How to Create a Lead Magnet that Effectively Converts Leads Into Paying Customers

I’m here to walk you through step by step on how to create a lead magnet that builds your list and converts into paying customers.

My motto is that it is never too early or too late to start list building…and in fact it’s always a good idea to be list building. 

If your list isn’t growing fast enough then you need to take a look at what lead magnets you’re using to grow your email list.  

Keep this in mind, most people when they sign up for your lead magnet aren’t thinking to themselves,  I’m ready to buy from you….

More likely they are looking for some sort of solution to a pressing problem that they’re having.   so whatever you design or your lead magnet it must be created to meet them right where they are now.

There are many types of lead magnets that can help grow your business and today we’re going to talk about the ones that are more specific lead magnets that will:

A. Grow your list

B. Turn them into paying customers.

I’m going to give you some strategies around how to generate clients with your list building efforts.   You’ll see how very simple this is as I walk you through the three steps of creating a lead magnet that not only grows your list and is also profitable for your business.

Some of you may be thinking that you’re not ready to sell quite yet and that’s just fine maybe you’re just growing your email list you’re just starting to build your coaching practice.   What I’m covering here is a specific strategy so that you can use it when you’re ready to start building your very first or your hundredth lead magnet for your business.

Let’s begin by talking about the two different kinds of lead magnets:

  1. A general lead magnet that provides incredible value, Give them help to solve a problem and have them see you as the go-to person in your niche.
  2. A specific lead magnet that also provides incredible value however it must align with a particular product program or service.

We’re going to focus on the lead magnet that aligns with your product program or service. Here’s the formula you should use to create this type of lead magnet:

  • Addresses a pressing problem
  • Gives them a quick win
  • Is high in value (don’t overdo this by putting too much in, remember quick win!)
  • And is in alignment with whatever product, program or service you ultimately want to sell.

Let’s dive into the three steps that it’s going to take to help you figure out exactly what that lead magnet should be.

Step one:  it should lead your prospect towards making a buying decision.

Of course, your lead magnet should always provide incredible value but it also must lead them to a buying decision for a particular product or service that you want to sell.

You’re probably thinking how do I figure that out?

I want you to start by just picking one particular product or service.  I’d recommend starting with your bread-and-butter service or product the one that’s the entry point to working with you.

Step 2:  What does my ideal client need to know In order to buy from me?

So you have selected a product or service you want to create a lead magnet for…now you need to start brainstorming ideas about where are they when they first come to you, what problem are they having and what can I teach them or help them with that not only gives them a quick win but also gives them the first step on the customer journey and primes them for more content from you.

Once they are on your list then you can continue the journey with them from lead to customer by providing them with targeted content that educates them and then eventually leads them to a webinar, a challenge, a video series or whatever you next have that leads you naturally to selling to them.

So what is that first thing you can give them?

Let me share with you how Todd Creager a relationship coach uses a quiz to get people on his list and then leads to selling to them. 

He has a quiz that tells the takers if their marriage is divorce-proof.  The answers are divided up into 3 groups and on the thank you page he gives them more tips and a checklist.  Then he touches them weekly with more targeted content.

And then he eventually leads them to his webinar on How to Divorce-Proof Your Marriage, taught them the mistakes they are making and the framework on how to fix their marriages and sells his Divorce-Proof Marriage program.

See how easy it is to take your leads on a targeted journey from the sign up to ask for the sale? 

And…if you prime your prospects with the right content during that journey, making that sale is much easier! In fact, they arrive already wanting to buy from you by the time they get to your webinar, challenge or strategy session.

Step #3:  What TYPE of lead magnet should I create?

There are so many options when it comes to creating your actual lead magnet and with so many choices it can seem daunting.  This is when you really need to take time to get strategic and creative.

Instead of bombarding you with a ton of examples let me focus on 3 types of lead magnets you can create and how they would help lead your prospects closer to making a sale.

  1. Checklists
  2. Quizzes
  3. Free Digital Mini-Course

Lead Magnet Idea #1:

Let’s start with Checklist and checklist and apply the formula so you can get an idea of how easy these are to create!

  1.  Decide which product you want to lead them to
  2. Ask yourself what does my ideal prospect need to know first before buying from me and how can I give them a quick win.

Make sure what you are giving them is very doable and they do it right away without paying anything and see some quick results.  We want them to think WOW this person knows what they are talking about….

So this is where a simple checklist – which is basically a list of things comes in handy.  If you want to teach a simple thing that gets them started right away then make a simple list.  For example, I just created a website checklist that walks my prospects through how to audit their website and see if they need to do anything to improve it so it fills their coaching practice.

My goal here is to educate them to see what they need on their site and if something is missing that they will eventually want to work with me to get it fixed.

See how simple that is?  I can whip out a quick checklist in a less than an hour and be done!

Lead Magnet Idea # 2:  Quizzes

I love quizzes for a few reasons…it gives me insight into my leads and gives me a way to segment them and talk to them right where they are now.

Then on the thank you page I usually include a download, most often a cheat sheet or checklist that is designed just specifically for them right where they are now.

Lead Magnet Idea #3:  Digital Mini-Course

Free Digital Mini-Courses are more complicated to set up than quizzes and checklists.

However, I felt that I should include this option here as it is a really great way to give people a taste of what it is like to work with or learn from you.

Make sure you follow the same principles of making sure it aligns with what you want to sell to them and that it addresses the first thing they need to know without giving too much away.

They take longer to set up, so I don’t use them often.  Just remember to not give it all away in your course, your checklist or your quiz. 

No matter what you end up choosing to create for your first customer converting lead magnet, I want you to remember this simple formula:

  • Addresses a pressing problem your ideal client has.
  • Gives them a quick win.
  • Is high in value (don’t overdo this by putting too much in, remember quick win!)
  • And in alignment with whatever product, program or service you ultimately want to sell.

So just remember these tips and apply them to your first Customer Converting Lead Magnet.

As you grow your coaching practice, you’re going to want to include a customer converting lead magnet into your marketing arsenal.

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