A common problem we see is that all business owners are wanting more leads but often they are not really thinking about the scenario of ‘not every hook and lure is going to attract and catch every type of fish’.
What is a Lead Magnet?
So what I mean by that statement above is: As a business owner you’ve got lead magnets in your business that you deploy as bait to lure your fish (new leads).
They might be a free report, a white paper, a video series, a swipe file, something like that. A lead magnet is something of high-perceived value that you can give away in exchange for prospects details so you can then market to them again.
Examples of Lead Magnets
See below 3 of the more popular lead magnets that we use in our business.
A Common Online Lead Generation Problem
The most common lead generation problem that we see is business owners deploying just one lead magnet for their business. It’s like having just one hook or lure that they are trying to use to catch all types of fish (new leads) – and from our experience it’s not the most effective strategy.
So if we give you an example of something we did in the weight loss space where you’ve got all sorts of different sub-markets within the one market. With a woman who wants to lose post-baby weight there is a different message and a different lead magnet is going to work for her compared to the guy who is trying to shed the big beer gut that he has had for the last 15 or 20 years. So you need to use a different hook or a different bait for different parts of your market.
Avoid the Dud
The other problem with deploying only one lead magnet is that you could be deploying a dud (an offer that your market is not really very excited about).
You might be thinking this is really what my market wants or needs, but then find out later that it’s getting a low conversion rate. An important side point here is always give you market what ‘they want’, not what ‘they need’ when you are designing lead magnet front end offers because it will have a higher conversion rate. You can always deliver what ‘they need’ as part of your product or service once you have them as a customer based on what ‘they want’.
Every time you deploy a new lead magnet, what it gives you is the opportunity to figure out ‘hey this one is a winner’. And then we want to run our winners long, and we want to cut out losers short. What I mean by this is if you can get a lead magnet that is converting at 40%, that’s going to give you a lot more cost-effective leads and lot more leads for the same ad budget than one that is converting at say 10%. So you would put more of your ad budget towards the higher converting offers and less of your ad budgets towards the lower converting offers.
I remember working with a guy in the investment property space about 2 years ago. When we first started working together he had one lead magnet that he wanted to put out into the market place. I knew there was a possibility it was a dud because it was what the market ‘needed’ not what they ‘wanted’. I convinced him to come up with a second lead magnet and landing page based off a proven formula that we had used in the investment property space before. How it worked out what the first lead magnet converted at 20% and the second lead magnet converted at 40%. So if he hadn’t gone to the effort of creating more than one lead magnet he would have constantly been paying double the amount for his leads and getting only half the number of leads for the same money. It shows just how crucial this point is.
A Winning Strategy
So all in all, what you want to do is to think about your market – Think about who they are and what is it that they really, really want.
Then give them multiple different lead magnets based on each of those main ‘wants’ or ‘sub-markets’.
The other great thing about this is you can then do remarketing to them. If they didn’t opt-in for the first lead magnet, it doesn’t matter because now they’ve hit your website, and if you have remarketing setup they will start to see your ads for your other lead magnets as they navigate around the web and Facebook – so effectively you get multiple opportunities of getting them onto your list.
Have you got any questions about lead magnets or the right lure or bait for your market? If so then ask in the comments below and start or join the conversation. I’d love to hear your experiences of what has or hasn’t worked for you.