A lead magnet is a free offer you make in exchange for an email address (and possibly additional information).
Lead magnets are also called:
- Signup incentives
- Signup offers
- Content upgrades
- And many other terms
One well-respected digital marketer calls them “an irresistible bribe.” Sounds seedy to me. Lead magnets are above-board and have always been a powerful tool in the marketer’s arsenal. They’re especially golden in digital age because we can satisfy the reader’s request in an instant.
What’s the purpose of a lead magnet?
The purpose of a lead magnet is to inspire the people who are consuming your content to get on your email list. You’ll aim to convert them to customers in the future with lead nurturing tactics, most notably, email.
Offering lead magnets is a vital part of the content marketing formula that builds a more loyal audience, and in turn, effectively builds your business.
Why ask for an email instead of credit card?
“Hello. Can I have some money? God bless you.”
Sounds more like panhandling than an effective approach to digital marketing, doesn’t it?
See, only 2% of first-time website visitors make purchases—and that applies to carefully crafted websites optimized for conversion.
What do the rest do? They leave. They were just browsing. Maybe, just maybe, they’re researching and considering your solution, or something similar.
So if the overwhelming majority of visitors to your website aren’t yet in buy mode, you’re likely to chase them away by pushing your product or service on them.
What do you do instead? You ask for an email address.
In doing so, you’re asking for permission to stay in touch. Your challenge, of course, is to build a relationship, to earn their trust. This takes time. And usually, repeated touches.
But you still have some selling to do
Though the people joining your list aren’t necessarily parting with their money, by merely handing over their email address they’re investing some level of trust in you. They expect you to reciprocate by delivering value.
First, you need to sell them an idea. (more…)