4 Lead Magnet Formulas To Build A Loyal List & Turn New Leads Into Quick Customers
A Lead Magnet is a free thing your prospect signs up for (usually in exchange for their email address). Think of It as a useful but incomplete sales tool — because while you should most definitely add real value with your free content, you also want to create the desire for your products or services and, ultimately, make a sale.
No matter which type of Lead Magnet you write, make sure it's relevant to the product you are trying to sell. An irrelevant or arbitrary freebie will most likely flop when it comes to sales because it doesn’t strategically lead your prospect closer to your solution.
Here are 4 Posse-Approved Lead Magnet Formulas that work like a charm:
#1 Solve Step One
This is inspired by Frank Kern’s “Results in Advance” method. Your goal here is to give away just part of the solution. You want your Lead Magnet to provide useful and relevant information that will genuinely help your prospect, but leaving them wanting more. In this formula, you first need to identify your prospect’s most-desired end result and then educate them by breaking it down into actionable, achievable steps.
Then, you simply solve the first step for free in your lead magnet. By doing this, you are adding value and providing fast results, but also creating the desire for your prospect to go deeper (leading to the sale).
Answer the following questions to start brainstorming your Lead Magnet:
- What is the most-desired end result my prospect is looking for? (i.e. how to heal inner self).
- How can I educate my prospect by breaking this down into actionable and achievable steps? (i.e. teaching them about the power of shamanic journeying).
- How can I solve step one to offer results in advance? (i.e. how to create a personal ceremony at home).
- Does this add value but also create a desire for more? (i.e. gives them a surface-level demonstration or tutorial without giving away too much detail).
- How can I help them achieve their most-desired end result? (i.e. Take a comprehensive 7-week shamanic journeying online course).
HINT: Masterclass or Webinars, Training Videos, EBooks, Guides, Mini-Courses and Free Challenges work well here.
Example:
The Copy Posse 6-Figures Masterclass Alchemy of Breath Free Breathwork Sessions
#2 Give Them The What & Why, Sell The How
This type of Lead Magnet focuses on educating your prospect on WHAT they need to do to
solve their core problem/achieve their most-desired end result and WHY it’s so important.
You give them the action steps, framework, secrets, or formula for them to follow, which
they could implement on their own and see immediate results. After you give them the
WHAT and WHY for free, you can position your product as the HOW – the comprehensive
action plan that will more easily, quickly, and effectively get them to where they want to go.
Answer the following questions to start brainstorming your Lead Magnet:
- What useful, valuable and relevant information could I share with my prospect to educate them on their core problem (i.e. The Copy Posse Hot Offer Checklist gives a useful step-by-step checklist of WHAT must be included in every offer).
- Why is this information important? (i.e. The Hot Offer Checklist gives every single copywriter an easy-reference guide and framework for writing a complete sales page).
- Why would they need to learn more? (i.e. The Hot Offer Checklist is useful, but in order to fully understand how to write effective sales copy, you need a deeper understanding of marketing and copywriting.).
- How can I help them get there? (i.e. Join the 5-Day Write & Ignite Challenge).
HINT: Free Templates Frameworks, Exercises, Workbooks, White Paper, Case Study, Industry Report, Free Customized Quote, etc.
Example:
The Copy Posse Hot Offer Checklist Jess Massey Schedule Template
#3 Diagnose The Problem
A Lead Magnet can also be a powerful tool for educating your prospect on a problem they didn’t even know they had. This works really well for an unaware audience. This type of Lead magnet focuses on diagnosing a core problem for your prospect, giving them a “bandaid” (aka immediate fix), and then selling them the “cure” (aka long-term results).
Answer the following questions to start brainstorming your Lead Magnet:
- What does my customer know and not yet know about the core problem/solution? (i.e. Maybe they’ve heard of ayurveda but don’t know what their dosha is or why that matters, they are experiencing low energy but don’t know why they don’t feel nourished after certain meals)
- What do I need to educate my audience on in relation to the product I am selling? (i.e. by understanding your Dosha and creating a lifestyle accordingly, you’ll enjoy a healthier, more balanced life.)
- How can I effectively diagnose this problem? (i.e. take a short quiz to determine your dosha so you can create a roadmap to healthier habits).
- How can I give an immediate fix/result? (i.e. you are a Pitta-Vata dosha and should generally avoid eating bitter foods).
- How can I offer more long-term results? (i.e. For a more in-depth analysis or guidance sign up for this 12-week class…)
HINT: Quizzes and Profiles, Discovery Calls, Copy Critique, Website Audit, etc.
Example:
What’s your Dosha? Sleep Chronotype Quiz
#4 Free Trial, Sample or Giveaway
This type of Lead Magnet is probably the most simple – giving them a taste of what you offer or a trial/sample/selection of what you are ultimately trying to sell. Getting an early commitment to receive something for free makes it easier to then ask for the sale.
Answer the following questions to start brainstorming your Lead Magnet:
- What do I ultimately want my prospect to do/purchase? (i.e. ongoing meal-kit subscription box)
- What can I do to allow my prospect to sample the product for free, without full commitment? (i.e. sign-up now and get your first box free!)
- What can I do to increase the likelihood my prospect will “upgrade” to the full service/product? (i.e. Offer a future discount, provide additional perks, build awareness or get active and public commitment).
HINT: Contests, Sweepstakes, Coupon Codes, Trial or Sample, etc.
Example:
Try Microsoft 365 for Free Amazon Prime Trial Morning Yoga Movement 30 Day Challenge