What are Lead Magnets?
(Almost) Everything you need to know about lead magnets to build your email list and turn strangers into subscribers
Growing businesses hungry for more customers all face the same challenge: transforming web traffic into leads. Sure, it’s great to see that people are landing on your site, but unless you can actively market to those individuals – well, you’re pretty much stuck on the sidelines. Lead magnets are the #1 way to generate leads and grow your business online.
Having web traffic on your site is great – but it’s not the end goal. In order to build your business (and actively market your product/ services) you need to transform traffic into leads by collecting email address.
But…when’s the last time you gave out your contact information for free? …how about, never?
Your audience isn’t going to give it away for free either. You’ll need to offer an incentive – and that’s what a lead magnet is all about.
What is a lead magnet?
When we refer to leads, we’re referring to names + email address of people that are probable to become paying customers in the future.
Looking for a lead magnet definition? Ask any marketer, and she’ll tell you that lead magnets go by several different names: content upgrades, freebie offers, lead bait, gated content, opt-in bribe, etc. But they all accomplish the same critical job.
Getting someone’s contact information is what converts anonymous web traffic into prospects or leads, because (1) you can be reasonably sure they’re interested in your offer and (2) you have an (active) way of staying in touch.
Typically, lead magnets take the form of downloadable content (ebooks, PDF guides, worksheets, etc.), instructional video, free consultations, webinars, etc. But we’ll get into this later.
For now, the important thing to remember is that a lead magnet is a “freebie” offer you give away for the low-low price of an email address (and sometimes a name…).
How do lead magnets work?
The mechanics of how a lead magnet works is really quite simple: you have to give something away to get something in return. In this case, high-quality free content in exchange for an email address.
A lead magnet most often works like this:
Your lead magnet could be offered in a banner ad, pop-up form, or landing page – depending on where you want to host your offer and how much space you need to explain its value.
Most small businesses use landing pages to introduce their lead magnet. In that case, people who visit your landing page enter their email address in order to access the lead magnet. When they submit their email address, they automatically receive an email containing the lead magnet. You now can contact them with (appropriate, non-overwhelming) future offers and information.
Why use lead magnets?
Your email list/ database of leads is your #1 resource for marketing your product or service. You need high-quality (relevant) leads and subscribers that you can reach out to with (non-overwhelming) content whenever you want to. Lead magnets are how you grow your email list and fill your marketing/ sales funnel with people who want to receive what you have to offer.
What are common types of lead magnets?
From free video courses to a downloadable checklist or eBook, there are a near-infinite number of lead magnets that you could create for your lead generation campaign.
Here are a few common types of lead magnets to keep in mind:
- Checklists/ cheat sheets/ resource guides/ tip sheets/ FAQ sheets
- Worksheets/ workbooks
- Email courses
- Swipe files/ templates
- Webinars/ webinar replays
- Calendars/ action plans
- Industry reports
- White papers/ case studies
- Live demos/ tutorials
- On-demand video trainings/ courses
- Product samples/ free trials
- Consultations/ 1:1 calls
Which lead magnet is right for your audience?
Sure, the sky’s the limit when it comes to what lead magnets you can create. But which type of lead magnet is right for your audience and for your specific lead generation campaign?
The most successful lead magnets are those that are thoughtfully tailored to attract a very specific audience and meet a very specific need at a particular point in that audience’s experience with your business.
There are a handful of variables you’ll want to consider:
10 Tips to Get Started with Your First Lead Magnet + Lead Magnet Examples
New to lead magnets and not sure how to get your lead generation off the ground? Not to worry. You’ve likely seen opt-in offers all over the internet and now that you’re tuned into this marketing technique, you’ll spot even more!
Keep your eyes open to learn from other businesses and to inspire what’s possible for your business. But in the meantime, here’s how we recommend you get started:
#1 – Hone in on a single problem
Don’t try to ‘boil the ocean’ or solve every problem with a single, downloadable worksheet – you’ll drive yourself nuts! Keep it specific.
#2 – Connect the dots
Ideally, your lead magnet ties back to your primary service/ offer. Think of this as the first-step in your product pyramid. You can (subtly) mention your products or services, but definitely, don’t try to use your lead magnet as an advertisement.
At Leadpages, we build this strategy into everything we do. Here’s one example:
#3 – Say it Straight
In most cases, you won’t have a lot of space to wax poetic about what your lead magnet is and why people should download it. You’ll need to get straight to the point and answer 3 key questions in as few words as possible:
- Why should your audience care?
- What are you offering?
- What action should they take next?
#4 – Don’t get greedy: ask for the minimum
The more information you ask for in exchange for your lead magnet, the less likely your target audience is to take action. Keep your form fields down to a minimum. If possible, stick with just first name and email address.
#5 – Make it bite-sized
If you’re in the market to generate new leads from total strangers, you’ll need to make it super easy to say ‘yes’ to your offer. Cold traffic (those unfamiliar with your business) won’t be willing to work all that hard to get to know you. That means you should keep your offer short, sweet, and simple.
#6 – Tie it with a bow
Product packaging is everything and lead magnet design matters. Make an attractive mock-up of your product or create an eye-catching header image that will carry through your ads, landing pages, and email delivery.
#7 – Remember: A Newsletter is not magnetic. (And ‘updates’ aren’t sexy)
Most businesses think their ‘regular newsletter’ qualifies as a lead magnet – but oooh no, that’s not so. Unless you’ve done the legwork to sell your email newsletter as a valuable information product in its own right, when you add opt-in points like these to your site, your visitors are likely to look at them and see: free sales pitches. As if people would generally pay for the privilege of receiving marketing emails. Instead, offer a bonus that gets people excited to subscribe, then immediately delivers info they’ll devour.
#8 – Use thought Leadership to capture leads
A lead magnet strategy can often help establish you as an authority in your industry (or even a just a place to turn for cool stuff). Be benevolent and generous with your expertise, don’t hold back! As soon as your audience trusts your credibility, they’ll be ready to pay for a greater value and increased access.
#9 – Deliver on your promise
Double, triple, and quadruple check that your lead generation tool is integrated with your email service provider (ESP) so that you can instantly deliver your free content. Don’t leave a single lead hanging!
#10 – Back it up with some love: don’t neglect your nurture sequence
Think of your newly captured lead as a new acquaintance. Don’t kick off this fresh friendship by neglecting to follow-up for months. Take immediate action by (1) delivering what you promised and (2) offering next steps. You might suggest that they check out a blog post related to the topic, send over another free offer that takes the topic one-step further or invites them to share their feedback with you.
What’s the Best (and Easiest) Way to Create a Lead Magnet?
There’s no single easy lead magnet format that works best for everyone, but many entrepreneurs find success offering a lead magnet PDF download of highly useful content, such as an e-book or a single-sheet resource guide. You can also start with a lead magnet template and quickly plug in your own copy and content.
There are tons of other ways to make a great lead magnet if ebooks aren’t up your alley, though—and you don’t need any special skills to do it.
Another option is to buy lead magnets from freelance websites. If you go this route – just make sure you do a little quality control before you put anything out into the world!
How Should I Deliver My Lead Magnet?
You want to be able to promise instant gratification when you offer a lead magnet, so you need to make sure it’s delivered automatically when someone opts in.
If you use Leadpages, this is incredibly easy. You can use our built-in Lead Magnet Delivery system to upload your lead magnet files and link them to your Leadbox opt-in forms. Then, when someone opts in, they’ll get what you promised right away.
If you don’t use Leadpages, you’ll want to set up an autoresponder email in your email service provider. Have the first email that goes out when someone submits the proper form in your email service contain a link to or attachment of your lead magnet file.
Either way, of course, you’ll also want to make sure the opt-in form is connected to an email follow-up sequence of your choosing.
Does a Lead Magnet Have to Be a Digital Product?
No, not necessarily! If you’re a retailer or a brick-and-mortar business, you can have great success giving away a coupon, free pass, or discount code in exchange for someone’s email address.
Here’s a great example:
What’s a content upgrade and how can I make one?
A content upgrade is a specific kind of lead magnet designed especially to offer on one particular blog post. You can think of it as the milk to your blog post’s cookie, or the wine flight designed to pair with a good meal. It enhances the information you’ve learned in the post and perhaps makes it easier for you to implement in your life.
Leadpages helped popularize this strategy back in 2014 when the first savvy bloggers who’d happened upon it were seeing massively improved lead generation results. In this post, we broke down the essentials of the content upgrade for the first time and collected 21 excellent examples from around the web:
There’s still plenty of inspiration to be found in that batch of successful content upgrades, though some of the visuals may be a little dated. To explore what bloggers had come up within the year since we first heralded this strategy, we more recently published an update. Check it out here:
How do I know if my lead magnet or content upgrade is good enough?
Of course, the surest way to know what kind of lead magnet will get downloaded is to put it out there and watch what happens.
If you’re wondering what a strong lead magnet conversion rate looks like, the best place to look is at your historical performance and what’s worked in the past for your particular audience.
Then again, if you’ve got a certain number of leads or sales you need to make this month or this quarter, your risk tolerance might be a little low for that.
So you might want to test-drive your lead magnet idea first. You could:
- Send it out to a small group of trusted customers
- Broadcast your opt-in page to a very limited audience with a low-budget Facebook ads campaign
- Ask a few friends in (or outside) your industry to give you their thoughts
- Post in forums asking whether users would find value in the resource you’re considering creating
- If you’re a Leadpages customer, post it in the Leadpages Facebook community group and ask for feedback!
Now it’s your turn!
If you have any more questions on lead magnets, feel free to ask them in the comments section below.