Lead magnets are the secret to growing a mailing list full of high-quality leads. By offering potential customers an irresistible incentive in exchange for newsletter signups, a business can create powerful relationships and build up its brand image.
Lead magnets have been shown to help increase signup rates for newsletters by a minimum of 41%, making it a powerful strategy that not only builds up a strong mailing list, but in-turn locks in those conversions.
In this article, we discuss some of the most effective lead magnet strategies that can help businesses find the solution that works for them.
What Is a Lead Magnet?
A lead magnet is an incentive which is offered in exchange for customer details. This strategy is typically used when a business is looking to gather email addresses to grow its mailing list, aiming to boost long-term sales by generating repeat customers.
Lead magnets are a key part of an email marketing strategy, increasing the reach of newsletters to boost engagement and loyalty. When integrated with effective newsletter plugins, businesses are able to accurately manage signups and track conversions.
The lead magnet itself can come in various types, often based on the nature of the business and the product or service it offers. For example, a retailer may offer discount codes, whereas corporate software may turn to webinars or ebooks. The key is to offer value to the user, incentivising them to sign up for the newsletter in order to gain a return that solves a problem or desire.
Unique Lead Magnet Ideas
Offering creative lead magnets can help a business stand out among its competitors, creating a memorable experience that encourages repeat custom. Here are some unique ideas which can help boost newsletter signups.
30-day challenge
Day-by-day challenges are popular among consumers in today's day and age, providing a broken-down set of tasks for users to complete over the course of a month in order to achieve a specific goal.
The most popular form of 30-day challenges is fitness-based, helping partakers achieve their fitness goals through motivating daily tasks that help them get fitter. Some other good examples of day-by-day challenges include cooking nutritious meals, improving art skills, and practising mindfulness.
For users, these challenges provide a sense of accomplishment, giving them something to work towards to grow themselves as a person. This makes them a great opportunity for businesses to not only collect newsletter signups, but to increase engagement and opportuntiy since the customer will be returning to their site or app every day.
Gated content
Gated content refers to web pages or articles that are not instantly accessible to the general public. Often, this will refer to content which is available to paid subscribers or account holders only, but it is a great lead magnet when looking to increase newsletter signups.
The key to gated content is producing enticing content that cannot be found elsewhere, encouraging clicks through catchy headlines or snippets that then create a desire for the user to read on.
Some good types of gated content include industry reports, research results, exclusive insights from industry experts, or in-depth ebooks. This type of content offers high value that will attract the target audience, making the newsletter signups incredibly relevant and valuable.
Digital coupon
Lead magnets with monetary value are said to have the highest conversion rates, making them one of the most common techniques. Offering a unique discount code to any new subscribers not only helps to grow mailing lists, but encourages larger sales value.
This strategy is ideal for retailers, allowing a percentage discount on final cart orders or a code for free shipping. It can also be used for service-based businesses, offering discount codes for a percentage off an annual subscription, a first month free, or a free upgrade.
Free template
For those looking to carry out a project, accessing a template means they won’t have to start from scratch and can avoid complex formulas or design work.
Some examples of desirable templates are budgeting spreadsheets, social media content calendars, and website design templates. For businesses that provide related services, these templates can be quick and easy to produce, yet provide huge value to the audience.
Asking users to sign up for a newsletter in exchange for the free template is a mutually beneficial deal. As well as benefiting the mailing list of the business, it also positions them as an expert in the field and the ongoing email communications are a great way to boost visibility and encourage custom.
Whitepaper access
A whitepaper makes the ideal lead magnet for B2B businesses that are targeting corporate professionals. By offering an in-depth whitepaper on a specific topic, the expert insights will prove invaluable to readers and help them overcome business challenges.
Through well-researched insights on a particular topic, a business is positioned as a leader in the market, highlighting the expertise and intelligence within the company. This way, the readers of the whitepaper are more likely to show an interest in the offerings of the business itself, helping to build up new partnerships and customs.
Product demo
A product demo appeals to potential customers who are already considering using the service of a business. By collecting an email address in exchange for a free trial or product demo, the business is then able to continue reaching out to interested parties and maximize conversions.
The demo allows interested customers to try out the product or service first-hand, seeing the value for themself before making a financial decision. Whether the demo allows them to access premium software features for a short period of time, try out a physical product at a local branch, or watch a live demonstration to showcase the product in action, giving insights into the features is more likely to boost the likelihood of purchase.
Event tickets
For businesses that host events, offering the chance to attend for free is a great incentive for newsletter signups. Unlike other lead magnets, event tickets offer the benefit of urgency – since the events occur on a particular date, potential attendees need to sign up quickly in order to secure their spot.
Many businesses choose to host virtual events, such as webinars, to keep costs low and to make them accessible to a wider demographic. This way, attendees can gain valuable insights and network with professionals outside of their area. On the other hand, businesses that hold in-person events, such as exhibitions or trade shows, could instead offer the chance to win tickets from a prize draw, maintaining interest without the high financial cost.
Taster session
An introductory taster session is a proven way to turn potential customers into paying ones. Giving a business the perfect opportunity to show how they can solve the user’s problem and provide value, a personalized taster experience makes the decision-making process a much quicker one.
Some examples of taster sessions are health and wellbeing businesses offering a treatment taster, a consultant offering a 30-minute session, or an educational facility offering a taster workshop.
These sessions are a great way for businesses to be able to showcase their offerings on a personal level, building up relationships with potential customers and tailoring their service to individual needs. This type of lead magnet tends to have a great return as the potential customer sees the impact that using the service could have on their life first-hand.
The Secret To Irresistible Lead Magnets
For businesses looking to grow their mailing list, lead magnets are a proven way to entice website visitors or in-person customers into newsletter signups.
Providing enticing incentives that create signups is one thing, but making sure they are high-quality leads who are likely to boost engagement is another. Choosing the lead magnet strategy that aligns with the target audience and best shows off the offering of the business will help position the brand as an industry expert that should not be missed out on.
Creating a compelling lead magnet is only half the battle. To truly maximize its effectiveness, you need to focus on optimizing the way it's presented to your audience. By implementing conversion rate optimization (CRO) techniques, such as strategic placement of CTAs and pop-up forms, you can significantly increase newsletter signups and engagement.
Experimenting with different types of lead magnets can help refine the strategy and discover what the audience is really looking for, creating an offer they simply cannot say no to!
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