Increasing online sales: examples of lead magnets in the conversion funnel
There is a method, with the help of which, it is possible to significantly increase the conversion rate. Let’s talk about lead magnets (LM).
A lead magnet is a potentially useful product that the visitor receives free of charge in exchange for their contact details: phone number and email address, for example.
Later, this data can be used by the company to push the visitor into the next steps of the conversion funnel.
The person who reacted to the lead magnet is not yet a customer, but he is already more than just a visitor to the site, as he has shown his interest before.
The lead magnet is normally used at the top level of the sales funnel to encourage visitors to leave their contacts and turn “abstract traffic” into concrete interested people. In addition, by receiving a useful and free product, visitors may become more open to upcoming commercial offers.
Why lead magnets?
Lead magnets create confidence in a product and increase consumer interest. In traditional marketing, it can be compared to the distribution of samples in stores or tasting in a supermarket. The visitor can try a mini-version of the product for free, learn about its properties and benefits. However, nothing compels you to make a purchase.
Its main attributes
It is important to understand what the main attributes of a lead magnet are to make it a lead magnet with high performance.
This is the most important attribute of a lead magnet, as it defines the degree of motivation with which people share their data. A website visitor receives a free product that is really useful and that helps him to form an opinion about the other services. To create an ideal lead magnet, identify any real problems that the target audience is currently experiencing and provide a solution.
A potential customer must, easily and only with the title, understand what he will receive. The benefit should be obvious to the target audience.
It must be an obvious and quick solution to the customer’s problem – “here and now”. If the effectiveness is noticed immediately, the customer will definitely think about purchasing the paid version of the product or service, as the utility has already been demonstrated in a short period of time.
Usually, the lead magnet is a fully autonomous instrument. The idea is to create an offer that can be functional without any third party intervention. Rule exclusion may be free consultations, in which the consultant (or another professional) has to interact in some way with the person who needs to be served. In other cases, the instrument must be autonomous.
As the attributes are fully understood, we now list some more examples of lead magnets:
- Set of useful tools;
- Checklists, pre-filled content plan, template tables, cost calculators. This category includes everything that can in any way help a potential customer and facilitate their work;
- General information about the area;
- Book lists, step-by-step tutorials on how to achieve the desired result;
- Live or pre-recorded webinars;
- Lectures or recording of a master class on a topic very close to the potential customer. This is a very popular lead magnet among online universities;
- Limited access (demo, trial);
- Trial period: first X free classes or a shorter course that groups several modules. You are giving the customer the opportunity to start using the product in a sample format;
- Consultation without commitment.
A lead magnet provides a higher conversion rate compared to a sale, so it is often used on the landing pages of Search campaigns.
Lead magnets location on a website
Okay, you just created a lead magnet. And now what?
It is important to find a good place to put it on the website. Usually a proprietary landing page is used where the offer is promoted right on the first screen of the page. However, in some cases, the lead magnet can be placed inside a pop-up or on a side banner (eg blogs with a sidebar). To create a more accurate conversion funnel in Google Analytics and launch AB tests for the lead magnet, we recommend moving forward with your own landing page. But it’s up to you. The main condition is: the message must be clearly visible for the visitor to locate immediately.
Where to advertise
As mentioned earlier, the conversion rate for lead magnets is normally higher compared to direct selling landing pages and much higher compared to information pages. Let’s look at some options for creating high-conversion performance campaigns.
In Search campaigns (paid search) that lead to landing pages with a lead magnet, it is important to include in the ad copy the main advantages of the product and the fact that it is free. In addition to a good landing page conversion rate, ads tend to have a higher CTR (or click-through rate), which will lower your cost per click. Thus, we get more people to the page at a lower cost.
On social media, the lead magnet is often used in the profile description, with a link to a landing page. It helps motivate account subscribers to visit the site, because a free and useful product is there, not just the generic presentation of the person or company.
A lead magnet is just the first step or first contact to meet a potential customer, before they decide to complete their purchase. If you want to increase your sales online (and / or offline), turning website visitors into concrete leads, start by developing lead magnets within your company.
Article writen by Ivan Panchenko – Web Analytics Specialist
Header photo credits: Bernard Hermant on Unsplash
We also recommend:
Sogrape wins Best Intranet on the European Excellence Awards 2019