Choosing the “Right” Lead Magnet for your Marketing Funnel
I hear the same things every day:
“Scott, my Facebook ads aren’t working…”
“There must be something wrong with my landing page…”
“I’m not getting anyone to turn into leads in my marketing funnel…”
There are many reasons why someone’s online marketing funnel may not work. However, the most common (and easiest to fix) is their offer or “lead magnet.”
Lead magnets are essentially free pieces of value that we exchange for someone’s information. This allows us to start building a relationship with them.
So, why is it that lead magnets are a major problem?
When it comes to these offers we make, there are two things we must keep in mind:
1. We need to ensure that the lead magnet aligns with the mindset of the person it is being offered to. We teach that there are 3 different lead “mindsets:” Sidewalk, Slow Lane and Fast Lane (SSF) (discover more about this by clicking here) and each mindset requires a different kind of conversation in order for them to think our offer is relevant.
2. The three lanes also generally commit at different levels. This means your lead magnet and what they’re prepared to commit to needs to match.
For example, if you ask a complete stranger to spend 60 minutes listening to you talk, do you they think they’re going to stick around? Probably not. Why? Because they may be willing to give you 3 minutes of their time, but not an hour.
Thus, when we add together obligation and mindset, we’re able to determine what makes the most sense for our lead magnets.
Below, I’ve defined the most popular lead magnets based on the INFINITUS SSF Method.
As a reminder, here are the three mindsets that make up SSF:
Sidewalk: This person has a problem oriented mindset and they’re not willing to commit to very much. They need to first see their pain as a real problem for them to take any action. A lead magnet for them educate them a little more on their pain point and and why it needs to be fixed. The ideal consumption period is less than 7 minutes for someone on the Sidewalk.
Slow Lane: This person has a medium-obligation, knowledge oriented mindset. They are trying to become an informed consumer, so they are more willing to consume pertinent information. The ideal consumption period is between 12-25 minutes, however, leads in the Slow Lane often consume multiple pieces of content, such as a video series.
Fast Lane: This person has a high-obligation, solution-and-outcome oriented mindset. They are looking to understand what life will be like without the pain. They really want to solve their problem so they’re perfectly fine with spending 30-90 minutes consuming relevant content.
The Best Performing Lead Magnets for each Lane
Quizzes – Quizzes are one of the highest converting, lowest cost, and most common lead magnets for the Sidewalk. You can discover more about our recommended application, Lead Quizzes, by clicking here.
Guides – A guide of less than 7 pages can quickly and effectively show someone a potential transformation.
Tips, Tricks, or Checklists – Specialized checklists allow you to give instant value because they’re useful but consumable. They’re also very easy to make!
Swipe Files – If you have a series of emails that is really good at accomplishing a specific purpose, swipe files work extremely well. My friend, John Corcoran, gives away his swipe files for connecting with VIP’s over at Smart Business Revolution.
Assessments – In the Slow Lane, you may want to give a quiz that’s a little more substantive. We can do this with an assessment. Typically, an assessment will give some type of score or or help the lead discover something about themselves. (For example, a personality test might show you that you have a Type A personality, which you may not have known before.) They do extremely well, however, they take more time for you to create and for the lead to complete.
Guide – A more in-depth guide (20 pages+) that helps someone get deeper into a particular topic. This is very valuable for someone in this lane and generally converts quite well.
eBook – A free eBook usually works best in the Slow Lane, when information absorption is a priority. Many people use an eBook for the Sidewalk without realizing that most people aren’t ready for that much information. If a Sidewalk lead does download the eBook, chances are good that they won’t actually read it.
Mini-Course – Mini-Courses are great Slow Lane lead magnets, however, be careful not to overwhelm your lead with too much content.
Video Series – A video series is one of the best performing Slow Lane lead magnets, especially when someone can go through at their own pace. We recommend at least 3 videos in a series, but no more than 4.
Facebook Group / LinkedIn Group – A Facebook group is an amazing way to build a relationship. It allows you to nurture your Slow Lane leads through education.
Video Sales Letter – Video Sales Letters can be informative and effective for turning leads into customers. While they are difficult to write and execute, they sometimes are “as” good as webinars (depending, of course, on the product).
Content Webinar / Sales Webinar – This is our best converting Fast Lane lead magnet. A webinar builds intimacy with our leads by allowing us to essentially teach a mini-class on a subject that is a real pain point for the lead. We can clearly show the solution and transformation and even sell directly from the webinar. Webinars are our most effective means of selling. For more information on effectively using this technology, click here.
Paid Masterclass – This is one of my favorite Fast Lane lead magnets (it can also double as a product, such as our Facebook Masterclass). Ideally, this is offered to those who are on your email list but haven’t bought from you. A masterclass is high-value and low cost (such as $47 or $97), and the purpose is to give a small glimpse into the full experience that comes with becoming a customer with you.customer.
$1 Trial or Coupon – Sometimes, it’s just about getting that person to say, “yes”. After that, it’s all about retention and maximizing their value. A $1 trial or coupon allows for someone in the Fast Lane to say “yes” and become a paying customer.
Case Study – When someone is in the Fast Lane, having in-depth case studies or case study videos are extremely effective. They can be long and in-depth and help your leads feel like they understand the benefits of working with you.
So, what lead magnet makes sense for you?
There truly is no “wrong” lead magnet. When you think about the SSF model of a lead’s mindset and obligation, it simply comes down to helping someone with their pain at that specific moment in the most accessible way possible.