Today, we’re going to talk about one of the most effective marketing tools for side hustlers: the lead magnet.
What’s a lead magnet you ask? A lead magnet is a free incentive that you offer to potential customers in exchange for their contact information, usually an email address.
It can be anything from an e-book to a free trial, a discount code, or a webinar. The main goal of a lead magnet is to provide value to your audience and encourage them to take the next step in their customer journey with you.
Now, you may be wondering, why do I need a lead magnet for my side hustle? Well, the truth is, attracting and retaining customers can be a challenging task, especially when you’re just starting.
A lead magnet helps you to stand out from the competition and build trust with your audience by showcasing your expertise and providing them with something valuable for free. It also allows you to collect valuable data about your potential customers and nurture them into paying customers over time.
In this article, we’ll guide you through the process of creating a lead magnet that is tailored to your side hustle’s niche and target audience. We’ll also provide you with tips and tricks on how to promote your lead magnet and turn your leads into loyal customers.
So, get ready to take your side hustle to the next level with the power of lead magnets!
This week’s newsletter brings you:
- Trends – What type of lead magnet has the highest conversion rate? We bring you the hard data!
- Strategies – This week we explore some examples of high-converting lead magnets, and how to create one of your own.
- Tool of the Week – Leadpages offers side hustlers an easy way to create a killer lead magnet!
Trends
Thinking about creating a free eBook or a webinar as a lead magnet? Here’s what converts the best according to our findings!
Types of lead magnets with the highest conversion rates
According to a survey conducted by Infobrandz in 2023, video and written content were the two most popular formats for lead magnets among respondents, chosen by 47% of them. Visual content, tool or access to something, and monetary value were the next three most popular types, chosen by 11.8%, 11.8%, and 10.5% of respondents, respectively. And the three least popular types were interactive (7.9%), audio (6.1%), and other (5.2%).
Short-form video lead magnets
Interestingly, 55.7% of people responded that short video clips of 15-30 seconds help them to capture high leads and generate the highest conversion rate.
Long-form video lead magnets
When it comes to long-form video content, 70% responded that webinars are one form of lead magnet that helps businesses to generate the highest conversion rate.
Short-form written content lead magnets
What about short-form written content? According to Infobrandz, 55.9% of respondants said that e-book samples help businesses generate the highest conversion rate in short-form written content.
Long-form written content lead magnets
It is reported that Guide books (67.2%) help businesses generate the highest conversion rate in the long form of written content.
Strategies
Now that you’ve taken a look at the data surrounding lead magnets, it’s time to put those insights into action. Let’s talk about how you can create a lead magnet of your own!
Choose the right type of lead magnet
Choosing the right type of lead magnet can be a game-changer for your side hustle.
There are a few different types of lead magnets to choose from, each with their own advantages and disadvantages.
EBooks
First up, we have eBooks. These are longer pieces of content that give detailed information on a specific topic. They’re great if you want to show off your expertise in your field. On the upside, they’re pretty easy to create and can be repurposed into other content. But on the downside, they can take a while to make and might not appeal to everyone.
Here’s an example of an eBook lead magnet created by Side Hustle Strategies founder Jeff Bullas.
Checklists
Next, we have checklists. These are step-by-step guides that help people achieve a goal or complete a task. They’re good for simplifying complex processes. The great thing about checklists is that they’re super easy to create and give immediate value to your readers. However, they might not go deep enough for some people.
Here’s a checklist lead magnet for people who want to improve their writing skills.
Webinars
Another option is webinars. These are live or pre-recorded presentations that teach people about a particular topic. They’re awesome if you want to connect with potential customers in real-time and answer their questions. Webinars require more effort to make, but they can also be recorded and repurposed into other content. However, they might not be everyone’s cup of tea.
Here’s an example of a webinar lead magnet for small business owners who want to learn more about social media.
Templates
Finally, we have templates. These are pre-designed documents that help people get stuff done. They’re great for giving practical solutions to common problems. Templates are easy to create and give immediate value to your readers. However, they might not be unique enough to stand out.
When deciding on the right type of lead magnet for your side hustle and target audience, think about what your audience would find valuable, what you want to achieve, and what resources you have available.
Remember, the key to a successful lead magnet is to provide value to your potential customers and make it easy for them to take the next step in their customer journey.
Real-world examples of high-converting lead magnets
Ready to get your creative juices flowing? Let’s take a quick look at some more lead magnets. The goal here is to get your inspiration flowing around what kind of freebie you could give your audience.
HubSpot’s “Website Grader”
HubSpot, a leading inbound marketing and sales platform, offers a free tool called “Website Grader” as their lead magnet. This tool grades a company’s website and provides recommendations for improvement. By offering a free and valuable service, HubSpot is able to attract potential customers and nurture them into paying customers.
Digital Marketer’s “Ultimate Email Subject Line Swipe File”
Digital Marketer, a marketing education and consulting company, offers a lead magnet called the “Ultimate Email Subject Line Swipe File.” This is a collection of successful email marketing campaigns and subject lines that can be used as inspiration for creating effective marketing content. By providing this valuable resource, Digital Marketer is able to attract potential customers and demonstrate their expertise in the field of email marketing.
Neil Patel’s “SEO Analyzer”
Neil Patel, a well-known digital marketing expert, offers a free report called the “SEO Analyzer” as his lead magnet. This report analyzes a website’s SEO performance and provides recommendations for improvement. By offering a free and valuable resource, Neil Patel is able to attract potential customers and demonstrate his expertise in the field of SEO.
Social Media Examiner’s “Social Media Marketing Industry Report”
Social Media Examiner, a leading social media marketing resource, offers a lead magnet called the “Social Media Marketing Industry Report.” This is a comprehensive report on the latest trends and best practices in social media marketing. By providing this valuable resource, Social Media Examiner is able to position themselves as a leading authority in the field of social media marketing.
These are just a few examples of successful lead magnets used by top companies and marketers in the industry.
The key to creating a successful lead magnet is to provide valuable content that addresses your audience’s pain points and establishes your expertise in your field.
Create your lead magnet
Now that you’ve chosen the right type of lead magnet for your side hustle and target audience, it’s time to create it! A high-quality lead magnet can help you generate leads and build your brand, but creating one that really delivers value can be a challenge.
Here are some tips to help you create a lead magnet that your potential customers will love.
- Identify your audience’s pain points
The first step in creating a lead magnet is to identify your audience’s pain points. What are the problems they’re facing that you can help solve? What are their biggest challenges, concerns, or questions? By understanding your audience’s pain points, you can create a lead magnet that addresses those issues and provides real value.
For example, if you run a fitness coaching business, your audience’s pain points might include not knowing how to get started with a new exercise routine or struggling to stay motivated. A lead magnet that provides a workout plan for beginners or a motivational guide to staying on track could be valuable for your audience.
- Focus on one specific topic
Your lead magnet should focus on one specific topic that your audience cares about. This makes it easier for your audience to understand what they’ll get from your lead magnet and helps you create a more targeted offer.
For example, if you’re creating an eBook as your lead magnet, make sure it covers one specific topic in depth, rather than trying to cover too much ground. This could be anything from “10 Tips for Better Sleep” to “The Ultimate Guide to Gardening.”
- Keep it short and sweet
Your lead magnet should be easy to consume and not take too much time to go through. Depending on the type of lead magnet you’re creating, this could mean keeping your eBook to around 10-20 pages, your checklist to a few simple steps, or your webinar to around 30 minutes.
By keeping your lead magnet short and sweet, you’re more likely to keep your audience’s attention and ensure that they actually consume your content.
- Provide actionable content
The content of your lead magnet should be actionable, meaning that your audience can take specific steps based on what they’ve learned. This could be anything from implementing a new strategy in their business to making a lifestyle change to improve their health.
By providing actionable content, you’re not only providing value to your audience, but you’re also positioning yourself as an expert in your field.
- Use engaging visuals
Visuals can be a powerful way to engage your audience and make your lead magnet more appealing. This could include using high-quality images, infographics, or videos to illustrate your points.
However, be careful not to overdo it with visuals or use them just for the sake of it. Make sure that any visuals you include are relevant to your content and enhance the overall experience for your audience.
- Make it easy to consume
Finally, make sure that your lead magnet is easy to consume. This means using a simple layout, easy-to-read fonts, and formatting that makes it easy to skim through.
If you’re creating an eBook, for example, use subheadings and bullet points to break up the content into digestible chunks. If you’re creating a webinar, make sure that your slides are easy to read and that you’re not overwhelming your audience with too much information at once.
By following these tips, you can create a lead magnet that delivers real value to your audience and helps you build your brand and generate leads for your side hustle.
Promote your lead magnet
Creating a high-quality lead magnet is just the first step in generating leads for your side hustle. To attract potential customers, you need to promote your lead magnet effectively.
Here are some tips on how to use different channels to promote your lead magnet and generate leads.
Use social media
Social media is a powerful tool for promoting your lead magnet. Share your lead magnet on all of your social media channels, and be sure to include a strong call to action that encourages your followers to download it.
You can also use paid social media advertising to promote your lead magnet to a wider audience. Facebook and Instagram, for example, offer highly targeted advertising options that can help you reach your ideal customers.
Email marketing
Email marketing is another effective way to promote your lead magnet. Send an email to your existing subscribers letting them know about your new lead magnet and how it can benefit them.
You can also use email marketing to create a lead nurturing sequence that provides additional value to your potential customers and encourages them to take the next step in their customer journey.
Leverage your website
Your website is a valuable tool for promoting your lead magnet. Create a dedicated landing page that highlights the benefits of your lead magnet and includes a form for visitors to submit their contact information.
You can also include calls-to-action (CTAs) throughout your website that link to your lead magnet landing page. This helps ensure that visitors who are interested in your content can easily access it.
Use paid advertising
Paid advertising can be an effective way to reach a wider audience and generate leads for your side hustle. Google Ads and Facebook Ads are two popular options that allow you to target specific demographics and interests.
When using paid advertising, be sure to create a strong, compelling ad that highlights the benefits of your lead magnet and includes a clear call-to-action.
Nurture your leads
Once you’ve got people downloading your lead magnet, it’s time to nurture them!
Nurturing your audience involves building a relationship with your leads over time, providing them with value, and staying top-of-mind so that when they’re ready to make a purchase, they think of you first.
Here are some tips on how to effectively nurture your leads and turn them into paying customers.
- Use email marketing
Email marketing is a powerful tool for nurturing your leads. Use an email marketing platform to send regular emails to your leads, providing them with value and staying top-of-mind. These emails could include helpful tips, exclusive content, or promotions and discounts.
Make sure to segment your email list based on your leads’ interests and behavior. This allows you to send targeted emails that are more likely to resonate with your audience and encourage them to take action.
- Provide consistent value
To build a relationship with your leads, it’s important to consistently provide them with value. This could include sharing blog posts, videos, or other content that’s relevant to their interests or needs.
By consistently providing value, you establish yourself as an authority in your field and build trust with your leads. This makes it more likely that they’ll turn to you when they’re ready to make a purchase.
3. Offer Personalized Recommendations
As you get to know your leads better, you can start offering personalized recommendations based on their interests and needs. This could include recommending a product or service that solves a specific problem they’re facing or suggesting an upsell that would enhance their experience with your brand.
By offering personalized recommendations, you show your leads that you understand their needs and are committed to providing them with value.
Wrapping it up
So, let’s recap the important takeaways from this newsletter. Creating a lead magnet is an essential step in growing your side hustle. To make a great lead magnet, you need to choose the type that suits your audience, create top-quality content, and promote it effectively using social media, email marketing, and other methods. And don’t forget to nurture your leads – building relationships and providing personalized value are key to turning potential customers into loyal ones.
But don’t worry, creating a lead magnet doesn’t have to be hard or intimidating! With a bit of creativity and effort, you can create a lead magnet that your audience will love and benefit from. So why not take action today and start building your lead magnet? By following the tips in this article, you can generate leads, build your brand, and grow your side hustle in no time!
Tool of the Week
Leadpages is a landing page builder and marketing tool designed to help businesses generate leads and grow their customer base. With Leadpages, you can create high-converting landing pages, lead magnets, and opt-in forms to capture contact information from your website visitors and turn them into leads.
Leadpages offers a variety of features to help you create effective landing pages and lead magnets, including:
- Pre-built templates – Leadpages offers a variety of pre-designed templates for landing pages, lead magnets, and opt-in forms. These templates are customizable and easy to use, even if you have little to no design experience.
- Drag-and-drop builder – Leadpages’ drag-and-drop builder makes it easy to create and customize your landing pages and lead magnets without any coding knowledge. You can easily add and arrange elements like images, text, and forms to create a layout that works best for your needs.
- A/B testing – Leadpages allows you to perform A/B testing on your landing pages and lead magnets to see which version performs better. This feature helps you optimize your content and increase conversions.
- Integrations – Leadpages integrates with a variety of email marketing and CRM platforms, including Mailchimp, HubSpot, and Salesforce, making it easy to collect and manage leads.
- Analytics – Leadpages provides detailed analytics and reporting to help you track the performance of your landing pages and lead magnets. You can see how many people are visiting your pages, how long they’re staying, and how many are converting into leads.
Leadpages offers different pricing plans to suit different business needs and budgets, including a free trial to get started.
