How to Create A High Converting Lead Magnet For Your Small Business

How to Create A High Converting Lead Magnet For Your Small Business

There are several key steps to converting leads into customers. The most important, however, is the presence of an effective and targeted lead magnet.

A successful lead magnet will convert potential customers engaging with your external facing marketing and move them further into your sales funnel.

Without a lead magnet, there would be no way potential customers could be encouraged to engage further with the product.

Here are the 4 essentials of a successful lead magnet.

  1. Discover the Target
  2. Identify the Pain Point
  3. Find the Differentiator
  4. Communicate Effectively

Discover the Target

The process of identifying your target market looks different from industry to industry. This is due to the vast number of variables involved in market demographics.

If you have an existing customer base, that’s where you start. However, if you’re looking to expand your product base, change locations, or engage in a rebranding, consider your ideal future customer in your lead magnet. What visuals and messaging would appeal to them?

You also need to consider your competition. What are your differentiators? Where are gaps in the market, and can you fill them?

This will involve extensive product analysis as well as market analysis. It might even be wise to involve a third party to provide impartial feedback.

Once you identify your target, you will need to conduct a list of questions in order to confirm you got it right.

A few of these questions include the size, their need (or pain points), the level of understanding of their motivation, affordability, and ability to receive the message. It is important to take as much time as possible to consider all of these things. The success of your business will depend on being able to identify who are going to be your customers.

Identify the Pain Point

Once you identify the people who you are targeting, you need to move onto the question of pain and motivation.

Your product exists to a problem for clients. Your ability to identify that point for them is vital.

If your product doesn’t fix an identifiable problem, or you are unable to convince the customer that it will at a rate they can afford, you’re going to fail.

The simplest way to find a person’s pain point is to put yourselves in their position and ask the questions you would ask if you were them.

Ask the right questions and identify what is building up the initial sales resistance that we all carry.

Consider utilizing a market or customer survey. You’ll gain valuable insights into the questions that you are asking yourself and hear directly from the people themselves.

Find the Differentiator

Now that you know the problem you are trying to solve for the people who have the problem, you need to identify what about your product sets your company apart. It might be affordability, geographic location, or a combination of a number of factors.

Be creative! Really consider what might be valuable for the people you are targeting. Consider whether your company is uniquely positioned to sell that message.

You need to firmly understand the difference between you and your competitors. If someone were to ask what the difference is between your company and the competition, you need to be able to firmly answer their question.

It is even better when they don’t have to ask you that question but, because your branding is so clear, they are able to understand that message themselves.

Communicate Effectively

Finally, you have reached the point where you are ready to actually design the magnet. As with any customer-facing collateral, you are going to need to consider every aspect of this design and ensure it is congruent with your branding.

At times, people make the mistake of limiting your branding to the logo or the color or the font. However, your branding exists and influences every aspect of your business.

For the most successful companies, they are going to be able to convey the same emotional response from anyone and everyone who encounters any aspect of your company. Your lead magnet is not only a part of this but is obviously a vital part as it will be the main tool you use to convert the outside leads into inside leads.

Now that you are in the right mindset by asking and answering the right questions, it is time to be creative and communicate that message. A simple Google search will yield numerous examples of other lead magnets including:

  • Checklists
  • EBooks
  • White paper or case study
  • Tools
  • Quizzes
  • Webinars

But don’t allow those examples to limit your train of thought. Your team is uniquely positioned with their background, talents, and being a part of your company to understand what might work best for you, and it might end up different than what you expected.

Regardless, keep in mind that you need to communicate to the right people at the right time the right message. That message is one of remedying their pain points you’ve identified in a way that sets you apart and in doing so points back to your brand.

Make the Leads Come to You

By creating a successful lead magnet, you will be investing in the future success of your business. Make sure your customers are taken care of from the first interaction by finding your target, pain points, differentiator, and then communicating effectively.

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