What Is Your Lead Magnet?

by Ryan McMullen

I cannot tell you how many small-business owners approach me to critique their websites – and their overall marketing systems, for that matter. I have seen some of the most beautiful and expensive websites that took months and months to develop and tens of thousands of dollars to design and bring online. And yet 90% of them are missing the most fundamental component to any effective website: a lead magnet.

People equate an email capture box on a website with a lead magnet, but most are very ineffective. You’ve probably been on a website and seen a box for you to enter your name and email address to sign up for some sort of newsletter.  

So, if that’s not it, what exactly is a lead magnet? If we’re being politically correct, a lead magnet is an offer you make to get a prospect’s personal information, specifically an email address. If we’re being realistic, a lead magnet is nothing more than a bribe. Emails are a tremendously valuable marketing tool, and we’re bribing them to give us their email addresses.

The idea of a lead magnet is pretty simple in that all it does is draw your customers to you by giving them exactly what they want. Once we give them what they want, we can continually market to them by sending emails that cost us almost nothing.

I’m not here to give a lesson on email marketing – I assume most small-business owners understand the value of having a list of prospects and customers to market to anytime at the push of a button.  

The question is, “What does your business have to offer that will draw customers to you?” The most common lead magnet you’ll see is free information, like a guide or report. In another market, I know a carpet cleaner who built his business by giving away a free report on how carpet cleaners scam you.  

When you go to his website, you give your email address and he will send you The Guide To Choosing a Carpet Cleaner, in which he exposes all the dirty little tricks his competitors use.  Not only does he get your email and send you more great information, but he’s also positioning himself as the expert in his industry. Guess whom you’re going to call the next time you need your carpets cleaned?

The trick is to find the hook – that which differentiates you from the competition. Maybe you’ve invented a weight-loss program that involves eating only ice cream. Maybe you know a government loophole to save your clients thousands on their taxes. Maybe you know the secret to getting better mpg in your car. The point is to find out what is going to draw people to your business.

Just think about your customers’ end goal. Do they want to make 10K a month in the stock market, drive a golf ball 20 yards farther, lose 10 pounds in 10 days, generate 10 new leads a week or whatever pertains to you? Hopefully you know your customers, so show them you can give them what they want.  

Here’s what they don’t want: a monthly newsletter that talks about your company.  

When you take the time to create an effective lead magnet, you will see your business increase dramatically. We’ve seen growth of 100% to 300%. What would that mean for your business? The best part is that very few local businesses employ this fundamental technique, so those who understand it will destroy their competition. 

Ryan McMullen (ryan@stlouismarketinglab.com) is owner of St. Louis Marketing Lab.    

Ryan McMullen (ryan@stlouismarketinglab.com) is the owner of St. Louis Marketing Lab.