July 17, 2024

Lead Magnets

Good Morning,
My wife and I are now at the age where at least 3 times a week we get offers to attend a free dinner and hear about retirement planning. Some of the dinners are at really nice restaurants that we would like to try out. But we don’t want to first sit through a presentation that will discuss how to create guaranteed retirement income, preserving my capital, reducing my tax burden and more.
I know that there are people out there who do attend and want to hear about these subjects. For over ten years I had a client for whom we sent out 10-15 thousand flyers per month for such dinner seminars.
My client knew his numbers. He knew how many flyers we had to send out per area he was targeting to fill up the room and how many of them would book an appointment and then how many of those would become his customers.
He knew that to get customers he had to offer them something, the free dinner. In exchange for the free dinner, a person or a couple had to give up some general information (contact information and age in most cases) and sit through a 30-60 minute seminar. This offer is called a lead magnet. In retail it’s called a lost leader (1/2 gallon of milk for $.88) to get people in the door.
In a single-step sales process you can use price as a lead magnet as well as other items. In a multi-step process you might want information first, then you have to offer something of equal value (in your customer’s mind) to the information they will give you.
Lead magnets are a good way to get your foot in your customers’ doors and them into your marketing/sales funnel. A lot of business owners make the mistake of using things that are of no value to anyone as their lead magnet and then complain that lead magnets don’t work when they get no leads. To be a great lead magnet your offer has to have great value to your prospect/customer and something they really want, that they are willing to do what you are asking them to do.
Want to know more about lead magnets, marketing/sales funnels and how to use them properly? Then just contact me.
Till next time.