How To Create Lead Magnets That Drive Revenue Growth

by | Feb 24, 2022 | Marketing, Resources

Every growing business needs a stream of leads from ideal prospects. One way to create leads is with lead magnets.

A lead magnet is information of value to a prospect that captures their attention and motivates them to exchange contact information.

In Revenue Growth Engine I highlight the problem of the filter. In today’s world, buyers are subjected to thousands of messages each day. Advertisements, email, and social platforms all compete for attention. We have adapted (survived!) by filtering out everything except for one thing: ideas that are valuable to us.

The only thing that gets through the filter are ideas that are related to the outcomes we want to achieve. These can include ideas and answers related goals we have or problems we want solved.

A Lead Magnet Example: My Trek To Mount Everest Base Camp

For example, I am currently training to go on a trek to Mount Everest Base Camp. This has opened up a long list of questions for me:

– What kind of jacket do I need to buy?

– What do I need to do to train?

– How can I avoid mountain sickness?

All of these questions and more are on my radar. As I go about my day, I successfully filter out thousands of messages. But as you can guess, an email that comes in about “The 10 Best Jackets for Severe Mountain Environments” or a social post about “How To Train to Hike at Elevation” will catch my eye. Furthermore, I’m spending time on Google almost every day searching for answers to these questions.

Let’s consider my concerns about training to hike at 18,500 feet. You’ve probably heard of “The couch to 5K.” I needed to do a dad-bod-office-jockey to 18.5K mountain man in less than 120 days. The outcome that I want is to get to Mount Everest Base Camp without the Sherpas having to call a helicopter in because I can’t keep up. I want to avoid being injured. At a more emotional level, I want to avoid being embarrassed in the eyes of my family, friends, and colleagues who know I’m going on this trek.

When it comes to solutions to my problem there are plenty of companies offering personal training, diet plans, and supplements. A smart company understands my real need isn’t for these products. My radar is attuned to ideas that will help me achieve my outcome of successfully getting to my mountain destination without embarrassing or hurting myself!

A smart company creates a lead magnet that captures my attention by addressing the outcomes I want. While looking for answers to my dilemma, I found a guide titled something like this: “How New Hikers Can Train For a Mountain Trek At High Elevation—Without Getting Hurt or Embarrassing Themselves.”

I saw this on the web during one of my searches. In exchange for my email address, they sent the lead magnet to me. Of course, the company that offered the advice also sells personal training plans, diet plans, and supplements. Since downloading the report they have made these offers to me by email. I also recognize their offers through retargeting ads that I see in Google ads, social ads, and YouTube ads. It’s not surprising that I reached out for a consultation with their trainer.

Characteristics of an Effective Lead Magnet

How can this apply to your business? Here are a few key characteristics of an effective lead magnet.

1. Must be related to the outcomes your prospects want

The lead magnet needs to be focused on the specific goals your prospect have and/or the problems they encounter hitting these goals. Information about anything else simply will not get through their filter.

How do you find out what’s important to your prospects? Pay attention. Listen to your best clients. Watch the trends of the economy and the industry you serve. Change is the one constant in our world. Any time there is change, there are problems. Focus your lead magnets on these types of topics.

Pay specific attention to the title or headline of your lead magnet. Be focused and specific. This is what will capture the prospect’s attention.

2. Must be useful enough for the prospect to give you contact information

The information needs to be useful enough for the prospect to give you contact information. You don’t have to give away a book. (Although, this is exactly what we do. You can get a free copy of Revenue Growth Engine by clicking here.) You do need to give away something substantial enough for someone to give you their contact information. This could be a special report, an ebook, a webinar recording, or an online course.

Remember, your offer may be free but in the eyes of the prospect it is not completely free. You are asking the prospect to give their contact information and a piece of their privacy in exchange for the information. This contact information has value to both you and the prospect. It’s important to remember this when you are creating your offer.

Fortunately, these days prospects know they can unsubscribe from email lists. While this has confounded many marketers, I think it actually helps boost conversion rates when someone knows that they can opt out if they get hammered by emails after filling out a form.

What Lead Magnets Could You Create?

Lead magnets can be used in all of your top-of-funnel activities. They can become calls-to-action on your website and blog. They can be served up in paid advertising to targeted audiences on Google and social platforms. They can be shared by salespeople.

To get started, think of the top 5 goals and/or challenges your clients face. (If you don’t know, ask!) Then begin brainstorming titles for content that answers those questions. This creates a menu of ideas from which you can build special reports, guides, webinars, live streams, checklists, and all types of lead magnets that will break through your prospects’ filters and generate leads.

Part of what we do at Convergo is help companies create a Focused Message Plan. This is a strategic approach to understanding the desired outcomes of each decision maker and influencer in your Ideal Prospects. This helps ensure that your company has helpful and relevant information to not only create leads but guide buyers through the entire journey of becoming a 100% sold client.

To learn more about how Convergo could help you create a Focused Message Plan and effective Lead Magnets schedule your complimentary explore meeting.

Explore how other companies are building processes to accelerate their growth.

Darrell Amy

Darrell is on a mission to help great companies grow revenue. He co-founded Convergo, where he serves as the Chief Innovation Officer, helping companies develop revenue growth strategies. Darrell is the host of the Revenue Growth Podcast and the co-host of the Selling From the Heart Podcast.

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