71 | 3 components that go into creating a PROFITABLE lead magnet
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How to create a profitable lead magnet & grow your email list
There are two things that every online business owner needs to prioritise if they want to grow: 1) Building their email list with qualified leads, 2) Making sales. And one thing that is going to help you do both of these things simultaneously is your lead magnet.
In this episode, I’m going to walk you through the top 3 components that go into creating an irresistible lead magnet that attracts your ideal clients and builds your email list with qualified leads, and I’m also letting you in on 3 types of lead magnets that have worked extremely well for both myself, and my private clients and students, to convert free subscribers into paying customers and clients.
LINKS & RESOURCES MENTIONED:
What is a lead magnet?
Building your email list used to be as simple as putting a form on your website that allowed people to opt-in for your free weekly newsletter… but with so much content available on the internet nowadays, and with so many creators and business owners trying to get people to subscribe to their email lists, it’s not that easy anymore. That’s where your free lead magnet comes in.
A “lead magnet” is a free resource that you’re giving to someone in exchange for their email address. The key is that this incentive needs to be valuable, and it should to be something that prepares your audience for your paid offer or service.
Lead magnets work to…
Build your email list
Warm up your new subscribers
Help your audience make a more confident buying decision
This is why, your lead magnet should not be fluffy or vague. It needs to give a high amount of value in order for your subscriber to be confident in taking the next step to work with you.
3 components to creating a highly profitable lead magnet.
As a business owner yourself, I’m sure that you’ve opted in for a ton of lead magnets. Of those lead magnets you opted in for, I’m sure that you’ve discovered some really valuable resources that you’ve saved and come back to time and time again as you’ve implemented them into your life/business in some way… perhaps you’ve also gone on to purchase something from that creator as a result.
With that being said, I’m pretty certain that you’ve also opted in for lead magnets that you’ve looked at once, maybe not even fully consumed, and deleted them then forgotten all about the creator.
The difference between creating a highly-valued resource that sticks in your mind, and one that doesn’t get a second glance all comes down to a few key factors that all successful lead magnets contain:
1. It gives your audience a quick, specific win
Your lead magnet should be designed to guide your audience on how to solve a specific problem they have, it should be something that they can implement quickly, and it should provide instant gratification when they see a quick win from it. This is also going to demonstrate your expertise so that after consuming your lead magnet, they are going to see you as an authority in your area!
2. It should be quick and easy to digest
It should not take 3 months for your audience to consume, implement and get the win they’re looking for after opting in for your lead magnet. This is not a paid product. They do not have any skin in the game. They do not have any level of commitment. They simply want a quick resource that is going to give them a quick win. Therefore, you need to make sure that your lead magnet is something that they can consume, implement and get results from within a day, or up to a week at most.
3. It should be high in value
Your audience needs to see the value in your lead magnet both before they opt-in, and while they’re consuming it. The job of your lead magnet is to eventually convert your audience into your paid offer, so if you are just giving away some crappy, basic af PDF then you are going to lose your audience’s interest immediately.
Instead, you want to make sure that your lead magnet is giving your audience a taste of what it would be like to work with you in your paid offers and programs. You need to make sure there’s enough value in there that your ideal client is going to get a quick win after implementing and consuming it. This is how you’re going to build trust, and how you’re going to convert your free subscribers into paying customers.
3 types of lead magnets that convert into sales.
The ultimate goal of your lead magnet is to prepare your ideal client so that they’re ready to invest in your paid offer or service. So is there a way that you can give a sample of your paid offer, without giving too much away, but so that your ideal client knows what it’ll be like to work with you?
Here are some examples of lead magnets that have converted well for both myself, and my private clients & students:
1. Share a free lesson (or module) from your online course
If your goal is to sell your online course, a great lead magnet would be to give away a free lesson, or even the first module of your course, for free!
This is one of the best ways to sell an online course as you are literally pulling a section from that course and being like “This is exactly what you’re going to get when you sign up. This is how I’m going to teach you.” and when your ideal client watches your free lesson/module, they’re going to know exactly what it’s like to be inside one of your paid offers, because they have got a direct sample of the offer.
2. Give away a resource, template or swipe file
Let’s say you have a low-ticket offer that you want to sell. Perhaps you have a template shop or a membership… a great way to sell that would be to give a template/resource/swipe file away for free!
For example, if you’re a photographer and have a stock photo membership, you could give away 5 of your stock photos so that they can get a taste of your membership.
If you’re a copywriter and you sell DIY copy templates, you could give away one of those templates for free so your ideal client can get an idea of what your other templates will be like.
I have an offer called The Story Lounge that gives my students fill-in-the-blank style Instagram Story scripts that they can use within their marketing. As my lead magnet for this, I have a 5 Day Instagram Story Challenge where anyone who opts in is given 5 Instagram Story scripts so that they can see exactly what they’ll get inside, and that converts really well!
3. Private podcasts
If you want to increase clients for your 1:1 coaching offer or done-for-you service, private podcasts work extremely well!
A private podcast is a series that essentially works as a funnel into your service. It works to nurture your potential clients, overcome objections and introduce them to your offer in a way that gives value. It also allows them to get to know you quite intimately, since you’re literally talking in their ear. But ultimately, it allows your potential clients to self-qualify themselves and makes for an amazing sales tool!
Other types of lead magnets:
Of course there are a ton of other formats that you could use for your lead magnet, such as:
Free challenges
Webinars/masterclasses
Mini-courses
Free trials
Roadmaps
Ultimately, it all comes down to what format works best for YOU, and also what format works best for your potential clients and customers.
So really have a think about who your ideal client is, what they need help with, how you can show them what it will be like to work with you, and how you can use your lead magnet to get them a quick win.
CONNECT WITH TISH:
Instagram: @marketingwithtish
Website: leticiajcollins.com
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AFFILIATE LINK | Marketing Magic is not affiliated with, nor sponsoring, Leticia J Collins.
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Hey, I’m Tish!
I'm a marketing mentor for ambitious entrepreneurs who want to create more time, freedom & profit in their online business, in a way that feels good to them!
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