Lead Magnets: Do They Still Attract?

Dec 10, 2021 | Lead Generation, Low Cost Marketing

The online world is full of competition that can drown out your marketing campaigns with nothing more than a strategically placed cute cat meme. To ensure your messaging rises above the rest, you need to integrate every single technique and customer touchpoint possible. Over the last decade (or more) lead magnets have been touted as THE way to expand your reach, build a list of email subscribers and drive sales from this engaged audience. But do they still work, or have online consumer become fatigued with this oversaturated lead generate method?

What are Lead Magnets?

A lead magnet is a well-known attraction marketing tool that increases new leads by offering some kind of value in exchange for their contact information. You’ve probably seen these used in a variety of places online.

The reason these are so valuable is because email is still an effective way to communicate with, and sell to, potential buyers. More than half of consumers trust emails they receive from companies they signed up for compared to random unsolicited emails.

As a result, email marketing is still one of the most productive and highest ROI methods, especially for small to medium-sized businesses. It generates $42 for every $1 spent. That is a 4,200% ROI!

Capturing those high-value email addresses is going to take some sort of value exchange. You need to offer something worth a direct line of communication to your customers. When lead magnets became popular, an e-book was probably the most common value offering, but that may no longer cut it as the internet has become saturated with e-book offers.

Here are some of the best types of lead magnets that can be delivered through email to increase your conversions and boost revenue.

Coupons & Discounts

The majority of consumers report that they will change their purchasing habits based on the coupons they receive. That just means opportunity for you!

Offering coupons and discounts is an excellent way to capture leads to build longer-lasting customer relationships. The cost of a 25% off coupon is much lower than the cost of acquiring a loyal customer and it instantly creates good will between your business and new customer. That means they’re more likely become repeat customers.

Video

When it comes to video lead magnets for a lot of small businesses – ebooks, training courses, webinars, white papers, checklists, just aren’t going to convert the same way as they do for digital marketing related products and services.

But regardless video is still one of the best types of lead magnets and there are two types of video lead magnets that convert pretty well.

“How-To” videos are basically the most useful content consumers search for online. Demonstrate to your viewers they’ve got a problem and your video can help them find a solution.

“Case Study” videos pack a one-two punch mixing a “how-to” video and a customer testimonial video all in one.

I’m sure there are other ideas local businesses can use video to generate leads but these two are proven to get results.

Ready-Made Templates

Pre-made templates are a great way to increase leads, and they have the added bonus of being incredibly easy to make. With modern tools like Canva for graphics and a decent understanding of Microsoft Office, your team can bust out a few quick templates for practically anything.

Whether you want to offer pre-made social media posts your clients can fill in or ready-to-use financial documents for a new business, pre-made templates will undoubtedly provide high value for your leads.

Reports, Guides & Workshops

Not to be confused with e-books. You don’t need to have a five-volume tome on woodworking to encourage more people to visit your website. Using a quick written “how-to” guide for building a small birdhouse will be more effective.

If you work in travel you could create a checklist with a “post pandemic” packing guide for a customer’s next trip to Disney World. The possibilities are only restricted to your own imagination with this one. Think about the healthcare industry and how often you’ve come across “10 Foods for Lower Cholesterol” guides while shopping for a decent vitamin online.

With the popularity of video conferencing platforms like Zoom, online workshops are one of the fastest growing methods of attracting new customers. A mini-workshop can be created quickly, recorded for on-demand viewing and has the added benefit increasing the personal authority of the presenter.

But before you start generating any leads, make sure you have your autoresponder setup (we like Mail Chimp and Constant Contact) and follow up email series to nurture your new leads. Be sure there’s a clear option to unsubscribe. You never want anyone on your email list that doesn’t want to be there in the first place.

Does It Have to Be Free?

Absolutely not. In fact, there’s a growing trend of low-cost lead magnets. This approach may result in a more engaged audience of consumers, because they’ve already proven they’re willing to spend money for your valuable content or item. They’re not just potential customers, they’re already customers! And, the revenue generated from the lead magnet itself helps cover the cost of engaging that new customer, so customer acquisition becomes a cost-neutral, or even an income-driving, activity.

Summing it up…

Lead magnets are and will remain an essential marketing tool for small businesses to quickly scale and grow revenue without breaking open the piggy bank to attract potential customers. So, what’s your next lead magnet going to be?

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