You’ve probably heard the term “lead magnet” before. If you've been in internet marketing circles you would have heard of it; and even if not you would have certainly used one or been a party to one. So what exactly is a lead magnet and why would you want to be a living breathing one?
We discuss it on this podcast but if you prefer to read, continue on.
What, Specifically, are Lead Magnets?
If you’re someone who hasn’t heard the term “lead magnet,” then you will recognise that you’ve “bumped” into them online, but not known the vernacular used in the internet marketing industry.
Any time you go on a website and there's a box where they say: “Click here to sign up for our special report,” (or whatever is being offered), then they’re offering the special report in exchange for your name and email - that’s a lead magnet.
Other examples of commonly used lead magnets include:
- Subscribing to a monthly or weekly newsletter
- A free video series on the topic at hand
- An excerpt from the expert’s ebook
- A useful template with instructions for a particular task or learning system
- A free trial of something - a software or membership
- A complimentary laser coaching session
And the list could go on.
Lead magnets come in all formats and can be as creative as the person or company giving them away.
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What is the Objective of a Lead Magnet?
Obviously, as the word implies, lead magnets are designed to draw leads to your business. But really good lead magnets have more than one objective.
One objective is to entice the reader (or listener if it’s an audio or video) by providing enough valuable information about the lead magnet that he or she will happily give their name and email to get it. In some special cases you may even be able to entice them to give you their phone number too.
But the other and deeper objective of a great lead magnet is to cause that lead (i.e. person) to want to know you, like you and trust you. It’s trust that builds relationships. By building trust in the prospect they will more likely want to do business with you, or become your client.
So a lead magnet is actually creating a real relationship with another human being.
What Makes a Truly GREAT Lead Magnet?
There is a very famous quote “Facts Tell, Stories Sell,” which gives us a strong clue about creating a great lead magnet that will develop the relationship with your prospects. Another quote from the ever masterful Zig Ziglar is: “People don’t buy for logical reasons they buy for emotional reasons.”
The facts about your credentials or the features about your product are important, but are only pieces of a greater puzzle that makes up the truly great lead magnet.
As you consider both the content and the format (report/video/audio) of a truly great lead magnet keep these components in mind:
- The lead magnet is designed, written, or delivered with content that speaks as if it’s speaking directly to them, one-on-one. Everyone wants to feel that you are there just for them. The content of your lead market should ultimately make the prospect feel as though he or she is sitting down with you where you are giving them individual attention.
- The lead magnet educates your prospect about why what you have for them will solve a problem that is causing them pain. Pain is emotional. Whether it’s the pain of a business not making enough money or the pain of not being able to lose weight, the problem your prospect has is very personal to them, and most often fraught with emotion, so speak to that emotion.
- The lead magnet provides solid value and tells them why you may be the solution to their problem. Now you know you won’t be providing them the entire solution in one lead magnet, but the point is that if you promise the lead magnet has a component of the solution they seek, it had best deliver it or don’t be surprised if s/he unsubscribes from your list.
How Does A Lead Magnet Fit Into Your Sales Process?
Ultimately a lead magnet is designed to streamline your direct sales process. Think of it as outsourcing or automating part of of your sales conversation. You want your your prospect to feel the feelings of relief that they’ve found a solution.
That is the essence of a lead magnet. Up until now what we’ve spoken about as examples of lead magnets, most people would think of them as inanimate things or objects - a report, a book, an audio or a video.
Yes it’s true that by educating the prospect with lead magnets, you build the “know, like and trust factor.” In the process of someone reading your report, your book, or watching your video series they're going to know you better and hopefully they’re going to like you better and see you as being the person who could ultimately help them achieve their goals or solve their problem.
But why wait for people to op into your list to educate them? You don't necessarily have to have someone opt in in order to be warming them up to become a prospective client.
How You Can Be A Living, Breathing Lead Magnet
So you are probably the best form of lead magnet to actually “preheat” your prospects, without having them opt in or signed up because it is your uniqueness, your talents and skills that you want to introduce them to.
You probably heard the term USP which stands for the “unique selling proposition.”
When it comes to authority marketing, or marketing you as the authority, think of it as YOU SP - You as the unique selling proposition. So essentially when someone is doing business with you it's actually you that they buy, not necessarily the product or service.
That is how you are truly the living breathing lead magnet but how do you actually do it? You do it through giving.
The Three Stages of Giving Make You the Ultimate Lead Magnet
1 - Give Value Freely
Essentially this just relates to the fundamentals of content marketing:
- writing blogs
- being a host of your own podcast
- being a guest on other people's podcast
- creating videos on your YouTube channel or other video-sharing sites
- releasing books
- speaking engagements
- other social media posts
The more of those platforms that put you out there, the more opportunities you have to give you freely.
You can also give value freely through setting up group support for your prospects. You might set up a mastermind group they can attend, or have a local Meet Up (which could also be online). You might set up either a Facebook or LinkedIn group that you host where you invite people to join and you support them with answers to their questions or helping them solve problems.
All of these are possible avenues where you can be giving to someone. And the only thing that you're expecting from them is their time. They don’t necessarily have to pay for these things, or you could charge a very nominal fee. You might have them buy your book as a requirement to be part of your mastermind group.
Whatever avenue you choose here, your key focus in all of these avenues is that you are giving value to your potential clients. They aren’t your clients yet, they're just potential clients. So they're people who you can ultimately serve through paid work.
2 - Give Frequently
To keep prospects engaged, giving on a one-off basis or giving every three to six months won’t cut it. You’ve got to be regular and very frequent.
Why? People have a short attention span and it's not because they aren’t interested in you or your product or service. It's because they are bombarded with new sources of information every day. So much so that it's very hard to keep keep focus on something they heard a week ago or two weeks ago.
In order to be on your prospect’s “radar,” you've got to be out there as often as you can via blogs, podcasts, YouTube channels, etc.
If you're posting, podcasting or video-educating prospects on these avenues regularly then there's a very good chance that you will remain on their radar. Because their attention is on you, you may also prevent some other authority with a similar message from popping onto your prospect’s radar as well.
3 - Give Reasons
Reasons? Reasons for what?
Reasons for people to talk about you. Nothing beats having a potential client contact you and say,, “I was talking to so-and-so about this and they mentioned your name so I thought I'd get in touch with you.”
Once you start getting second, third, and fourth-party referrals then you know you're giving enough reasons for people to find you and want more.
So how do you do it? How do you get people to talk about you? By sharing success stories across your authority marketing platforms.
Share those success stories on your website or in your newsletters and have testimonials and case studies. You might even put the stories together in a report that you offer which can in turn become yet another lead magnet.
A Final Word on Magnetism
Keep in mind that you can sometimes dial up the magnetism by being proactive and asking for referrals. Asking for referrals seems to scare some experts and authorities. They prefer “word of mouth” to work organically, but truly, you cannot expect people to automatically think of people to refer you to unless you ask. No matter how much you helped your client, s/he may be so busy it just doesn’t occur to them to refer someone to you.
When you ask for a referral you’re basically asking your client to share their success story with someone. Actively ask your client: “Is there someone you know, and could put me in touch with, or give me their contact details so that I could approach them to explore whether I can be of value to them?”
That, in a nutshell, is how you do it. It's really about putting yourself out there and increasing your client attraction. You know if you've got clients coming to you from second, third, fourth party contacts that your client attraction is stronger. You've become a living breathing lead magnet.
You never have to only rely on only the tools that you've assembled on your website for client attraction. You have the power to set yourself up so that you become a magnet as well.