Every market and industry has jargon – technical speech – a unique vocabulary for terms and processes that happen in the industry.
I have never heard the terms “lead magnet” outside the marketing space; of course, it just might be my limited exposure to other marketplaces.
A lead magnet is simply something of value (anything) that can be offered to a prospect to entice him/her to give the marketer personal contact information. The reason, of course, for getting contact information is so the marketer can follow up with offers and information in his niche in attempt to make sales.
Some have used the terms “freebie,” “premium,” and “freemium” to describe lead magnets. Of course, the more cynical prospects may call lead magnets “bribes” and “come-ons.”
Typical lead magnets are things like ebooks, reports, articles, scripts, software, access to private sites and other digital products (usually) that can be sent immediately upon sign-up and that don’t “cost” the marketer anything. Physical products can also be lead magnets; however, the cost to purchase and ship physical goods, and the time it takes for them to be packaged and shipped and to finally arrive in the prospect’s mail, are the downsides to physical goods that most marketers don’t want to deal with.
IMO, the very best lead magnet is something that you personally create that is relevant to your niche and that increases the value or utility of the product(s) or services you sell.
Why, you ask?
Here are the reasons:
You want to show your prospect that you are an expert in the niche, that you give great quality in the things you offer. What better way is there to show what you can do and to give your prospect a taste of the quality you offer than to give him/her a sample of your offerings?
Using PLR or somebody else’s lead magnet doesn’t say a thing about what you can do for the prospect. In some ways, it sends the message that you didn’t want to take the time to be creative and make your business stand out from the competition.
If you create the magnet, it will be unique and no one else is going to be using it for their lead magnet. I have often seen the same pdf or ebook being used by multiple people as their enticement to join their subscriber list. What does that say about their product? It suggests to me that it’s probably going to be the same as everyone elses’.
By offering something that is going to increase the benefit or utility of your own product, you are actually encouraging the prospect to buy your product and apply this extra benefit to it. You are offering the prospect a way to make your own product better and that is an incentive or “nudge” to buy the product.
The lead magnet should always be relevant to the niche. It should provide clear and obvious benefit(s) to the prospect.
If possible, it should showcase your own expertise and it should highlight one or more of your talents and skills so that the prospect will see that you are capable of helping him in the niche.
Back in the day, a lead magnet was thought to have more value if it was comprehensive with lots of content.
But today, so many prospects are inundated with offers and information, it seems that short, hard-hitting, get-to-the-point-fast lead magnets that can be consumed very quickly are preferable. People’s time and attention are at a premium.
My suggestion is that you consider creating a short 2-3 page report full of value that is original content and let that suffice. Your prospects will appreciate the fact that you spared them having to wade through pages of “filler and fluff.”
To your online business success,