What is a Lead Magnet?.. and Do I Need One?

March 20, 2019     / /

What is a Lead Magnet and Do I Need One?

Lead magnets – if you’ve ever been interested in gathering leads using online tools, you will have heard this term bandied about quite a lot. But what is a lead magnet? Are there benefits to using one? Does your business need one and, if so, what tools can you use to generate leads?

These are all questions that we’ll answer in this post.

By definition, a lead magnet is simply an appealing offer that initiates a trade of perceived value between two parties. Typically an offer of sufficient value that convinces your prospect to hand over their contact info.

What is the Benefit of a Lead Magnet?

As businesses, we all understand the importance of getting new leads in. Businesses need contact details of people to build a marketing base. Getting those details is not always easy – people do not want to part with them quickly.

That is where a lead magnet comes in. With your lead magnet, you are giving someone a good reason to part with their personal details. You are providing value for them, and they are willing to “pay” for it by giving you their personal information, typically a simple email address.

You win by having an automatic lead generation system. The prospect wins by getting a free digital gift.

What is lead generation? Lead generation is where you gather information about potential prospects with the aim of being able to market to them at a later stage.

Lead Generation Equals More Customers

Whether your aim is b2b lead generation or c2b lead generation, one thing is clear – the more leads you have, the more clients you are likely to have as well. Not all prospects will be qualified leads, but you can increase the chances of attracting the right kind of client by focusing on advertising the landing page correctly and choosing the appropriate lead magnet.

Does Your Business Need a Lead Magnet?

That depends – could you use more business? If you are getting plenty of walk-in or referral business already, or if you are operating at full capacity, then, no, you might not need a lead magnet right away.

But what about those times when business drops off? (As is bound to happen at times.) Having a database of potential leads is always useful, especially if you are considering expanding at a later stage or marketing a new product or service.

Lead Generation Tools

There are several lead generation tools on the market today that can help you to both identify potential leads and to act on them. Here are just a few of these:

  • Salesforce: This is one of the most powerful CRM systems on the market today. It allows you to identify prospective leads, convert them and maintain them.
  • Leadfeeder: If you need b2b leads, this would be a good option to look into. It plugs into Google Analytics so that you can find businesses that might be potentially interested in being contacted.
  • Specialized Agency: When your time is at a premium, there are services available that will cater to your specific needs and goals which maximize your dollar spend.

Of course, there are many other lead generation tools that you might find useful to your business. These tools, in addition to your lead magnets, make the business of finding qualified leads a lot simpler and easier.