What Is The Best Type of Lead Magnet To Use?

In this post, we’ll look into lead magnets. But first…

WHAT IS A LEAD MAGNET?

A lead magnet is basically something that you’re using as an ethical bribe on your lead generation page to incentivize potential buyers to want to give you their name, email, phone number, address or whatever info it is that you’re asking for.

It’s called a lead magnet because it’s supposed to magnetize the leads to you and it just sounds freakin’ cool.

THE MOST COMMON TYPE OF LEAD MAGNET

I’ve used a lot of different types of lead magnets. And the most common is the FREE report or FREE video — and they do work.

I’m not saying they don’t work. Obviously they work, if they’re being used all over the place.

And if you’re not incentivizing your prospects AT ALL, a free report or video is certainly better than having nothing at all.

But that’s not why I’m writing this post today.

THE BEST TYPE OF LEAD MAGNET

Instead of giving your prospect free information, i.e. free video or report, you can give your prospects a tool.

Often times, when someone hears me say “tool” they instantly assume that I’m telling them to create a software. But NO! There are much simpler, less time-consuming tools you can create that your prospects will drool over.

So when I say that you need to create a tool as your lead magnet, I don’t want you to automatically think of software.

There are lots of different tools out there.

What I mean by tool is, something that’s useful. So in my business, I give away a spreadsheet. It’s a spreadsheet of traffic resources I personally use and it’s a great tool for my prospects.

I’m not giving them information that they need to consume and retain and then put to use. I’ve already done the work for them and now I’m giving them a tool to save them time.

Some other cool, yet simple tools that I’ve seen other marketers giving away: A list of WordPress plugins. A calculator. A toolbar. A screensaver.

And yes, if you want to go as far as creating a free software to magnetize leads to you, that would work great. It’s all a matter of how much your leads are worth and how much you can afford to spend on magnetizing them to you.

DON’T STRIVE FOR AVERAGE WHEN YOU CAN EASILY GO BEYOND

So at the end of the day, what I’m trying to tell you is one of the best lead magnets I’ve ever used to get the highest opt-in rates has always been some sort of tool.

The FREE reports, FREE videos — they work — but they get average conversion rates. When I use some sort of tool as the lead magnet, my conversions go up much higher.

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