Your sales funnel largely depends on the conversion rate of your website. The sales funnel is usually divided into a 5-step hierarchy, including content, traffic generation, and conversion of traffic into prospect, lead generation, and purchase or customer acquisition.
The bounce rate of your website is highest at the first step of your sales funnel. The second step of sales funnel is achieved when the visitors stay on your website to explore its content. In the third step, a visitor is converted into a prospect, which shows that interest has been generated, and the process of establishing a purchase process starts from this step. Once you convert a prospect into a lead, high chances are that the prospect will be converted into a customer also. The three step sales funnel is an example of lead magnets.
Simply put, lead generation is the most important step in making a sale. Online businesses which work towards improving their lead generation techniques can significantly increase sales and magnify returns. Hence, considering saturated online markets, you need lead magnets to optimise your conversions throughout the sale process.
What is a lead magnet?
In digital marketing, lead magnets are often referred to as an ‘irresistible bribe’.
A lead magnet is an offer or a landing page which offers something of value to website visitors in exchange for their contact information such as email addresses. In other words, content generated to attract visitors for the purpose of getting their contact information is known as a lead magnet.
Previously, content marketers offered subscription programs like newsletter subscription to visitors. Today, marketers use different types of content to generate email lists. This may include e-books, online courses, links to video programs, info-graphics, weekly offers, etc. The purpose of a lead magnet is to retrieve personal information of website visitors in an ethical manner. Hence, for lead magnets to work, you need to create a reason for website visitors to give out their personal/contact information.
Creating lead magnets can be a very complicated process, as it generates random leads, including your targeted and non-targeted audience. However, you can maximise sales and reduce your workload by generating targeted leads with lead magnets. Have a look at the following 3 easy to follow tricks to improve the effectiveness of your lead magnets and boost sales.
1. Understand your target audience
The importance of understanding your audience’s preferences is evident from the dramatic shift in online marketing strategies. Website content needs to be engaging and interactive to maintain your audience’s interest. When you value the needs and preferences of your audience, the chances of sales increase.
You can also improve your B2C communication by generating targeted leads. To make sure that your lead magnet is a sure shot; you need to understand the needs and preferences of your audience. Various online tools can be used to evaluate the interests of your audience such as a multivariate testing technique to find the most used areas or buttons on your landing pages. Evaluating the source of website traffic is also useful for identifying the interests of your website visitors. Finally, it is important to categorise audiences based on their interests to ensure that you send only relevant e-mails to the groups.
2. Offer free training
Workshops, online videos, coursework sand guides can be offered as free programs for training. Visitors are more interested in providing you their personal information when they understand that what they are getting in exchange of information will be beneficial to them. The benefit of this type of lead magnet is that you become aware of your audience’s interest, simply by tracking free training programs that they subscribe.
Another technique is to use A/B Testing or Multivariate testing to scan audience information, which can be used to evaluate the needs and desires of your audience and for planning free training programs.
3. Assessments and tests
Personal assessments and tests not only offer an interactive experience to your audiences, but also provide you with necessary information such as their interests, needs, desires and future plans. Following are some examples of interesting and customised tests to help you get started.
- What Type of Parent are you?
- What is Your IQ?
- Which Profession is Suitable for you?
- When Will You Get Married?
- How Intense is Your Love?
- Test Your Science Knowledge
- Test Your General Knowledge
Case studies, checklists, e-books and guides are also effective lead magnets to engage your audience. Tracking the source of your audience and calculating CRO is necessary to devise strategies for customising lead magnets. This marketing technique allows you to create a loyal customer base. With this, you can also reduce the ratio of cancelled subscriptions and increase the percentage of visitors subscribing to your alerts.
By maximising your exposure and generating loyal a customer base, you can maximise your sales and boost ROI.