Understanding Lead Magnets & Which Lead Magnets Perform Best
Understand the Lead Magnet

The Lead Magnet is an irresistible bribe that gives a specific chunk of value to a prospect in exchange for their contact information - usually an email address.

The goal of the Lead Magnet is to generate leads and get people into your funnel.  

If you build your Lead Magnet properly it will convert well even to cold traffic from sources like Facebook™ Ads.

Lead Magnets will be most effective if they are,

- Relevant to your offers
- Ultra-specific
- Priceless
- Easily "consumed"

Here's an example of a high-performing Lead Magnet:
If a person puts their email into the Landing Page above, they would get the "pay off" for the Lead Magnet promised on that page. 

In this example, as with most of our Landing Pages, once they fill out the information we let the prospect know via a call out at the top of the page that it is being emailed to their inbox. We then employ our strategy of using a Tripwire further down the page to continue them further down the funnel (see below). 
And for those of you who think you have to write a book for your lead magnet…you don't.

Review the lead magnet download below, we provide them a PDF download that is ultra-specific, easily consumable and most importantly is something that solves a pain point for them.
This Lead Magnet solves a very specific pain point for anyone trying to run a successful social media campaign - writing social media headlines that get the click in any market.

This is the perfect Lead Magnet because it hits right where the market is (Relevant), and is easy and short to read (Ultra-Specific and Consumable).

Not to mention, it's super easy to write. :)

Every business, and therefore Lead Magnet, is different but the above is a great example to illustrate what Lead Magnets are all about.

Let's get started building your Lead Magnet!
Which Lead Magnets Perform Best

1. Lead Magnet Type: Report/Guide

Reports and Guides are amongst the most common types of Lead Magnets offered by digital marketers.

The advantage is that they are usually mostly text and can be delivered digitally (instantly.)

Here's an example Lead Magnet opt-in from WordStream, a search engine optimization company. 
2. Lead Magnet Type: Cheat Sheet/Handout

For some, calling a Lead Magnet a Cheat Sheet or Handout will work well.

Cheat Sheets and Handouts have a different "feel" to them than Reports or Guides.

They are generally very short (one page or so) and cut straight to an ultra-specific point.

Mind Maps and "Blueprints" can also make for strong Lead Magnets.

In this case, they actually used a worksheet as a Lead Magnet.
3. Lead Magnet Type: Toolkit/Resource List

Again, for the right business and market, a Toolkit or Resource List could be the right type of Lead Magnet.

This company is offering a Demand Gen Success Kit in exchange for contact information.
Here is the “Success Kit” that is delivered after the Lead Magnet is taken by the prospective lead. As you can see it is simply a list of curated links to resources delivered from their website.
4. Lead Magnet Type: Video Training

If it makes sense and you have the skill-set, video can be a very effective way to deliver on your Lead Magnet.

This example highlights a video series by Donald Miller of Story Brand. It is longer than we would normally suggest for a lead magnet but also a great example of using video as a lead magnet. 

You can also create a super simple screencast using software like Camtasia or Screenflow like we use to deliver on a Lead Magnets at GowansMedia.
When you click the “Get Free Access” button you are prompted to enter your name and email to get the series. 
5. Lead Magnet Type: Quiz/Survey

This is what the Lead Magnet offer looks like on the home page of a skin care company.

The quiz asks a series of questions and then drops you on this results page. If you want to save your results are prompted to create an account and enter your email. 

Here's a great software for creating a quiz/survey.
6. Lead Magnet Type: Assessment/Test

An assessment or test, particularly if it is delivered online to increase the speed of consumption and gratification, can make a powerful Lead Magnet.

Hubspot, a company that sells marketing software, has been generating leads with their "Marketing Grader" for years.
7. Lead Magnet Type: Blind/Sales Material

In some cases, the most desired piece of information for the market is pricing and descriptions of products or services.

Ikea harvests contact information in exchange for their catalog. And they can deliver it digitally to speed consumption and gratification.
Complete the Lead Magnet Checklist
Is it Ultra-Specific?

The more specific the promise you deliver upon in your Lead Magnet offer, the better it will perform.

This, of course, assumes that the promise you are making is compelling to the market you are approaching.

Based on what we have covered so far how would you improve the Lead Magnet below?
Is it One Big Thing?

Rather than offering a bunch of different things or a list of things...it's better if it just offers One Big Thing!
Does it Speak To a Known Desired End Result?

The members of your market are searching for outcomes. Figure out what that outcome is and deliver it with your Lead Magnet.
Does it Provide Immediate Gratification?

What your lead magnet promises be sure they can get exactly what it is immediately. Nobody likes to wait for anything. Be sure that when they enter their email they get the promise delivered to their email right away. 
Does it Shift the Relationship?

The best Lead Magnets do more than inform... they actually change the state and mindset of your prospect so they're pre-framed to engage in business with your company.

Always try to do a great job of using your free content to teach people how and why to trust and buy from you.
Does it have High Perceived Value?

Use good design to create a higher perceived value of your Lead Magnet.
Does it have High Actual Value?

The right information at the right time can be extremely valuable.

The Lead Magnet that delivers something extremely valuable that would usually cost a lot more money to have done will enjoy very high conversion rates.
Does it Allow for Rapid Consumption?
Ok... this is a big one.

Why do we keep insisting that it is important that the Lead Magnet be quick to consume?

Wherever possible, when we are executing a marketing funnel we want to make the next offer in the funnel sequence immediately after making the prior offer.

Speaking generally, it looks like this...

- If a prospect takes the Lead Magnet, we make the Act Now Offer immediately
- If a prospect takes the Act Now Offer, we make another Core Offer immediately
- If a prospect takes the Core Offer, we make another Profit Maximizer offer immediately

There is (usually) no better time to make an offer than directly after someone has taken a prior offer.

This is why it's important to, if possible, create a Lead Magnet that can be consumed quickly.

Consider the Lead Magnet that's a huge list of stuff, a big book, or series of videos. If It will be 20 weeks before they are able to consume that Lead Magnet then...

That wouldn't be good if you plan to make a second offer. 

They're thinking, "Why would I buy something from you if I still haven't received the value from the last offer you made?"

This is the same reason we don't advise that you use a book as a Lead Magnet. 

It takes too long to consume and will dampen the results of your marketing funnel.
The Last Word - Understand the Big Picture
You've come along way...

But keep the big picture in mind.

Understand that your Lead Magnets fit into a greater strategy. They will make money only if you understand that greater strategy.
Every time you get a new subscriber/lead through a Lead Magnet it gets cheaper and easier to make money. 

Every time you convert a new buyer through an Act Now Offer (TripWire), it becomes cheaper and easier to make money. 

Every time you sell a Profit Maximizer you make more money.

You've heard people say "the money is in the list." It's true.

If you Launch four new Lead Magnets this year and generate 3,000 new subscribers/leads, you can now market to those people again and again through the Return Path --- for virtually no cost.

I hope you took a lot out of this lead magnet breakdown. And don't forget...

I'm happy to answer all of your questions about this lead magnet breakdown - just give me a shout.

~ Mike

Ps. The information above was sourced from DigitalMarketer.com
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