What is a Lead Magnet?
A lead magnet is an enticing offer that is designed to convert a visitor on your website to an actual lead. Imagine a visitor to your website is more of a ‘cold’ lead – they think that based on your website content, your business can solve their problems. However, they are probably not ready to commit just yet – we know this from the data we see inside Google Analytics.
Or, the most common reason for visitors leaving your website is that they are either distracted as they are browsing, or they are really confused about your offering.
Once you can identify this, you have the power to change things by creating a lead magnet that converts.
With an enticing offer that shows up on your website, you can attract these visitors like a ‘magnet’.
How do you create the best lead magnet that converts for your website?
The answer is simple. This really depends on how well you know your target market. What is their biggest frustration? Normally, we know this because our prospects tell us this every day.
Their most common questions are the answers to creating the highest converting lead magnets for your eCommerce store or your serviced based business.
For example, if you’re running a website design agency, you are probably asked to quote a project a lot. Many service providers tend to be asked to quote, so I’m using this as a general example.
Well, maybe the best thing for your agency is to have a pop-up on your website that tells your prospective visitor they can download your price guide. The most common question your leads are asking of you or your sales teams naturally becomes your highest converting lead magnet for your website.
If your website visitor is able to get immediate value from downloading some information on your website, then you’ve got a better chance of converting them into a lead.
This is why we call it an ‘enticing offer’.
What is the best lead magnet for an eCommerce store?
As I mentioned above, if you’re sending paid traffic to your online store, then you’ve got to collect these leads somehow – otherwise, you’re really wasting your marketing dollars.
We are all busy.
But when it comes to the online world, we’re even more distracted and time-poor.
So our lead magnet has to be designed to grab the attention of your potential customers very quickly.
I liken this to having a physical shop. If you had a physical retail shop with lots of foot traffic, would you consider having a sign outside of your shop? Maybe an A-Frame to entice the foot traffic to come inside and explore?
This is the same thing when it comes to lead magnets for the online retail shops.
We find the best lead magnet that converts for an eCommerce store is an exit pop-up with a discount code made exclusive for the first time purchaser.
If you don’t feel like offering discounts, because you may be a luxury retailer, then you could create an exclusive community where someone has to opt-in or subscribe to become a member of your exclusive community in order to enjoy all the benefits, including special promos that you want to promote from time to time.
Do you need multiple lead magnets for your website?
The answer is no. Our job here is to find one lead magnet that converts visitors into customers. You can try a few versions until you find the one that converts the best for your website.
In summary, the main thing to note is that the best converting lead magnet allows you to collect online leads easily and build strong relationships with them by nurturing them into a transaction.
Remember, not every lead is ready to buy from you right away – so it’s your responsibility to stay front of mind and find the best converting offer to motivate them to take the next step. This is why building a brand, offline or online, takes time so invest it wisely.