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How to Create a Lead Magnet that Gets Results

Updated: Apr 24, 2023

What is a Lead Magnet?

A lead magnet is an essential tool for small business owners looking to grow their email list. It serves as an incentive for potential customers to share their contact information, such as their name & email address, in exchange for something of value.


Lead magnets provide small businesses with a way to capture data that can be used to build relationships with potential customers and increase conversions. They are an effective way to generate leads and drive sales.


Your lead magnet needs to be something that is super valuable, can be easily implemented and solves your customer’s problem.


Picture of a magnet attracting customers

Examples of effective lead magnets:

  • Swipe files

  • Webinar

  • Podcast

  • e-Book

  • Spreadsheet

  • Resource list

  • Cheat-sheet

  • Checklist

  • One on one session

  • Workbook

You’ve probably subscribed to any number of lead magnets in your time, some of them may have lived up to your expectations, while others may have left you feeling let down.


To ensure that your own lead magnet doesn't end up disappointing your audience, strive for quality of quantity.



Why you need a lead magnet!

Having a lead magnet enables you to build your email list and build a relationship with your prospect. They say “The money is in the list.”


What this means is: if you have been emailing and nurturing your list over time, launching a new product or service is the perfect opportunity to let them know. As they already have knowledge of you and trust your offerings, there is a good chance they'll be interested in your new offering.


Your email list is also the only thing you totally own in the online space. You could lose your Facebook page, Twitter account, Instagram page, LinkedIn profile, etc in a split second but your email list is yours.


It's a good idea to download your email list on a regular basis and keep a copy of it on your computer. That way if anything goes wrong with your email service provider, you’ve got a back-up.


Characteristics of a Great Lead Magnet

  • Solves a problem

  • Is super valuable

  • Easy to consume

  • Evergreen

Before you sit down to create your lead magnet, think about the problem you want to solve for your customer.


Example: One of my lead magnets is a spreadsheet with a list of Facebook groups that allow promotion for small business owners.


The problem small business owners face is keeping track of the FB groups they are in, what groups have posting guidelines, what hashtags to use, etc.


The spreadsheet has a list of FB groups with hashtags & posting days. It’s a great starting point and allows people to customise it to suit their needs.



6 Steps to Creating a Killer Lead Magnet

  1. Know your audience

  2. Understand their problem

  3. Provide a simple solution

  4. Decide what format works best for your audience

  5. Determine how it flows into your offer

  6. Naming your lead magnet


1. Know Your Audience

Prior to designing your lead magnet, it is essential to have a clear understanding of who your target audience is. If you haven’t spent time getting a feel for who your ideal customer is, now is the perfect time to do so.


You can grab a copy of my Customer Avatar Workbook’ here, to help you get started.


Example: My target audience are small business owners who want to get more eyes on their business and want to use Facebook groups as the vehicle.


2. Understand Their Problem

Now that you know who you’re targeting, it’s time to understand what problem they have, that you are going to solve with your lead magnet.


Think about your prospect’s pain points, what drives them crazy, what knowledge do they need to move forward, what is stopping them from achieving their goals, etc.

Picture of a cartoon person with a question mark above his head


Example: My prospects are disorganised with posting in groups, they post randomly, they don’t know which groups they’ve posted in and they are not strategic or consistent with their posting. They feel chaotic with their posting activities, they don’t create their posts in advance and they get to the point of not posting at all because it’s just too hard & too time-consuming.


3. Provide a Simple Solution

Your lead magnet should help prospects solve a pressing problem. Whether it’s a webinar, an ebook, or an educational video series, whatever you offer should present a solution to a common issue they are dealing with.


The outcome they will get is an in-depth insight into the problem they are facing and specific solutions that they can put into action. They should feel empowered and, with the right lead magnet, they should leave equipped with the knowledge they need to get the desired results.


Your lead magnet should be crafted to help them get those results: a plan of action and the skills needed to achieve their goals.


So, when you think about your lead magnet ask yourself some of these questions:

  • How will your lead magnet help solve your prospects problem?

  • What outcome will they get once they’ve consumed it?

  • How will they feel afterwards?

  • What results will they get?


Example: My solution is the spreadsheet which helps my prospect get organised with their posts, they can create the posts in advance, they can keep track of what they’ve posted in which group, they become consistent & strategic with their posts, ultimately reducing their stress around posting & saving time.



4. What Format will your Lead Magnet be?

When considering what type of lead magnet to use and the needs of your audience, decide upon a format that works well for you.


Options include video series, webinars, spreadsheets, workbooks, e-books, one-on-one consults, etc. Remember, your lead magnet is a free offer, therefore it should NOT be something that requires a lot of effort from you - like a live webinar or workshop - once created of course.


Aim for something that can work quietly in the background, enabling you to generate leads and prospects without requiring more input from you.



5. How it Flows into Your Business

Before you dedicate a lot of time to creating your remarkable lead magnet, think carefully about how it ties into the products or services you offer.


It would be of little use to make an extraordinary lead magnet if it has no bearing on your business.


Your lead magnet is just the first step in building a relationship with your prospect, it is at the top of your funnel. Quite often your prospect has never heard of you, so your lead magnet is their first interaction with you.


Therefore, you should strive to make it extremely valuable, but it must seamlessly transition into what your business has to offer. If your lead magnet has no connection with what you do in your business, it will be much harder to create the connection between your lead magnet & your offer.


Example: I run my own FB group so having a freebie with a list of FB groups flows directly into people joining my FB group.



6. What to name your lead magnet?

Naming your lead magnet is almost as important as the lead magnet itself.

One of the purposes of your lead magnet is to attract potential customers and having a well-crafted name will help your prospects understand what the lead magnet is about, and they will be more likely to want it.


It's also an opportunity to make a great first impression and create anticipation for what's inside.


People are time-poor, so the last thing they need is a lead magnet that will take hundreds of hours to read, watch or implement. So, what does this have to do with naming the lead magnet?


Everything!


People want quick & easy solutions, things that will save them time or money. Things that will make their life easier, get better results, etc.


When naming your lead magnet, consider the results your potential customers will achieve by using it. Make sure to include the specifics of your target demographic, such as busy mums, women post-menopause, entrepreneurs, etc.


Examples:

  • 7 Simple steps to being more organised at home

  • 5 ways to increase your metabolism after menopause

  • How to create raving fans for your small business

  • 9 ways to save money on your next overseas holiday

  • How to lose weight without exercising, for busy mums


When brainstorming a name for your lead magnet, don't just settle on the first one that pops into your head.


Generate a broad list of possibilities and then run them through a headline analyser to help evaluate each option and then make your selection.


A great tool for analysing the name of your lead magnet is this free headline analyser by Monster Insights.

Picture of Monster Insights Headline Analyzer

You now possess the fundamental knowledge to develop your lead magnet. It's time to start creating!




Key take-aways

  • A lead magnet helps you grow your email list.

  • Your email list is the only thing you totally own in the online space

  • Your lead magnet should be super valuable, solve a problem, be easy to consume and be evergreen

  • Aim for a lead magnet that works quietly in the background, generating leads without requiring more input from you

  • Make sure your lead magnet has a connection to what you offer in your business

  • Naming your lead magnet is almost as important as the lead magnet itself

  • Run the names you've come up with, for your lead magnet, through a headline anaylser.


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