If you’re new to the lead magnet game, you may be confused… and rightfully so. There’s a lot of info and advice out there, much of it is conflicting. This article comes nowhere close to covering the whole gamut of options but my goal is to clarify your thinking so planning is more straightforward.
When someone asks me about helping them set up a lead magnet, my first question is, “What’s the purpose or goal?” Let’s be realistic – a lead magnet to build your subscriber list is a lot different than a lead magnet to sell a $10,000 program or product. High price tag items require much more than a one-page tip sheet.
First, here’s what a lead magnet is not: giving something away and collecting email addresses and doing nothing with them. In that case, make it a totally free download and use it to build your reputation instead. You may not realize that you have a window of 6 months to contact new subscribers or you can throw them out – according to antispam regulations. This makes sense anyway because people change their interests often, and their jobs and email addresses sometimes.
Lead Magnet Goals
Let’s look at some of the reasons for having a lead magnet:
- To build your subscriber list for a regular emailing campaign, such as a newsletter or blog posts, that follows a schedule. This ongoing communication includes opportunities to sell products and services over the length of the relationship.
- To get someone’s attention so you can sell them something… immediately or soon. If they’re not interested, they unsubscribe after so many sales pitches. That’s good for you and them if they are not your ideal prospects.
- To segment subscribers based on their interests so you can follow up with them individually with a sales pitch if they meet your criteria for a good lead.
It’s obvious these goals require different strategies, some more complex than others. If you already have a lead magnet, you might know specifically whether your goal is being met and what you can do to improve. For a simple example, getting new newsletter/blog subscribers is the sole purpose of my own lead magnet. I know it brings me about 30 new subscribers each month. That means I also know if I add another lead magnet of equal value, I can expect to eventually double my new subscriber rate.
Maybe your results aren’t so obvious. Perhaps it’s time to revisit your lead magnet’s goal and then refine your strategy and tactics for achieving it. That’s a topic too big for this post. Here I’m focusing on identifying your main goal. And I do mean goal – not plural – for each lead magnet. When you know your goal, it’s easier to find information, advice and tips specific to the appropriate strategies.
So what’s your next step? Hammer down that goal before going any further. Otherwise, you’re pinning your potential success on hope instead of strategy.