You might be getting enough traffic on your website, but what if they don’t convert? You will not see an increase in profit if there is no conversion. To generate leads and boost conversion, you can use a lead magnet.
Don’t know what’s that? Well, in this blog, we will tell you what is lead magnet and the role it plays in your conversions.
What is a Lead Magnet?
With a lead magnet, you can see a site visitor exchange information, such as phone number or email address for accessing the site. It can be a piece of content, such as a newsletter, whitepaper, and eBook.
In simple words, a lead magnet is a free service or digital asset that you can offer to your potential customers in exchange for their contact details. If you use strategically, lead magnets can help in engaging the right people.
Your ads might fail, or your videos might not get enough attention, but lead magnets will not fail. It can help you convert leads to customers. So, you will be able to improve your conversion rate.
A lead magnet can content that will drive awareness. However, it also offers information that will help prospects find interest or engage in the product or service you offer.
But you can also use free sample products, demo, or trial subscriptions as a lead magnet.
No one wants to give away their email address just like that. So, your lead magnet has to provide the reader value in exchange for opting in to receive messages from your brand.
Think of it as a reward for opening a conversion and engaging with your brand.
Role of Lead Magnets in Conversions
Lead conversion involves several steps. But if you just focus on the number of leads you have to generate, your conversion rate is bound to suffer. It is important to decide if it is worth passing on the lead to sales. Once the sales team is able to differentiate between good leads from bad leads, they can emphasize high-quality prospects. So, ultimately, it can ensure an optimized conversion rate.
Just because someone is interested in your business doesn’t mean they are a good lead. In fact, a few are just curious about what you have to offer. A high-quality lead is one who is ready to transform to paying customers. In that case, all you have to do is lure them until they are ready to close the deal. The more quality leads you to acquire, the higher is your chances of lead conversion.
But what can you do to increase quality leads? Well, adding lead magnets to your strategy can increase lead conversion.
You can have a dedicated team to build a lead magnet. With a meticulously created lead magnet, you can-
- Secure your lead’s email address, a crucial contact detail, which will enable you to market the product or services you offer but on a personal level.
- Target one buyer at a time and cater to their specific requirements to ensure your offering is more relevant.
- Solve the pain points of your potential customers even before they convert to convince them that you have what they are searching for.
How to Create Lead Magnets?
To work on your lead magnet, it is crucial to have a specific goal in mind. So, here we will quickly go through the list of steps you need to follow to create lead magnets.
- Build Buyer Persona
No matter the type of business you run, you have to create a buyer persona. Your first step to creating leads is to find out who you are going to sell to. But don’t confuse the target audience with a buyer persona. Target customers imply a group of customers who are interested in the products and services you offer. While a buyer persona is a prospect who can become your customer or client.
So, the buyer persona represents the perfect client. To build a buyer persona, you need to collect data through market research. The things you should include in the buyer persona are-
- Social status
- Behavior patterns
- Demands and goals
Remember, you cannot appeal to everyone. Even if the product is perfect, you cannot appeal to all. To create a lead magnet, you have to target one buyer persona every time.
- Decide on the Best Lead Magnet Format
When you have decided on the buyer persona you want to reach out to, you have to choose the right format. So, you have to start with the brainstorming process.
Here are a few recommendations you can consider-
- Focus on your strength. In case you have a team of skilled writers, create a whitepaper, eBook, or cheat sheet first.
- Consider what will appeal to your buyer persona the most and what they need to avoid coming across as pushy with your offer.
- Don’t forget your goal, and that is to deliver value. Regardless of the format you use, keep it packed.
- Research Your Competitors
Avoid copying your rival’s strategy. However, to formulate an effective lead magnet strategy, you should be aware of them. By performing competitor research, you can do things better. With this, you can take the best from their product and your offer.
- Select the Type of Lead Magnet You Will Use
Decide on a title corresponding to the value proposition. Next, you have to choose the type of lead magnet you would like to use.
Make your lead magnet concise and simple. Remember, you have to focus on your strong points and display them to your high-quality leads. Ultimately, show your leads you can solve their problems in no time. For instance, you can deliver the products through the fastest shipping methods.
A few examples of lead magnets are-
- Sales materials
- A demo or free trial materials
- Reports and guides
- A quiz
- A resource list
- A video tutorial
- A special offer or discount
- Build the Lead Magnet
After you are done with the strategy, you have to craft the lead magnet, which will help in generating a lead conversion.
But you have to be careful since consumers are much savvier these days. So, they can easily tell the difference between good and bad offers. In case you fail to offer them any value through your lead magnet, your brand’s image might suffer. Your potential customers will then turn to your competitor to get what they are looking for.
Thus, you need to make sure you are building a strong lead magnet. Keep it attractive and exciting. Your lead magnet should be able to captivate your target audience.
Understanding how to generate leads is the most vital aspect of your lead generation efforts. But if you have to improve your conversion rate, you have to bring in potential customers who are highly likely to convert to paying customers.
By adding a lead magnet to your lead generation strategy can help you get more leads to drive your business. You get your target customer’s contact details, as you introduce them to your products. So, you can use an email communication strategy to nurture your lead.