Lead Magnets”:
- eBook (the gold standard)
- Quiz or test (opt-in to reveal results)
- Membership or club participation
- Be our BETA tester
- Mind map/infographic
- Blue print
- Tool kit
- Event participation
- Training series
Example: Free eBook (cookbook) Lead Magnet
Example: Free DUI Report Lead Magnet