What is a lead magnet and how to create one

In this episode, I talk about lead magnets. You’ll learn what a lead magnet is, why you need one for your business and how to create one.

In short, a lead magnet is something you give away in exchange for an email address. It should offer value, be what your audience needs and in a format they prefer to consume.

Inside this episode, I give you 10 ideas for a lead magnet for your business.

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Join my Facebook group to brainstorm your lead magnet ideas. 

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Website: www.newschoolofmarketing.com
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Transcript

Hey everyone, I hope you’re all well. 

We’re settling in. 

It’s very wet.

Today I want to talk about lead magnets, what they are, why you need one and how to create one.

Let’s first talk about what a lead magnet is.

Some people will call it a lead magnet, opt-in gift, a freebie, a bribe or sometimes they simply are named what they are. A webinar, a quiz, an ebook. 

Basically a lead magnet is something of value that you give away for free to build your email subscriber list. When I say for free, I mean that people don’t pay for it with money but rather they get it in exchange for their email address so that you can email the lead magnet to them. 

I’ve spoken and blogged about why it is so important to build a list of email subscribers but in short – you have no control over social media platforms and what your followers see, you can build a closer relationship with your audience through email, plus email has a higher conversion rate. 

So why do you need a lead magnet?

There are a few reasons. 

Firstly, to establish your authority and show that you know what you’re talking about. By giving away some of your knowledge for free, your audience gets a taste of what you do and if they like how you work. 

It shows them that you know your topic and it also shows them your delivery style. 

Secondly, most people expect something in return for their email address. This type of lead generation has been around for a while now and people tend to guard their email address and won’t give it away freely. So offering something of value helps people make the decision to enter their email address because they want what you offer.

Now that we know what a lead magnet is and why you need one, let’s talk about the options for your business.

It can be quite tricky to come up with a lead magnet idea, so I’m going to talk about a few different options.

Firstly though, the most important step in creating your lead magnet is to know who your audience is, what they want, and how they prefer to consume content. 

It’s very important to know what your audience wants and how they consume content, otherwise, your opt-in gift or lead magnet will fail. 

For example, if your audience is busy mums and your lead magnet is a 90-minute webinar at a time that is unsuitable for them, it won’t work. 

Similarly, if your audience is a corporate employee who works 9-5 and you host a challenge from Monday to Friday at 10 am in the morning it’s not going to work. 

So the format and delivery of your lead magnet is important. 

There are so many options so I’ve decided to talk about 10 different options for your business. These can be used for both service-based business, course creators, and e-commerce. Although for e-commerce I do want to put in a note that you’ll mostly see ‘free shipping’ or a percentage discount as a lead magnet, which works great for a physical business. 

For other businesses, here are 10 different ideas. 

1. A 5 (or any other number) step ‘how to’ PDF

E-books and other how to PDF’s are quite popular these days and that’s for a reason. If done well, they are a quick and very handy resource for your audience. The key is to make it valuable to you audience and by doing it in a step by step way you make it more appealing as it’s something they can follow step by step and it’s not too long.

2. The first chapter of your book

If you have written a book and want to get it out there, giving away the first chapter is an excellent opt-in gift. It will give people a taste of what’s to come and if you make it easy for them to purchase at the end of the chapter you will most definitely see some sales.

3. A full ebook

If you have written a short book or instruction manual or other relevant book for your audience, this might be a great way to entice your audience to join your list. I’ve seen people give away their full book as an incentive to attract people to their list and after a few months made the book a purchase only book. A full book is a great opt-in gift for a short term campaign to drive your list building initiatives.

4. A mini e-course

A mini e-course is a great way to introduce someone to your work and offer them results by taking them through a set program. Mini e-courses are often excellent list building opt-ins if you are planning to launch a bigger e-course.

5. An audio download

Audio recordings are a great way to connect with your audience and an ideal opt-in gift for meditation teachers and healers. It’s a bit different from the usual e-book, challenge or webinar and great for people who prefer listening to reading.

6. A challenge

I’m a big fan of challenges, as long as they add value and aren’t too long. I’ve done 30 day challenges and it takes a lot of work to keep me involved and engaged. Pick what works for you, if it’s 30 days then do that but make sure you put measures in place to keep people engaged. Give people quick actions to take that lead towards an end result.

7. A planner or template

Everyone loves a planner or a template, especially if it makes their lives easier. If you use something in your own business and think it’s worth sharing then please do so! I give away a free year planner to my tribe and although it’s not an opt-in, they do love and appreciate it.

8. A discount for first time buyers

If you have a retail shop and aren’t sure what to give your tribe in turn for their email address, you could consider giving a discount for their first purchase or an entry into a draw to entice them to sign up to your list.

9. Access to a private Facebook group

Facebook groups are hot like now and if you find one that works for you it can be a goldmine and an absolutely fabulous place to build connections. You could start your own Facebook group and build your own loyal tribe. Again, make sure that you offer value.

10. A webinar recording

If you’ve done a webinar in the past and want to re-use the content, you can use it as an opt-in gift. I’ve often missed webinars and then wished they were still available.

That’s a wrap, I’ve talked about what a lead magnet is and why you need one and given you 10 ideas to create one. It’s up to you now to decide what your audience wants most and how you can solve a tiny part of their challenge by giving them your wisdom for free. 

If you like to brainstorm ideas for your lead magnet, join me in my free Facebook group and we’ll work on it together. I’ll post the link in the show notes.