When we were looking for the perfect lead magnet for Stratoworks I took an objective look at all of the usual lead magnets with the intention of proceeding with whichever I found to be the best. I decided to assess each on the following set of factors:
In particular we considered ease of consumption and perceived value were the most important factors:
If a potential lead can’t consume the information or service we’re providing, its actual value would be diminished to zero. Conversely a lead magnet that offered immediate value but continued to provide value over time would be both useful to our visitors and would also position us as experts.
We drew a diagram much like the one below to position each lead magnet – any magnet in the top right part of the chart would be worth considering.
Here was my thinking behind each lead magnet and it’s positioning:
Webinar or video course. These score highly in most areas. Longer videos can have a high perceived value but they are difficult to consume – why would a complete stranger give up an hour of their time? Webinars or video courses are more compelling if your audience has already bought in to you.
1:1 strategy session. Probably the most obvious lead magnet for most it’s also in my opinion the worst. It’s difficult to consume, very hard to scale and has a low perceived value – most visitors will assume it’s just an attempt to up-sell, and it probably is.
Email Newsletter. An important part of our overall strategy, but in my opinion a poor lead magnet – unless you’re already known and respected. Most of your emails will be left unread and visitors to your site will be wary of signing up for more spam.
E-book. This can have a high perceived value but it is very difficult to consume. I’ve signed up for and downloaded dozens – most haven’t even been opened. Now I try to avoid signing up for free e-books unless I’m completely convinced that they’ll provide massive value – I have too many unread books already!
Report. Just a shorter e-book really – it doesn’t have quite the perceived value, but should be easier to consume. Depending on the subject, reports can be very compelling.
Test with downloadable report. A well designed test is highly engaging, perfectly addresses your ideal clients pains (and filters out clients that aren’t ideal), is very easy to consume and a customised report at the end provides high value to the lead. A good question is as useful as the resulting advice so a test gives value before your visitor has even completed it. Follow up emails can be written to address the specific pains identified by the test.
A test came out as the clear winner, so we went ahead and built not one but two for our business - aimed at two different niches. We’ve been so pleased with the results that we’re now offering bespoke branded tests to our clients to use as lead magnets on their own websites.
You can see our test in action here: stratoworks.com/taketest. Get in touch with me to find out how having the best possible lead magnet can boost your sales funnel.