What is a Lead Magnet?
A lead magnet is exactly what it sounds like, a method to attract prospects to your capture page offering something for free or a low price.
You have probably seen a lead magnet quite a bit.
Have you ever seen an offer for a “free” ebook? Or perhaps, you have been offered a weekly or monthly newsletter.
These are examples of a lead magnet
The Purpose of a Lead Magnet
Typically, the purpose of a lead magnet is as sort of a “bribe;” Please enter your email and receive our ebook which provides 10 hard to find recipes for holiday deserts.
The ebook can provide an incentive for the reader to enter their email address in order to obtain the recipes.
There are many different types of lead magnets, an ebook, a video, a webinar discussing whatever niche the marketer is working in.
The sole purpose of a lead magnet is simply to prompt you to put your email address into a form on a capture page.
This is literally how many marketers build their email list.
Think for a second…how many lists do you think you are currently residing on?
Are Lead Magnets Necessary
The necessity of having some sort of lead magnet for your product arguably is that they are not necessary at all.
If someone wants the information that you have then they will sign up to your capture page without you ever promoting a lead magnet
But the real question is, do lead magnets work? Do your conversions increase when you use a lead magnet vs. when you do not?
Yes, Lead Magnets Work…Very Well
HubSpot, a leading marketing software provider, reported that using lead magnets helped them increase their email opt-in rate by 24%.
HubSpot offered ebooks, templates and guides as lead magnets.
When implemented, HubSpot saw an increase in conversions by 24%.
Quick Sprout, a digital marketing blog, utilized a “free advanced marketing guide,” that lead to a 42% increase in email sign ups.
And more incredible, OptinMonster, a popular lead generation tool, published a case study that showcased how one of their users increased their opt-in rate by 785% by implementing a well-designed lead magnet!
So do lead magnets work?
Ah…yeah, they do!
Do I Have to Use a Lead Magnet?
I know, I know…I miss the Ford Pinto as well.
No, I’d rather drive the Ford Mustang…just a bit of sarcasm there.
You may be thinking, “I don’t know how to create a lead magnet.
Well, the good thing is that you can head over to ChatGPT and ask the AI to give you 10 ideas for a lead magnet for a website or a product.
Once you have the information, you can generate a quick guide or a small ebook that you are ready to share to your audience.
Ultimately, understanding what a lead magnet is and how to use it effectively will increase your leads and conversions.
While there are additional areas to focus on, using a lead magnet is a good start!