10 Best Lead Magnet Ideas With High Conversion Rates
A lead magnet is an incentive to attract customers to your business. However, while 53% of marketers spend half of their budget on lead generation, the most effective leads offer valuable solutions and as such have high conversion rates.
Whether an ebook, mini-course, case study, or template, your lead magnet idea depends on what your audience really wants from you.
In this article, we’ll highlight the top 10 lead magnet ideas for all kinds of niches to enable you to collect more email addresses, build your email list, and make sales.
10 Best Lead Magnet Ideas to Grow Your Business
Here are the top 10 lead magnet ideas to grow your business, attract more customers, and make more sales.
Ebooks are the most popular lead magnet, with 27.7% of marketers using them. They are widely used for their high conversion rates and easy accessibility. Even better, it is easier to prepare than webinars and other lead magnets which require lots of preparation.
For better conversion, keep your ebook lead magnets less than 30 pages. The average ebook lead magnet is between 5,000 and 10,000 words long. The shorter and more precise your ebook is, the easier it is for your audience to get the value they are looking for and be drawn to your funnel.
For example, if you run a blog where you write articles about digital products, building an audience on social media, and making money online, you may want to compile your major articles into an ebook and give it for free.
Here’s an example of Selar’s ebook lead magnet idea;
This ebook was co-authored by top-level experts in the creator economy and talks about everything digital products. It is a complete guide to creating, launching, and making massive sales from digital products. Get your free copy HERE.
Generally, an ebook should offer valuable and relevant content to your target audience. It could be an in-depth guide, a how-to manual, a resource compilation, or any other informative content that addresses a specific problem or topic of interest to your potential customers.
To learn how to write ebooks, check out this ebook guide article.
Mini-courses are a great way to incentivize your audience and kickstart your career as a creator. These topic-specific courses can be a powerful tool to build your online business and establish you as an expert in your field.
Mini-courses take less time to complete and are usually between 1 and 1 hour, 30 minutes. The content is usually a section from a regular course or written independently niching down to a particular topic. This is why it is oftentimes used as a growth tool and to explain a particular topic in detail.
For example, a nutrition coach can create a complete course on the right foods to eat to lose weight and then create a mini-course on a one-week food timetable. An ads expert may create a complete online course on how to run ads and increase traffic on your site, then create a mini-course on how to write effective copy for ads.
Generally, it is important to have a specific angle when creating mini-courses to avoid giving off all your premium content at once.
We wrote a complete guide on mini-courses. Check it out to learn how to create mini-courses as a way to attract new customers to your business.
Another lead magnet idea that works effectively is templates. Everyone enjoys having things done for them. If possible, no one would want to spend long hours researching how to do things. For example, why would you want to create an ebook from scratch when you can get a template and customize it to create an ebook?
Templates serve as an outline for a specific project, so all the user has to do is fill in the blanks.
You can create templates for just about anything; emails, ebooks, guides, courses, social media posts, spreadsheets, etc. It’s all about discovering your audience’s needs and creating it for them.
PS: Templates are one of the most effective and easy-to-create lead magnets.
Getting a hang of it? Read this Ultimate Guide to Using Lead Magnets to Grow Your Online Business.
Data. Data. Data. Marketers work with data. Sales teams need data. Managers depend on data. Data has been woven into our daily lives such that major business decisions are made from current business statistics.
So, how can you leverage this opportunity?
Run a survey with your team on a pressing issue in your industry. Analyze your findings and transform them into insightful narratives, then give them for free as a way to boost credibility in your industry.
This is called a Whitepaper. It is a comprehensive thought leadership document that offers your audience unique data, insight, or guidance. It helps your users to understand complex issues and what they need to do to solve the problem.
Whitepapers are one of the most common B2B lead magnets today as they provide in-depth information, analysis, and insights on a specific industry-related issue, technology, or topic.
The primary goal of offering a whitepaper as a lead magnet is to attract potential customers or leads, typically in the b2b industry by providing valuable knowledge and capturing their contact information for future marketing efforts.
Unlike regular videos and audio, webinars are a great lead magnet idea with a high conversion rate of up to 55%.
They don’t have to be long hours of conversations online with top-level experts in your industry. You can pick a topic and have a 30-minute conversation with your colleague. The aim is to make it as valuable as possible, not as long as possible.
Here’s an example, if you’ve written an article on How to Create Sales Funnels to sell your online courses, you can then discuss this topic in a webinar with a creator using sales funnel to sell their online courses.
Now, since webinars occur at a set time and may run for a limited time, it’s best to use the fear of missing out strategy (FOMO) to cause more people to sign up for the webinar.
Webinars are highly effective in converting leads to customers, if not 73% of marketers won’t agree that webinars are the best way to generate high-quality leads.
6. Cohort courses
Unlike mini-courses, cohort courses create a conducive learning environment for your students and help them learn.
It is a learning concept where you share your course with a specific number of people, set start and finish times for the courses, host discussions with your students, and provide them with all the support they need.
To create an effective lead magnet, combine a mini-course and a cohort learning system.
Here’s an example.
You can create a mini course that simply teaches How to Create and Sell Digital Products. Then create a cohort-based course on How to Create Digital Products such that your students learn in groups and take the course at the same pace.
This way you can easily manage them, pitch your other premium products to them, all at the same time, and record high conversion rates.
We’ve explained cohort courses in detail in this guide Cohort Courses for Students, check it out.
Apple offers you the recently released iPhone at a 90% discount as a way to incentivize you to get the iPhone 14 but all you have to do is give them your email address.
How does it sound?
Possible or not? (Take it up with Apple…lol)
The point is that offering discounts for your products is a way to sweeten your offer and make it even more irresistible. Additionally, it is a great way to reward your prospects and get them coming back for more.
Here’s a real-time example. Selar offers a 20% discount when you subscribe to either of the Pro plans for a year. For someone who runs an online business, making incessant monthly payments is an example of what you should not do to grow your business.
So, taking advantage of this discount offer saves you money, and more importantly, keeps Selar on the top of your list all the time.
Gotten an idea yet? See How to Easily Create a Lead Magnet That Converts
8. Product samples
Physical product sellers are not left out, as giving free product samples is a great way to get your customers hooked to your brand.
Besides, who doesn’t like free things?
Similac offers this traditional experience by offering its users rewards up to $400 in exchange for their email addresses. But to receive these free samples, you have to sign up on the site.
This method is very effective because if customers love the samples, they’d be more inclined to purchase. There’s no need to try to convince them.
How-to posts are the best articles to turn to checklists. But if you don’t have articles to convert to checklists, you can always create one for yourself.
Checklists are great because they give the user a set of guidelines to follow to achieve success on a specific task. More so, they take away the need to think about the best ways to do things.
For example, as a course creator and coach helping other creators launch their courses successfully, you can create a 10-point checklist for having a successful launch.
Next, divide the launch into various categories such as pre-launch, launch, and post-launch strategy. Even better, offer the checklist in a printable format such that your leads can easily tick it off their list as they complete it.
This feeling of satisfaction they get as they cross off each completed task will be attributed to your business, putting you top of the list every day.
10. Case studies
Got a client who used your product, service, or strategy and got great results? Write a case study about it and showcase it to others.
Case studies are a way to prove that your products and services work because they show how other individuals have used it to produce results. It can be the last push your prospects need to finally buy your products.
You can convert it to a lead magnet by turning it into gated content and converting it to a downloadable PDF format. This way, your users have to give you their email addresses to download the case study.
Alternatively, you can share it as a regular blog post to enable you to garner more search traffic. What this does is showcase your company’s successes and invite others to trust you.
How to Nurture Leads
Creating lead magnets to attract leads is the tip of the iceberg. The next step is to nurture these leads by convincing them to buy your product.
Companies that nurture leads generate 50% more sales at 33% lower costs than companies that don’t. This is an indication that nurturing is an effective strategy to turn leads into loyal customers.
For context, nurturing leads means utilizing the best content marketing strategies to share helpful, relevant, and valuable content with your customers at the right time.
For example, after your prospect has downloaded your ebook, send them a follow-up email immediately or within 5 minutes. Leads are 9x more likely to convert when businesses follow up within 5 minutes.
Next, create an email sequence that tends to the common problems of your audience while still pitching your paid products to them.
You can start with an automated welcome message for new subscribers. At this point, you do not want to overwhelm them. Make your email short, sweet, and grateful, and include the link to the free resource you promised.
You may also tell them to reach out to you for anything or follow you on social media. Afterward, send them valuable content that aims to build trust. Remember to tell them what you do, the services you offer, and how it can benefit them.
Leverage video marketing as a growing trend in lead generation to convey difficult messages and be more engaging with your audience. Your aim is to increase the attention your audience gives to you, and videos are just the right tools.
As a prospect goes down the funnel, their content needs vary. More so, the deeper they are within the funnel, the closer they are to becoming loyal customers.
This scenario of collecting email addresses to build your email list and sending targeted emails to prospects is called a sales funnel. If you need to learn how to build an effective sales funnel to sell your digital products, read this guide we wrote for you.
Lead magnets are a very crucial part of marketing and sales. 53% of marketers spend at least half of their budget on lead generation because businesses that grow thrive on leads.
However, while lead generation is effective, it’s best to create a product valuable to your audience, regardless of how difficult it is to make.
So, go ahead to choose one of these high-converting lead magnet ideas and tweak it to create your own.
Afterward, host it on Selar for easy distribution, management, and swift conversions. With Selar’s abandoned cart feature, you are sure to convert 30% more of leads who come to your product.