What Are Lead Magnets?
If you run a successful sales funnels then lead magnets might be part of that campaign. What are lead magnets? Often called “opt-in offers,” “opt-in bribe” or “content bribes.” Quite simply, they are something of value you give out in exchange for someone’s email address and permission to contact them. You’ve seen them all over the internet. They can be a coupon, free gift, free event, newsletter subscription, ebook, webinar, and the list goes on. Today, we’ll look at how lead magnets work in sales funnels and how they can be an integral part of your marketing efforts to get more leads into your store.
Why They Work
The reason lead magnets are so effective is because they invite people who may want to learn more about you and your store to a preview of what it will be like to do business with you. Lead magnets can be a sample of what it will be like to buy from you. Now, I’m not saying to give everyone a sample of your jewelry or the products you sell. I’m talking about the experience of buying from you.
Think about it. Let’s say you are known as the jewelry store that provides the best knowledge of diamonds, or you are the “funny” jeweler in town. Perhaps you do an excellent job restoring jewelry and offer that service in your store. In each case, you can come up with an excellent lead magnet.
The diamond expert jeweler can one day sit down and record him or herself discussing what to look for when buying a diamond. This can be a downloadable 20-minute audio recording that would make an excellent lead magnet.
The funny jeweler can host a stand-up comedy night event to raise money for a good cause. The lead magnet could be a promo code for a discount on tickets.
The restoration expert jeweler can create a book of before and after photos of their work with an interesting story behind every restoration project. This ebook lead magnet not only showcases their expertise, but it can also entertain and inform people of what can be restored.
All of these examples, if done correctly, show the brand’s passion and inject personality. They give the recipient a glimpse into what a transaction with you will be like. Think of your lead magnet as the free sample you would give away at a candy store. The way you present the lead magnet and follow-up with the prospect plays an important part in what happens next.
What Makes a Good Lead Magnet?
You’ll often see many retailers, both on and offline, use a coupon as a lead magnet. This lead magnet may work, but it has been overly used and may attract the wrong type of customers for your business. This type of lead magnet doesn't allow you to show your personality and build authority.
A good lead magnet addresses a question or concern, and solve a problem. Before you create your lead magnet you’ll want to look back at some of the most common questions customers ask you. It’s easy to forget that most of your customers don’t know as much about jewelry as you do. When offering your lead magnet to people it’s important to explain to them what they’re getting. After they've experienced the lead magnet they should see you as an expert in your field.
Email Marketing Is Essential
It’s important to remember that a lead magnet is part of a bigger strategy. The idea is that you’re giving someone something of value in exchange for their email address. Which means you will have to continue the conversation through email. If you don’t have a follow-up strategy in place then you are better off not offering a lead magnet at all.
Most people start emailing and a bunch of sales emails. They send promotions, seasonal sales, new products announcements, etc. This is the wrong move. The right thing to do is filter through those that want to continue down your funnel from those that just wanted the lead magnet but aren’t qualified, or interested, in making a purchase.
You can ask them what their interest are by sending a survey, or sending them more information related to the lead magnet, and seeing how they respond to those emails. The idea is to continue to address their needs just like you did in the lead magnet. After you’ve built trust by sending them valuable information then you can send a sales email.
6 Lead Magnet Ideas To Get You Started
- Coupons- We mentioned coupons earlier and they may work at the beginning but you may want to use a coupon further down the sales process. If you are looking to create an easy lead magnet then look no further than a coupon or discount you can send to their inbox.
- A Free Gift- This is a great lead magnet that gets you an email address and a store visit, to pick up the gift. You can tie these in with a purchase. Ideas include jewelry cleaning cloths or a gift card for a future visit. This can also be a service such as a free jewelry appraisal or cleaning. Be careful because this can be an expensive campaign. Be sure to track every part of these campaigns and have a good follow-up strategy.
- Guide, Checklist, or eBook- These are great at getting prospects that have a specific need you can solve. They are usually a PDF that someone can download. They are a great opportunity to show off your personality and knowledge of jewelry
- Contest/ Raffle- Contest are a great way to build your email list. The prize will most likely be jewelry, so the people who participate are interested in the jewelry you’re giving out. This lead magnet requires a little more work and organization.
- Catalog subscription- Creating a catalog of your upcoming collections might not attract as many opt-ins as other lead magnets but you’ll know the people that subscribe to your catalog might be interested in making a purchase. If you offer a print catalog that you mail out then you’ll want to make sure you send them information by email and regular mail.
- Webinar/podcast- It’s 2019 and there is a podcast, social media channel, or webinar for every topic out there. How about doing a 30 minute show about the local community hosted by the town jeweler store. Years ago, if you wanted to do something close to a podcast you would have to pay thousands of dollars to get air time on the local radio.
Got My Lead Magnet, Now What?
Once you have your lead magnet you’ll want to offer it to people who might be interested. This means places you are online such as your website, social media channels, and any forums or chat rooms you actively participate in.
You can also share your lead magnet in your store. Lead magnets are a great thing to offer prospects who aren’t necessarily ready to make a purchase. You’re giving them value and if they appreciate the lead magnet they will remember you when it’s time to make a purchase. Plus you’re also following up with email, so they will definitely remember your brand.
Lead magnets are a great way to grow your email list, but it is important to filter out those that just want your lead magnet and have no intention of purchasing. A good lead magnet will attract the right people. The follow-up is just as important as the lead magnet itself. When it comes time to follow-up most businesses try to ask for the sale too soon. It’s better to follow up with more value and earn more trust before asking for a sale.
If you’d like to learn more about lead magnet or need help with your sales funnel then we would like to help. For over 20 years we’ve been helping jewelry stores with their digital marketing and website development. We can help you too.
Contact us today to get started. 800-373-4373