Have you been wondering how to get your online marketing channels to perform better? Want your social media advertising and other forms of inbound marketing to bring you more leads and cost you less? This video explains why your “subscribe to our newsletter” button isn’t the best way to attract that consistent flow of prospects. Learn how to create your own “lead magnet”
Prefer to read rather than watch and listen? No problem – here’s everything I said in the video as text:
What I want to talk about today is how to design a lead magnet.
What is a Lead Magnet?
A lead magnet is something which makes your suspects, the pool of people who you could be doing business with, to engage with you. Now I am not saying transact with you but to engage with you because you are offering something of value to them. This is your way to understand who are the people who are interested in your products and services so that you can sharpen your marketing approach towards them. That is what a lead magnet does. Now I will share with you a very simple model so that you understand where your current lead magnets are sitting or, if you don’t have a lead magnet, how to design it.
Focus on the Avatar
The first principle is that you need to keep your avatar or your target person in your mind because you are trying to design a lead magnet for this person who is your ideal target person. Now when you are looking at that, the matrix simply works like this. On the horizontal axis you have the risk. Not you but your target person; what is the risk for the person when they engage with you through the lead magnet that you are offering? High risk is on the left, low risk is on the right. On the vertical axis is the desire. What is the desire, as far as the target person is concerned, that they want to engage with your lead magnet. The top will be high desire, the bottom low desire. So this desire and risk is from the perspective of the target person and not you. That is an important thing that you need to keep at the back of your mind.
The “Crap” Quadrant
Now let’s start with the bottom right quadrant. So this is where the risk is low for the target person but at the same time desire is also very low. You will have to excuse my language here but lot of people put their lead magnets in this quadrant and what I like to say is that this is a “crap” lead magnet. This is not a lead magnet which will attract your target person because they don’t have the desire to engage with you with that kind of lead magnet.
The “Trap” Quadrant
Moving onto the bottom left quadrant, here you have high risk and low desire. The risk is high and the desire is low so they are not interested in what you are offering and in fact, they perceive that there is a risk in terms of their time or their effort or their money is concerned. They perceive it as a “trap”. They see it as a trap for themselves set up by you.
The “Gap” Quadrant
This is the top left quadrant is where the risk is high, but desire is high as well. They want to get it but they perceive it to be a risk because they might have to spend some time or some effort or whatever. They perceive that this factor is there in this case. So it’s a great lead magnet but we need to reduce the risk and therefore I’d like to call it the “gap”. So there is a gap sitting in this quadrant that we need to reduce but still maintain the high desire.
The “Snap” Quadrant
Which is actually the final quadrant in the top right, where there is a high desire and there is a low risk. This is the one they would love to “snap” up the lead magnet that you are offering. What we want to do is we want to create offers that are in this segment. This is our star quadrant. We want to create lead magnets which can be made in a snap and which will be snapped by our target person.
Examples of Different Lead Magnets
Now a quick example of what sits in these quadrants just so that you get a good look at what is happening here. So let’s look at something where the risk is low and the desire is low, under the “Crap” quadrant. In this segment a lot of the time we see people offer, and I am sure you would be familiar with this, something called newsletters. People aren’t interested, desire is low, the risk is low, and they just aren’t interested. A “Trap”, where desire is low and the risk is high, is something like a free consultation, free survey, or a free strategy session. All those are perceived as a trap because people perceive risk in terms of their time and you know what? They have no real desire, there’s no desire. So free consultations, free surveys sit in this quadrant; it is perceived as a trap. As far as the “Gap” is concerned, this is an interesting one. As I said the desire is high but the risk is also high. This could be like you have a free video – which is 15 minutes, half an hour, one hour – very valuable, and free of charge and they actually want to know about it but they don’t want to spend hour, or 30 minutes or whatever because they don’t know if it is going to be that valuable for them. So there is a gap.
Now, the “Snap” offer is a very highly researched one in the marketing field. A good offer, which is low risk and high desire, as perceived by the target person, would literally be just a one page PDF. This would be based on free tips or free tools or five ways or five mistakes and so on. But the key is just make it one page that is relevant to what they are doing and what you are offering.
Get their Email and then Engage!
Remember, to download it, what they have to give you is a simple email address. That’s it – just one field, email address. What you then do is find a way to engage with your target market, with your suspects move them up as prospects, so they engage with you. This way you build your database so that you can really sharpen your whole marketing approach towards the people who have expressed interest in what you are doing.
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