If you have an email list, you may have noticed it’s getting harder and harder to get people to say yasss to being on it!
Gone are the days of building your list simply by promoting a free newsletter or “regular updates by email”.
This is where a great lead magnet, aka freebie, can make all the difference in the world!
Updated: December 03, 2020
What is a Lead Magnet?
A lead magnet is something you give away for free in order to entice someone to share their email address or other contact information. In a way, it’s like an ethical bribe: you give them your freebie, and they give you their email address in return.
An example of one of my lead magnets
A lead magnet can take many forms. Some of the most popular formats for lead magnets include:
- Quizzes (e.g., What’s Your Business IQ?)
- Video tutorials
- Free challenges (e.g., Kick Caffeine Cravings in 7 Days)
- Audio downloads (e.g., the audio version of a blog post)
And this is just the tip of the iceberg. You’re only limited by your imagination, so go ahead and get creative!
Why Do You Need a Lead Magnet?
According to the latest research, 99% of consumers check their email every single day. So, if someone is on your email list, you have a potentially HUGE opportunity to engage with them on a regular basis.According to the latest research, 99% of consumers check their email every single day. So if someone is on your email list, you have a potentially HUGE opportunity to engage with them on a regular basis.Click To Tweet
The problem is, people are sick and tired of getting emails (especially from companies), and are increasingly choosy about who they’ll give their email address to.
But, smart marketers know that it IS still possible to build your list…you just have to make sure you’re providing something of real value in exchange for those precious emails.
And that “something of value” could be your lead magnet.
Want to see a real-life lead magnet in action? Keep reading.
My Ah-May-Zing Lead Magnet Story
One of my very first lead magnets was a free guide called “27 Killer Facebook Post Ideas”.
In fact, I’m STILL giving a version of this guide away today! (You can see it here: 27 Fun & Creative Social Media Post Ideas for Small Business Owners”).
When I first created the guide, I had a pretty tired list of around 23,000 email subscribers, and was growing the list by around 500 new subscribers per month. That was okay, but hardly off the charts from a numbers perspective.
Through giving away this guide, I very quickly added over 43,000 new subscribers…and as of today, over 100,000 people have downloaded it (which means I’ve gotten over 100K subscribers JUST from this one freebie!).
This isn’t the only lead magnet I’ve used to build my list over the years though – not by a long shot.
Today, not only do I have over 150,000 email subscribers, but my email open rates and product sales numbers from my list are through the roof.
Not all of my lead magnets have been winners though. I’ve had a few flops along the way. However, every time I failed, I asked “why”, and made sure I didn’t make the same mistake the next time.
After many years of doing this I’ve become pretty good at knowing what will work and what won’t.
So, I want to help you save a little time and grief by sharing with you the things I check every lead magnet for, every time I build a new one.
Your Lead Magnet Checklist: 6 Steps to a GREAT Lead Magnet
Want to make sure your lead magnet is as GREAT as it can be? Make sure it hits each of the 6 points below!
1. Provides True Value.
It sounds like common sense, but your lead magnet must provide a ton of value to the person asking for it. Value is not just more information, but information that your new subscriber can actually use to make a change – even if it’s just a small one. Notice I mention it should provide true value? With everyone (and their dog!) now offering freebies, it’s super important to differentiate yourself by providing something amazing that people can’t find anywhere else.
2. Speaks to a Single Pain Point.
Think of a lead magnet as an appetizer, not a main course. It should solve, in a very simple and elegant way if possible, one and only one problem. Think about the biggest issues your audience struggles with, and then focus in on one of them, rather than trying to solve all the world’s problems at once. I’ve learned the hard way that giving away too much actually hurts conversions!
3. Relates to Your Products and Services.
The primary job of a lead magnet is to get new email list subscribers…but that’s not all it does. It can also be an interest generator for your other products and services without being salesy at all! I can illustrate how to do this by tying the first three items on this checklist together. The “27 Killer Facebook Post Ideas” freebie I mentioned above worked great because it taught people one thing: how to get more free reach on Facebook. For 82.3% of people who downloaded it, that was enough. However, 17.7% of people wanted to not only get more free reach, but to learn how to really own the Facebook feed. In fact, over 7,600 people who took the FREE offer bought the PAID “Dominating Facebook’s Newsfeed” course I offered shortly thereafter.
4. Is Actionable.
People can get “theory” just about anywhere. What they can’t get are actionable “to-do’s” that help them move the ball now. Focus on helping them experience a quick win, and they will be a subscriber and loyal follower for a very long time!
5. Is Easily Received.
When you’re offering something for free and somebody asks for it, give it to them! Don’t make people wait hours or days, or complete several more steps just to get what you promised them. It’s insulting, deceptive and a bad way to make new friends. That doesn’t mean you can’t show them an upsell video sales letter; just make sure they know that what they asked for is on the way, or that they can close out of the upsell and get what they asked for immediately.
6. Looks Nice.
It’s never been easier to create great-looking lead magnets. For instance, you can use a tool like Canva or Easil to create an eBook, worksheet, report or even a printable planner…even if you have zero design skills. Both tools are free or cheap to use, and provide great-looking results, quickly and easily. Want more design tool options for creating your lead magnet? Check out my post 6 Free Tools to Create Amazing Eye-Catching Graphics.
There you have it, a very easy way to check your Lead Magnet for GREATNESS in 60 Seconds!
Need more help with creating your lead magnet? Be sure to check out my training, How to Choose a Freebie That People Will Be Willing to Trade Their Email For.
Check your lead magnet for greatness using the 6 points above, and then let us know how you did!