Lead magnets have been a core part of content marketing strategies for years… but a question often asked by our members is what makes a good one? And how can they avoid making the common mistakes with theirs?
SO… In this blog I will share the most common mistakes people make when creating a lead magnet and what to do about it.
I also did a Fireside Chat on this topic, the link is below for that also.
First let us start with what a lead magnet actually is…
A lead magnet is normally a useful incentive or offer to a potential prospect in exchange for their contact information. They usually offer a piece of downloadable content, such as a free eBook, checklist, special report, video training or infographic etc. They are one of the best ways to grow your database & create a steady stream of clients if done correctly.
Why you should consider one for your business.
Well simply put, if you are serious about generating leads online then there really isn’t a better way to convince someone to part with their email address than by adding value to them first. You need to earn their trust, and by giving them something they can use to gain a new insight, or make some sort of positive change as an incentive is a good start.
What makes a great Lead Magnet?
There are 6 things a great lead magnet should do if you want it to be successful:
1. High perceived value – Nowadays a newsletter just simply doesn’t cut it because the perception of the value isn’t high enough. A great lead magnet has actual value but initially how it is perceived matters. The more relevant to your audience the better, and focus on something specific rather than too general.
2. Provide a REAL solution – if your lead magnet doesn’t solve a real problem for your audience… it won’t work.
3. Instant availability – Make it something that can be delivered straight away. Everyone loves instant gratification.
4. Deliver a quick win – your lead magnet shouldn’t just promise a quick win… it should deliver one.
5. Easy to digest – Don’t overwhelm your prospect, keep the language conversational and simple. Keep the content short.
6. Demonstrate your expertise –a lead magnet will demonstrate your expertise and develop your credibility with a prospect, making you the expert and a safe pair of hands should they want to know more.
So what are the common mistakes and how can you avoid them?
Mistake 1: Solving the wrong problem for the wrong audience
This is definitely a lesson learned from making the mistake ourselves. We spent days creating a beautifully designed guide which attracted a load of new subscribers, so on the surface very successful… only to realise the overwhelming majority were not our target market. Ultimately this just increases the cost of your email marketing system but also results in lower open rates and ultimately high unsubscribes.
*Solution – Really give some thought to your target market and the problems they experience. Better still make it relevant to the value you ultimately add to your customers.
Mistake 2: Too many lead magnets
We see this mistake made all the time. Almost every post or newsletter is pitching a new checklist or guide etc. which causes people to switch off. If done properly a lead magnet takes time to design, but it is not just the magnet, it’s the landing page, the automated email sequence, the marketing amplification etc. This is time better spent on actual engagement.
*Solution – In reality you only need a small number, but at least one. Maybe one for each of the key deliverables in your business so it remains super relevant. Focus your energy on new content that continues to drive new people to your ‘relevant’ lead magnets.
Mistake 3: The lead magnet’s too big
So you have enticed your prospect to part with their email address for your sexy new eBook only to realise they didn’t read it because it was too long. We get it… you want to add value so you throw everything at it, all your best nuggets. The trouble is we don’t just want more subscribers… we want engaged subscribers who take action and realise your value to them.
*Solution – Keep your lead magnet focused. One actionable subject which provides a quick win. Less is more.
Mistake 4: Not designing the journey
With our members we work on their ‘Customer Acquisition Journey’ a lot… so this mistake won’t be a surprise to any of them. So what do we mean by this… It’s simple really, you have enticed your prospect, they are interested and a perfect match for your business, but you haven’t given any consideration to the journey once they have signed up. Here are a few considerations;
• Build rapport – Include a welcome message that positions you, and demonstrates both your values AND your value to them. Your tone of voice is important and think about consistently doing this both on the landing page, but also within the lead magnet itself.
• Ease of access – Nowadays you need to be able to share where people can find your magnet easily, for example on a podcast interview, or video. Is it obvious from your home page where to find it? Or better still can you register a dedicated URL like we did for Clubhousefor.biz with our recent guide.
• Create a follow up email sequence – This can and should be automated, but is a further opportunity to build trust and remind your prospect that you were the one that added value to them. Perhaps include an additional insight or resource to bring them closer still. You can also share examples of how others have implemented & benefitted to ensure they use it.
• Planting Seeds – There is a fine line between blatantly selling, and subtly positioning how you work with clients. But if your lead magnet doesn’t gently let your prospect understand how you can work with them moving forwards… you have failed.
• Call to ACTION – Ultimately we want our prospect to take some sort of action when they read our article or blog, and a lead magnet is no different. Do you have a group for them to join? Webinar to register for? An offer of a possibility call? A request for a testimonial/feedback? If they have used your lead magnet they are now a little more invested in you than they were before. Help them with next steps while you have their attention.
Mistake 5: Your lead magnet fails to entice
So you have spent time and money producing your magnet and no-one has clicked it. This can be for a number of reasons;
• Boring headlines/titles – If your lead magnet has a dull title, it’s not going to be downloaded. It doesn’t need to be sensational, but it does need to be outcome focussed and specific.
• Compelling positioning copy – Landing pages might attract a lot of clicks but fail to convert because of poor messaging. Remind your prospect of the value and why they need your free resource. You can use testimony also for that all important social proof.
• Supporting content – By this we mean relevant blogs, articles, video etc. that introduce the topic and use the lead magnet as the call to action. Perhaps you can create visual ads also?
• Well designed – A polished design goes a long way to create the perception of value, but also reflects on your overall brand perception. This is not a time for clipart ?
Have you made any of these mistakes? No judgement here, we certainly have. Why not share your experiences in the comments?
PS – If you want to join the conversation see in the comments the link for our Fireside Chat this Thursday or register for our forthcoming live workshop.
