5 Lead Magnet ideas to Increase your Conversion Rate

5 Lead Magnet ideas to Increase your Conversion Rate

Lead magnets are a time-tested way to attract customers to your online business. People love free stuff, and you love adding more individuals to your sales funnel. Lead magnets are popular because they provide everyone involved with a tangible advantage, without being too extravagant or lackluster.

Are you Offering a Lead Magnet?

But as a business owner, it can be very difficult to select just the right lead magnet for your audience. Each niche is different, and what may be wildly successful in one industry may be wildly confusing in another.

In this article, we’ll explore a variety of lead magnet ideas to get you started in attracting, and retaining, exactly the right customers for your business.

Anyone who has shopped online is familiar with a lead magnet. They look like this:

- “Join our mailing list for free shipping on your first order!”
- “Get regular updates on our products, along with a 10% discount on your next order when you sign up!”
- “Get a free eBook on our best tricks and techniques today-- just sign up for our free email updates!

There are so many lead magnets that pop up and flash across our screens that we sometimes tune them out, or click past them to get started on the reason we came to the site- to research, shop, and learn.

What Makes a Good Lead Magnet?

So how do you create a lead magnet that people will stop, read, consider, and then choose to opt in?

The first characteristic of a good lead magnet is that it offers value. This can be different from niche to niche. Those who run retail businesses may find that customers value discounts or free shipping.

free delivery as lead magnet idea

Those who run service-oriented businesses may attract more customers with lead magnets that offer insider tips or “free” suggestions for solving common problems.

At the same time, a good lead magnet cannot be too complicated or overwhelming. The simpler, the better.  Make the instructions easy to follow and direct. “Enter your email address, and we’ll send you an exclusive…” is a great way to get things started on your lead magnet landing page. 

Additionally, any lead magnet should promote your business. Whether it’s free shipping on the next order, a PDF checklist, or a case study of users who have found your services helpful, you want your lead magnet to demonstrate your confidence in your brand, and the expertise you have to share with future customers.

Use this as an opportunity to highlight what makes your business the ideal option for potential customers.

What Are the Different Types of Lead Magnets?

Lead magnets are classified in various ways. There are “useful” lead magnets, which provide instant gratification with something the potential client can enjoy right away.

Educational lead magnets offer resources that reflect your role as a trusted expert, as well as information on how your products or services can solve the problems of your prospective customers.

Entertaining lead magnets can range from some gamification, to features produced specifically to amuse your audience. 

Each lead magnet corresponds to a different spot in the sales funnel. Discounts or free shipping, for example, are great for those who are very likely to make a purchase right away.

Educational and entertaining lead magnets are fantastic for those at the very top of the sales funnel, as they provide a more in-depth introduction to your brand, your business, and your products or services.

Each Lead Magnet has its Purpose

Therefore, if you’re looking for quick conversions, consider a useful lead magnet. Sure, your audience will sign up for your email list just to use the 15% off coupon, free shipping, or bonus product, but don’t forget the benefit that a lead magnet provides to you.

By signing up for your email list (some tips to build a list here), you’ll be able to entice customers into learning more about your business and products through regular emails. Plus, once they receive their amazing purchase and experience your delightful customer service, they’ll be ready to become lifelong customers, in an ideal world.

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If you’re looking to attract a wider audience and gain more prospective leads, consider a lead magnet that can be shared with others, such as a downloadable resource or video. Don’t underestimate the power of “hey check this out” when it comes to gaining a wider audience. If you market products or services that appeal to an entire office or household full of people, consider lead magnet options that can be shared or enjoyed by more than one person.

5 Lead Magnet Ideas That Can Elevate Your Audience and Improve Conversions

Let’s look at some of the most popular lead magnets businesses are currently using to attract more customers, and consider how you might apply them to your own marketing plan.

Idea #1

Cheatsheets: A cheatsheet can take the form of a checklist or a step-by-step procedural, but basically provides a short and sweet version of tips and tricks your audience needs to know about a certain process or product. Words like “This cheat sheet has helped me/my business/my customers accomplish…” will entice people to sign up, because who doesn’t love learning about an easier way to get something done?

Idea #2

Toolkits: A toolkit can share some properties with a cheatsheet, in that it explains how something is done, but it also contains practical resources to help your new audience members along the way.

A toolkit can be a great affiliate project, too, if your product can be made even stronger with the addition of another. For example, if you sell premium bedsheets, your toolkit could not only explain how to use, fold, wash, and store the bedding, but contain recommendations for detergent, mattresses, pillows, and more.

Read more: What is Affiliate Marketing?

Idea #3

Gated content: Gated content puts a lock on certain features of your website unless the user chooses to sign up for your newsletter or mailing list.

This type of lead magnet can backfire, as some people consider it too many hoops to jump through for information they can find elsewhere. However, if you are known for your amazing content and informative newsletters, getting customers to enter a quick email address to get more of that information may be very easy.

Idea #4

Videos: Videos can be educational, entertaining, or both! You will want to choose a very tight focus for your video, as sending people who are newly interested in your brand a 20 minute meandering discussion about how great your business is will not hold their attention.

However, if you have a well-produced, visually exciting, and informationally sound video about your brand, your products, how to use your products, or even testimonials and case studies from real customers regarding your business, this can be eye opening and encouraging for many potential customers.

Read also: How to Create a YouTube Channel and Upload your first Video

Idea #5

Webinars: Webinars are exceptionally helpful for those offering products or services specifically designed to solve a process issue. Whether you choose to invite your audience to a live webinar in exchange for their email address, or send them a pre-recorded version, you are providing them with assurance that you are a trusted expert in your field.

And, if the webinar is particularly solid, you will entice them into signing up for even more future webinars.

Conclusion

A good lead magnet is not a guarantee of a 100% conversion rate, but it does make your business more attractive to your intended audience.

When choosing your lead magnet, remember that your customers value their privacy, so they’re not giving away their email address without good reason. Make sure that what they receive is something of value, and not just a flimsy advertisement for your business.

When executed correctly, a good lead magnet will guide customers to the sales funnel, and capture their attention. What you offer them can easily make them life-long customers.

Editor

Editor

Teachingbiz provides internet marketing services and education to digital entrepreneurs and marketers who want to learn how to build and scale their businesses.

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