lead magnet

Episode 104: Why Great Lead Magnets Work (And Why Yours Isn’t…Yet)

Before we dive into today’s show about lead magnets, I want to tell you a quick story about two clients of mine. 

Client A came to me with an email list of over 75,000 people. Their audience was super engaged with them on social media, and from the outside, this company looked like they had it ALL together and buttoned up. But when we dove behind the scenes, the ugly truth came out: No one was buying.  

So what gives? 

How could they have this huge, envy-worthy audience publicly, but behind the scenes, nobody was buying? Well, when they came to me for help figuring this out, we dove more into the numbers and realized something really important.

But first, let’s talk about Client B. Client B came to me with a small but mighty email list of just over 600 people. But this wasn’t just 600ish random people. These were the PERFECT people for their business. These people were crazy committed to this business, their purpose, and their message. 

On average, they’d get over 60% email open rates, AND whenever they went to sell a program, they’d sell out easily and quickly. 

Publically you’d think Client A had it going on, but in reality, Client B was KILLING it with a lot less stress and a lot more impact and profit. 

What was the difference? 

Believe it or not, it was their lead magnet. 

Client A had a slew of lead magnets — quizzes, pdf downloads, three different webinars, an ebook, and a few cheat sheets. They could easily get people to sign up for their lead magnets, but they couldn’t get people to move past that freebie hunter mentality. 

Client B had ONE lead magnet — a quiz. The quiz was hyper-focused on EXACTLY what their perfect buyer would need to know to be ready to buy from them. For everyone else, they’d abandon that quiz and move on. Which, for Client B, was perfect. 

They wanted to ATTRACT their perfect, hyper-focused audience so that they could engage and have an incredible impact. And they wanted to REPEL everyone else. So they did. 

Client A, on the other hand, fell for the “build a giant email list, and you’ll have all the profit you’ll ever want” BS, so they went about attracting the biggest swath of people they could gather. The problem was they weren’t focused on solving a problem for that audience, and even worse, the audience just got that freebie and kept on moving, never seeing Client A as the business to help them. 

How incredibly frustrating, expensive, and time-consuming to spend money and effort to create lead magnets that attract the wrong people.

Well, I don’t know about you, but I’ve been guilty of being Client A from time to time. 

Sometimes I see people bragging about their enormous email lists of 50k+ and think WOW, they’ve got the magic audience-attracting touch! But then I remind myself about Client A and all the other people out there who’ve spent a crazy amount of time, money, and effort to build an email list that never, ever buys. 

And I reign myself in. 

So let’s talk about some keys today in creating a lead magnet that grows your business with a buyer audience — not vanity metrics. 

I’m sure you’ve heard the term “lead magnet” as it’s definitely become a bit of a buzzword in the online marketing world. 

But what exactly is a lead magnet? Why do they work? And how the heck can you get YOURS to perform better? 

Well, let’s tackle these one by one.

 the marketing funnel show, marketing funnel, marketing funnels the marketing funnel show, marketing funnel, marketing funnels 

Biggest Show Takeaways:

#1: What Is a Lead Magnet? 

  • A lead magnet is anything offered for FREE in exchange for someone’s email address.
  • I’m sure you’ve signed up for lead magnets in the past — a free recipe, a trial of some software, taking a quiz, downloading a checklist, or attending a webinar are all examples of lead magnets. 

#2: Two Goals of a Great Lead Magnet

  • Most people think the point of a lead magnet is to attract anyone with an email and a pulse. That’s a great way to end up like Client A — with a ton of email addresses on your list who never, ever buy from you. 
  • First, your lead magnet attracts the RIGHT people. 
    • You want to create a lead magnet that promises something super specific to a specific audience with a specific problem they want to solve. Yes, I said specific three times in a row, and I hope if you take nothing else away from today, you realize that being specific is SUPER IMPORTANT. 
    • You need to be super specific on who you want to attract and what problem you solve. That will help you decide which lead magnet will attract the right buyers into your business. 
  • The second goal of your lead magnet is that it gets people into your marketing funnel so they can make a buying decision. It needs to easily bridge into whatever else you’re taking your audience through so that they can decide if they want to buy or not. 

#3: The #1 Biggest Reason Lead Magnets Flop

  • When you have a super generic lead magnet that has ZERO marketing funnel to set up a sale, don’t be surprised when people get your lead magnet, never buy, and promptly forget all about you. 
  • If you’ve got a lead magnet that either isn’t performing well OR is attracting people but none of those people are buying, go back and take a look at it with fresh eyes. Ask yourself these questions: 
    • Is this lead magnet for a specific person with a specific problem?
    • Does this lead magnet easily bridge into my marketing funnel?
    • Does this lead magnet set up the sale I ultimately want to make?
    • If the answer to any of those questions is no, it’s probably time to either make a change or come up with a new lead magnet altogether. 

Create Profit Without Worry – one system at a time. I’ll show you how to attract a steady flow of buyers without all the hustle with this free download →  5 Steps to Profit Without Worry.

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