You’ve probably stumbled upon a lead magnet (or two) the last time you were online. Whether you were shopping for a new outfit, booking your next salon visit, or planning a fun getaway, lead magnets seem to be everywhere.
Have you ever taken a quiz to determine what type of Disney princess you are? Yeah, me too. And no matter your results—Jasmine, Belle, or Ariel—you’ve experienced a lead magnet.
And for those of us in business, these are essential tools to build audiences and make more sales. They can be a real asset for your cash flow.
Even if you’re like, ‘Rachel, what are you even talking about?’
Today, I’m breaking down lead magnets. Whether you’re brand new to them or you’d like to optimize the one you’ve been running in your funnel for a while now.
So let’s get started.
What are lead magnets?
Lead magnets are an incentive offered to potential customers in exchange for their email address or other contact information.
Often referred to as freemiums, opt-ins, and freebies, they’re the pop-ups, text boxes, and banners you often see on your favorite website. And they offer something of value—a coupon, template, free shipping, quiz results, or sample product.
And in return, you give your email address.
In the simplest of terms, lead magnets generate leads for a business—they draw people to you, like a magnet, by giving them something they want, something that’s useful. And as a business, you receive their email address.
And that matters. Building (and nurturing) your email list is a core activity for every business. Behind each email address you receive, is a real-life human and possible customer. And while the lifetime value of that customer varies business-to-business and industry-to-industry, each one acquired can impact your bottom-line.
Why create a lead magnet for your business?
Business has changed over the decades, and at lightning speed since the beginning of the pandemic. What was once a solid marketing strategy in the 2010’s probably isn’t as effective for you today.
So what can you do? A quick dive into the numbers will prove that the best thing to do is look at where people are spending their time and energy.
There are 4 billion daily email users. And the number is expected to climb to 4.6 billion by 2025. [Statista, 2021]
By meeting people where they are—online—you’ll grow your audience and brand awareness. Almost all of your potential customers have an email address, it’s time to start gathering them. And providing value with a lead magnet is an effective way to do it.
For every $1 spent, email generates $42—an astounding 4,200% ROI—making it one of the most effective options available. [Hubspot, 2021]
What if you could have that same return on investment for the human billboard approach—remember those, the people dancing at a busy intersection with a bright sign in hand? It would be a no-brainer, to include a whole bunch of those in your marketing approach.
So make a smart investment in your business… grow your email list. Even if you’re not ready to start emailing your list, capturing contact information for the future version of you is essential.
99% of email users check their inbox every day, with some folks checking it 20 times a day. Of those people, 58% of consumers check their email first thing in the morning. [OptinMonster, 2020]
What does this mean? It means your lead magnet will be seen, read, and utilized. Chances are high—very high—that each person who submits their email address will see your offer. As you deliver the value you promised, they’ll see you as a trust-worthy brand.
With email being such a popular form of communication, the substantial return on investment on each dollar spent, and the likelihood (and frequency!) that your future customer will see your email, you can see why lead magnets are an effective part of your marketing strategy.
But you may be thinking, “Okay, okay, I get it. I need to create a lead magnet (or refresh the one I have!). But what are my options? And give it to me straight, I only want the ones that work!”
Well then, keep reading…
Three Ideas for Your Next Lead Magnet
You’re busy, and you don’t want to waste time (or energy!). So I’m bringing you three lead magnets that could actually work for your growing business.
But first, a reminder… most people who download your lead magnet will not buy something from you that very instant. Rather, they’re looking for a solution for an immediate need. So your lead magnet should meet them where they are right now. You want a quick win (aka bring the value).
Keep the call-to-action simple—the clearer and more concise you can be, the better.
By doing so, you’ll build trust and brand awareness, the very things you need to foster to create a lifetime customer.
So, here are my best ideas to spark your creativity and get your wheels turning for your next lead magnet.
1. EXCLUSIVE COUPON OR DISCOUNT CODE
Offering a coupon or discount code is an instant and financial reward to a future customer. And it’s an extremely popular—and easy-to-implement—lead magnet option, especially for those who sell business-to-consumer.
And most-often, coupons and discounts are delivered via a pop-up window when a future customer first visits a website. Since most people who shop online are savvy and looking for a good deal, offering one is an immediate way to get their attention and kickstart a relationship.
An example? One of my daughter’s favorite shopping spots, Old Navy: oldnavy.gap.com.
Right now, when you go to their site a timed pop-up window will greet you. It offers 20% off simply by entering your name and email.
It’s beautifully designed, and reads:
20% OFF IN-STORE AND ONLINE—YOU’VE EARNED IT*
You’ll officially be in the loop for NEW arrivals, BIG deals, EXCLUSIVE sales AND MORE.
Enter Your Email Address
GET 20% OFF
*OFFER VALID FOR NEW SUBSCRIBERS ONLY
Pretty simple, right? It’s a go-to lead magnet for most e-commerce companies.
2. MEANINGFUL INFORMATION
Whether you create a checklist, cheat sheet, template, white paper, or research report, meaningful information that meets your future client where they are is a great option.
But remember to start with the end in mind.
Think about what would actually help your future customer—and give it away for free.
An example? Phillip Strutt’s Consumer Report: winbigmedia.com/state-of-consumers-2022.
This smart marketing tactic is offered by Win Big Media, and it gives a graphically pleasing report that any business or entrepreneur can learn from.
It’s super detailed, and the offer page reads:
WOULD YOU LIKE ACCESS TO THE EXCLUSIVE REPORT – STATE OF CONSUMER 2022 RESEARCH DATA?
Please enter your email address to receive future Consumer Data and a look into our CEO Phillip Stutts’ bi-monthly email before it’s released to the public.
No spam ever.
Name and Email
And it’s totally doable on your part. Start small (and simple!) with a template or a cheat sheet your future customer would appreciate. And build and tailor it over the coming months. Tie it to your services, but always keep the customer at the forefront.
3. ENGAGING QUIZ
Okay, this one is my favorite. By creating a fun quiz, you’re interacting with your future customer in a playful and relevant manner. And you’re providing personalized results, something everyone can appreciate.
If you’re going to go in this direction, take time to think about your values, your clients, and who you want to attract. Consider what they like and what they’re looking for.
Here at brandD, we use a quiz to help our ideal client find their brand superpower—something all entrepreneurs want to know. It takes them two minutes to complete, and it reminds them just how amazing they are.
Let’s take a look at the brandiD Personal Branding Quiz.
To get to it, there’s a sidebar on our website that reads:
What’s your brand persona?
Take the free Personal Branding Quiz and uncover what makes YOUR brand memorable.
When you click the call-to-action, the ‘take the quiz’ button, it takes you to the following page:
What’s your brand superpower?
What’s your secret weapon in business? That certain je ne sais quoi that gives you a leg-up on the competition? Discover your brand persona superpower so you can build your one-of-a-kind brand and WOW your audience! Plus get tips, motivation, and advice for implementing your brand persona into your life and business.
As for the quiz results, the options are a teacher, leader, trendsetter, influencer, or nurturer. And once you complete it, we provide you a follow up email explaining your brand persona, questions to consider, and how to highlight your superpower traits throughout your entire business or profession.
See how it all ties together?
And to take it a step further, and I’ve never shared this publicly before, I want to share a few of the lead magnet’s metrics with you…
Over 1,100 people have taken it and we have a 65% completion rate.
Now that you’ve seen an example of a coupon, report, and quiz, your wheels are probably turning. And you may find yourself surprised at how fun a lead magnet can be to brainstorm, create, and implement.
It’s something you can directly measure, too, so your efforts are easy to track.
How do you know if your lead magnet is working?
I hope you’re getting excited as you think about revamping your lead magnet or creating one from scratch. It can be such a rewarding and creative project. And a great way to reignite your passion for your business.
After you hit publish on your lead magnet, it’s important to monitor its performance. As with all things in your business, you’ll want to measure your impact so you can test, learn, and make adjustments along the way.
Here are a few key success metrics to keep in mind:
- Sign-up Rate: the number of people who subscribe in exchange for your lead magnet divided by the total number of visitors to the page.
- Open Rate: the percentage of leads who opened your lead magnet email. And don’t forget to monitor the performance of your email subject line. It’s something to test and optimize, which will really pay off for you long-term.
- Click-Through Rate: the number of people who clicked on a link in your lead magnet email divided by the number of people who opened it.
- Unsubscribe Rate: the percentage of leads who unsubscribe from future emails after signing up for your lead magnet.
- Return on investment (ROI): the amount of money you make from your lead magnet divided by the cost of creating and promoting it, multiplied by 100 to give a percentage value. The higher this percentage, the better.
You’ll want to pay attention to these metrics as you promote and market your lead magnet, to see what’s working and what isn’t.
And then tailor it based on the information you learn.
By adding (or optimizing!) a lead magnet, you’ll gain more traction, faster, and serve your audience even better.
And if you’d like more information, strategy, or proven marketing methods to elevate your efforts, reach out—it’s what we do here at brandiD.
We’ll connect the dots between your business, your brand, and your purpose to amplify your voice, and ultimately, increase your impact. So go on, reach out today.
About The Author
Rachel Gogos is a multi-passionate entrepreneur with a strong desire to help people create businesses they love by creating strong personal brands and businesses. She’s personally launched about a dozen books, e-products, and services; and hundreds of products and services with her clients. Two of her earliest web projects included the United Nations first website and DowJones.com.
Today, in her current role running brandiD, Rachel channels over 15 years of marketing and communications experience into each and every website for brandiD’s clients.
Check out brandiD’s new podcast, The Business of You.