How to build high-converting lead magnets?

Lead magnets or lead hooks as I Like to call them are common and used by every business.

From sampling in a sweet shop to the biggest modern tech businesses, all use this one tactic to win Customer trust and start engaging with the Brand or product.

Example of lead magnets.

But, why do lead magnets work?

Almost 4 years back I studied “ Predictably Irrational” by Dan Ariely and learned the lure of "Free”.

He experimented with a group and gave them 2 options -

• A 100% free 10$ Amazon gift card.?
• Just for 7$ get a 20$ Amazon gift card.

Now, option 2 is a much better value as you get 13$ by just paying 7.

Here are the results below -

Now, this will give you a clear idea of how effective Freebies are. 100% opted for free than the better value option.

Still, not convinced.

Do you believe people would allow you to tattoo their body if you offered it for Free?

The same offer was launched by a Fashion brand and they saw people line up for the free tattoo.

when asked if they would be open to getting a Custom tattoo for just 1$ 75% said no and 25% maybe.

No one was sure about it.

This is the power of Free Value.?

The customers would have never interacted with the brand if it were not because of the free Offering.

Now, as we are on the same page let's decode how to craft a Killer lead ?? magnet.

Types of lead Magnet -

1. Knowledge - These are the most popular types of ?? Lead magnets. The most common formats are Blogs, cheat sheets, worksheets etc.
2. Utility - These are very useful lead magnets that have direct utilities like a Free tool, database, and similar products that help accomplish some day-to-day tasks.
3. Copy paste - This is one of the highest converting types of ?? lead magnets mostly Created as templates to easily copy and paste without any hassle. This can be an automation template, website template, and many more.

But the biggest questions are what to craft and how to Craft.

This can be solved by understanding a few things about our target audience.?

1. Use the Jobs to be Done framework to understand their work - In this process, we try to understand the tasks and work the ICP performs in their day-to-day life and see if we can Identify gaps or Optimization possibilities to help them solve those with our lead magnet.

Example-?

Think of this you are a design firm owner and I work with 30 Clients and have to create multiple Landing pages. Now, the Client also asks him to do the copy and due to this they use AI as they are designers, not copywriters.?

Now if this designer is my target audience and I create an AI copywriting prompt bundle where you can input your client's details and the value shared on the landing page with guidelines of tone, word limit, and other parameters.

Will he not grab it and use it daily??

1. Get down to digging for information - In this process, you try to find all the details about your ICPs.

But before you start your research you need to figure out a few important questions to ask.?

1. What is the objective of this research?

• What specific problem or question am I trying to address?
• What is the end goal of this research?

2. What do I already know about the topic?

• What existing knowledge or background do I have?
• Are there any gaps in my understanding that need to be filled?

3. What are the key questions or hypotheses?

• What are the main questions I need to answer?
• Are there any hypotheses I want to test or explore?

4. Who is my audience?

• Who will be reading or using the results of this research?
• How can I tailor my research to meet their needs or expectations?

5. What sources of information will I use?

• What types of sources are most relevant (academic journals, books, industry reports, expert interviews, etc.)?
• Where can I find reliable and credible information?

6. What methodology will I use?

• How will I gather, analyze, and interpret data?
• What tools, techniques, or frameworks will be most effective?

7. What are the potential challenges or limitations?

• What obstacles might I face during the research process?
• Are there any limitations in the scope, time, or resources that could impact the research?

8. How will I organize and present my findings?

• What format will the research take (report, presentation, article, etc.)?
• How will I structure the information to make it clear and impactful?

9. What is the timeline for this research?

• What are the key deadlines or milestones?
• How much time should be allocated to each phase of the research?

Now, once you are done with research you will know their problems and the task is to find potential solutions for those problems.

How to Select What problem to pick?

Here's an actionable approach to selecting the right problem after conducting research:

1. Create a List of Potential Problems

• Action: Review your research notes and findings. Write down every problem, gap, or opportunity that you discovered, even if it seems minor. Aim to generate a comprehensive list without initially filtering anything out.
• Tool: Use a simple spreadsheet or note-taking app to keep track of these potential problems.

2. Rank Problems Based on Specific Criteria

• Action: Establish criteria for evaluating each problem, such as:
• Tool: Use a weighted scoring system in your spreadsheet. Assign scores (e.g., 1-5) for each criterion and calculate the total score for each problem.

3. Analyze and Prioritize the Top Problems

• Action: Once you have scores, focus on the top 3-5 problems. Ask yourself:
• Tool: Create a pros and cons list for each of the top problems to help with decision-making.

4. Validate the Problem with Stakeholders

• Action: Before fully committing, validate your top problem with key stakeholders (e.g., colleagues, mentors, target audience). Ask for their input on the relevance and urgency of the problem.
• Tool: Conduct brief interviews, surveys, or informal discussions. Record feedback to refine your understanding.

5. Conduct a Mini-Research or Pilot Test

• Action: If possible, perform a small-scale study or experiment focused on your top problem to test its significance and the viability of potential solutions.
• Tool: Use project management software (like Trello or Asana) to plan and execute this pilot test.

6. Evaluate Potential Solutions

• Action: Brainstorm possible solutions for the top problems. Consider:
• Tool: Create a decision matrix where you list each solution and evaluate it against criteria like cost, time, ease of implementation, and potential impact.

7. Narrow Down and Choose the Final Problem

• Action: Based on your validation and mini-research, narrow your focus to the single most promising problem. Ensure it aligns with your goals and that you have a clear plan to address it.
• Tool: Write a problem statement that clearly defines the issue, its significance, and the intended outcome.

How to create a Decision Matrix?

A decision matrix is a useful tool for making decisions when you have multiple options and several criteria to consider. Here's a step-by-step guide to creating a decision matrix:

Step 1: Define Your Options and Criteria

• List Your Options: Identify the different options or problems you're considering.
• List Your Criteria: Determine the criteria that are important for evaluating these options. Common criteria might include cost, impact, feasibility, urgency, and alignment with goals.

Step 2: Create a Matrix Table

• Set Up the Table: Create a table with options listed in rows and criteria listed in columns.

Here's an example of how your matrix might look at this stage:

Step 3: Assign Weights to Each Criterion

• Determine Importance: Assign a weight to each criterion based on its importance. Weights should total 100% or 1.0.

Step 4: Score Each Option

• Evaluate Options: For each option, score it against each criterion. Use a consistent scale, such as 1-5 or 1-10, where a higher score indicates better performance.

Step 5: Multiply Scores by Weights

• Calculate Weighted Scores: Multiply each score by the corresponding weight for that criterion. This gives you the weighted score for each option on each criterion.

Step 6: Sum the Weighted Scores

• Calculate Total Scores: Add up the weighted scores for each option across all criteria. The option with the highest total score is typically the best choice.

Step 7: Make a Decision

• Review Results: Analyze the total scores to determine which option scored highest. This option is generally the best one to pursue, given the criteria you set.
• Consider Intangibles: While the matrix provides a structured decision-making process, also consider any intangible factors or gut feelings before making your final decision.

This is the ultimate guide for you to create the best lead magnets for your target audience.

But if you are looking for inspiration on how top marketers create lead magnets.

Check this free E-book with the breakdown of top lead magnets here.