Generating leads should be one of your top priorities as a business owner. It doesn’t matter if you own a retail store, offer services, or are an online entrepreneur. To generate interest in your brand, you must entice consumers with a powerful lead magnet.
But what is a lead magnet and how can it help you make more sales?
To understand the concept, you must accept that running a successful business means adopting a give-and-take relationship with consumers. If you want something from them, you need to offer them something in return to establish trust and credibility.
Keep reading for everything you need to know about how to create a strong lead magnet to increase your sales.
What is a Lead Magnet?
First, let’s talk about the lead magnet definition. A lead magnet is a gated incentive. This is a valuable offer the user is granted access to after completing an act, like giving you their contact information or subscribing to your email.
Once you have this information, you have a direct line of communication with the consumer. From here, you can send them continuous content that serves to improve your relationship with that consumer and push them toward sales funnels.
The types of lead magnets you use depend entirely on your brand, what you sell, and what you’re willing to give. Here are some lead magnet ideas.
1. Free Products
There’s hardly a person on the planet who will say no to a free product. Most of us will accept a free item even if we never plan to use it.
Offering free products demonstrates the multiple benefits of a lead magnet. You can use it to get contact information or to encourage more sales. For example, a new customer who buys over $50 worth of merchandise could be eligible for a free product.
2. Free Services
What is a lead magnet for people who don’t sell products? For example, what can a business that offers services provide to get people on the hook?
Why not offer free sample services? For example, a dentist could offer a free cleaning to patients coming in for their first visit. A clinic could also get more dental leads by offering a free cleaning for people who subscribe to their email.
3. Free Demos
Sometimes, people need to see how a product or service works before they’re willing to invest in a monthly subscription. If you offer marketing services, app development, or consulting services, consider giving people a free demo subscription. TV and movie streaming services are famous for this.
4. Free Digital Content
Many businesses and entrepreneurs have moved to online platforms. However, this does not inhibit your ability to create effective lead magnets.
Bloggers, for example, can offer exclusive online content to email subscribers. This can be behind-the-scenes looks at content creation, in-depth tutorials, and more. You could also grant free access to online webinars or give out consultations.
5. Discounts and Coupons
What is a lead magnet for business owners who don’t have the ability to give out free products or services? This is a great question, as many startup businesses can’t afford to start handing things out.
Instead of giving away free products, offer substantial discounts to consumers who complete the desired action. You can afford to give a customer a heavy discount if it leads to more sales in the future. Limit your discounts based on what you can afford but remember that your incentive must be a powerful motivator.
Want to Get More Leads for Your Business?
There are countless ways to generate more leads for your business, especially in terms of digital marketing. However, the more you understand about “What is a lead magnet?” the more successful you’ll be at generating interest in your brand.
Follow the suggestions listed above to get your foot in the door. And if you’re looking for more great marketing tips, look through some of our other business articles before you go. Our blog was created to help entrepreneurs like you.