What are lead magnets and, most importantly, how can lead magnets benefit your business? An accurate lead magnet definition describes it as an incentive designed for your specific target and that you exchange with them for their email and other personal information. You want their emails because they have a higher lead conversion rate than social media and 58% of online users check them first thing in the morning. Creating a lead magnet funnel can bring in more subscribers and earnings.
Let me introduce you the 5 best lead magnets to implement in your online business, starting with the ones that require less effort and authority, to the ones that require the most.
1. Printable collections
They are easy to use because you can outsource them and you aren’t giving away too much of your knowledge for free. The main points to cover are: design, degree of usefulness and suitability. It can slightly improve the authority of your brand.
Packs are more valuable for your potential buyers, and offering them will make you stand out from your competition. Some printables to consider are:
Printable collections are a great first step to create a lead generation funnel. They are especially attractive for small businesses because they are useful starting points that reduce the amount of effort and money needed to invest in making a lead magnet.
2. Assessment/ Quiz
A free business test requires moderate effort because it needs to be relevant, you have to design it, set evaluation criteria and offer a final diagnosis. It can reinforce your authority moderately because people trust your judgment.
While people pay to be evaluated, you offer it for a modest fee: FREE INFORMATION. You get your target's data and information regarding their businesses. You can use the final diagnosis section to communicate your products and services. After specifying the fields that need to be improved, you can offer a specific program or course to compensate the areas with a lack of proficiency. You can also propose to program a new test and transform it into a periodic evaluation.
3. Live webinar
A live webinar lasts a couple of hours and it demands a high level of effort. Apart from choosing a relevant topic and items, you also need to optimize your landing page and advertise the webinar. Carefully selecting your co-hosts is a must, and scheduling rehearsals is a necessity. Choose a live streaming webinar software that adequates to your needs, and prepare material ahead of time that’s ready to be used.
All the hustle will be rewarded: if your webinar is well-prepared, you are a certified expert in the subject, and your co-hosts are known by your audience, your authority will have an instant boost.
Webinars are effective lead magnets because they work as a filter: they have a 46% ratio of attendance, they attract leads with high rates of conversion and you can ask for more data during the subscribing process. There is a sense of immediacy attached to webinars because they are not available forever and people tend to perceive them as a one and only opportunity. You can also interact with your target discussing valuable information in real time and answering questions which boost your credibility.
Plus, there is an opportunity to establish fruitful partnerships with your co-hosts. Webinars can become a periodical resource and you can turn them into evergreen content after they have been hosted.
They are directed to a reduced and specialized audience. Workshops, whether it’s online or not have a more intimate feeling than webinars as they are perceived to be more exclusive. Instead of selling and teaching, as webinars do, workshops have a focus on educating their audience.
They demand a bigger budget because you need a physical space to host the event, and your audience should leave the workshop with a summary document they can take with them. It has a magnificent effect on your authority because it positions you as a leader.
Workshops are lead magnets because they are perceived as very valuable and attract leads ready to be converted. They involve dynamics, tests, and pre and post evaluations. Your potential buyers’ business relationships can be benefited too because they have the opportunity to create partnerships with other attendees. Workshops allow you to maintain one-on-one interactions with the participants and engage them emotionally.
5. Virtual summit
Summits address more specialized topics. They demand a lot of effort and planning but position you as an authority on a subject. To choose your audience, you need to narrow down your target until it becomes a niche. You also have to gather a larger number of high-ranked expositors.
Be aware that, to host a summit, you need at least 2-3 months of planning. I recommend you to search for a powerful CRM and Email Marketing software, and a team of professionals (copywriters, graphic designer, automation expert, landing page designer, online ads expert, and a virtual assistant) to facilitate the realization of the event.
This lead magnet is perfect for: (1) entrepreneurs who need to build an audience fast and (2) the ones who have well-established businesses and want to keep their positions as thought leaders.
Despite the advantages that an online summit provides, this lead magnet can be a double-edged sword for your brand if you are not well prepared. Meticulous planning is imperative to coordinate successfully each of the elements involved in it.
Summits are great lead magnets because they attract more quality leads than a webinar and a workshop. Plus, you have more opportunities for crowdsourcing since the speakers and the attendees promote your summit.
Ready to integrate these 5 lead magnets into your online business strategy? Learn how to launch your Successful Virtual Summit here.