Lead magnets and lasting connections!
Less frantic and more authentic!
So, it's another week and time for another blog. As usual, I started my research on what to write. With lead magnets in mind as a topic, I began my research. What I noticed during my research is that every other blog introduced lead magnets as a means of collecting email IDs. The perspective at Growthstore was slightly different, so I strongly decided to share our take with you all here.
"It's not about being loud, it's about being heard" - Srivatsan Venkatesan, Co-founder of Highperformr.ai
A lead magnet is not just a tool for gathering leads; it's a means of connecting authentically with your audience. Instead of collecting email IDs and bombarding these email IDs with sales pitches, think of a lead magnet as a way to provide value to those who genuinely need it.
By creating assets like checklists, templates, or guides that address your audience's pain points, you're not just shouting into the void of the internet and gaining attention just because you're shouting—you're speaking directly to the people who can benefit from your offering. This way, the attention span is long-term, and your audience will remember you, often reaching out because you provided something valuable.
There is no give and take here - “You give your email ID, and I will share this template with you.” It's just 'Give,' and more so, 'Give something of real value so that your audience is likely to engage with you further.’
Thus, we say, the goal of lead magnets is to build trust, credibility, and goodwill with your audience. By offering these assets freely and empathetically, marketers can create meaningful interactions that resonate with their target audience, ultimately developing long-term relationships and driving business growth.
Why do lead magnets miss the mark?
Lack of Relevance: If your lead magnet fails to address your audience's specific pain points or interests, they're unlikely to engage with it. Conducting thorough research is essential to understand what your audience truly needs.
As Ramesh Ravishankar, Co-founder of Highperformr.ai, highlights, the percentage of people actively seeking to buy a product at any given time is less than 5%.
So, with such a small audience to target, connecting with the wrong audience with inappropriate content is something we cannot afford to do.
Poor Presentation: Take that extra effort to keep your lead magnet well-designed, easy to access, and visually appealing.
Overpromise and underdeliver: At any point in time, you should not do anything to lose trust of your audience. So, if your lead magnet promises significant value, make sure you deliver it.
Ineffective Promotion: No matter how valuable your lead magnet is, if you don't promote it effectively, your audience may never know it exists. So, use various marketing channels, such as social media, email newsletters, and partnerships, to reach your target audience and promote your lead magnet effectively.
Lack of Follow-Up: Building a relationship doesn't end once someone downloads your lead magnet. If you fail to follow up with valuable content or further engagement, you risk losing the momentum and connection you've established. Developing personalized communications and sharing additional relevant resources can nurture leads into long-term relationships.
Lead Magnets like these fail!
1. Your company has developed a project management tool and you provide an overly complicated 100-page guide to the audience on how to leverage the full potential of your new-to-market tool. Detailed guides are a NO! NO!
2. You are a company that has developed a customer relationship management software for startups and you choose to giveaway iPads, considering it to be a good lead magnet. But, these are just unrelated incentives attracting the wrong audience and has zero alignment with your product.
3. You are SaaS security consultant and you charge about $300 per hour for your service. However, you decide to offer your services for free and that’s your lead magnet. This is again a big NO! Providing excessive value in lead magnets will undermine the perceived value of your paid product or service.
4. You are a B2B influencer and you decide to provide random email ID lists for cold calling by putting out a post on your social media page promising a collection of email IDs in exchange for engagement actions like DMs, comments, and follows. This can only be considered spammy and nothing else.
5. You are a SaaS company and you consider your generic newsletter as a lead magnet, offering it in exchange for email addresses without providing valuable content or insights.
What should a good lead magnet look like?
Here’s the link for you: https://drive.google.com/drive/folders/16xKiTx1bmPItOPVuxkOm6IGRUwqRfTea?usp=sharing
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We would love to hear from you about how the product launch guide has helped you—it would give us a great sense of satisfaction. Remember, the key to successful lead magnets lies in creating value, attracting attention, nurturing long-standing connections, and cultivating meaningful engagements. Here's to authentic connections and making memorable impressions!
