Let me guess. You've started your coaching business online and keep thinking to yourself, "What is a lead magnet or freebie opt-in?
Don't worry, it's common! We all have to start somewhere and today, I'm going to clear up what a lead magnet is so that you can make progress towards your business goals.
What is a Lead Magnet or Freebie Opt-In?
A lead magnet is an item you give away online in exchange for an email address or contact information so that you can start building your mailing list. Lead magnets are one of the best ways to get more email subscribers. Think of it like an incentive for potential clients to join your mailing list.
What other names are there for a lead magnet?
Other names they come by are:
- Free offer
You get the gist. If you don’t have a lead magnet yet or don’t have a very good one, then this article could potentially change your business.
What are the benefits of a lead magnet?
A lead magnet is a beautiful way to showcase very fast what it is in essence you do and can do for your potential client. As a result, this is why having a lead magnet that is of high value is really important.
Too often I see coaches using a simple (and overused) tactic of “Hey sign up to my updates here….” with little to no success on building their list.
WHY? Because the person landing on their page is most likely new and wants to know more about what you can DO for them, not be sent email updates all the time.
While the whole point is to get them on your list so you CAN email them when you want to, making that the message is going to fail your list building ventures.
Why use a lead magnet in my coaching business?
A Lead Magnet acts as a buffer or gatekeeper for your mailing list. The free offer you have is a tool to weed out the people who genuinely aren’t interested in what you have to offer. This means making your lead magnet highly relevant to what you do as a coach is essential.
So now you know what a freebie does, it’s time to dig deeper into how to create an amazing one, how to set it up correctly and build your tribe!
What types of lead magnets should I use in my coaching business?
When it comes to a lead magnet, there are many ways you can deliver your content. Honestly, there are no limitations.
Here are some ideas to get you started:
- Digital E-book
- A Case Study
- An estimate or quote
- A free consultation
- A recorded or live webinar
- A free sample or trial offer
- A survey assessment or quiz
- A checklist or cheatsheet
- Digital sales materials
- Coupons or discounts
- The list could go on!
The most common form of freebie though, especially for coaches, is an ebook, so let’s start there.
Using an Ebook as a Lead Magnet for Coaches
A good Ebook will educate your potential clients about your business in a way that doesn’t sell, yet solves ONE BIG problem they have. A well-crafted ebook will incorporate language and dialogue into the content - not just the forward of the ebook so that as the person is reading it, they instantly relate with you to know who you are AND get their problem solved at the same time.
This is one of the biggest fails I see when coaches create an ebook. If you have an ebook, thinking of writing one or maybe even use a done-for-you version, be sure to write your own message into the content WHILE solving the problem for them.
Using Case Studies as a Lead Magnet
Case studies are really only suitable for when you work in a Business to Business or B2b market. This is where you provide services or products to another business as your way of selling. Some coaches may do this, which is why I have included it. By offering a case study, you are letting potential clients know that you understand your business or industry on a deep level and that others have been successful using your services or products
Using Consultations as a Lead Magnet
A quote or free consultation is tricky…many people feel a free coaching session is too good to be true and expect it to be a sales call masking as a free session. This is really common in the services industry, and a few coaches are using this as a way to hide their prices and provoke intrigue, but be careful - know your audience and if you think it will work well for them, try it and see. You can use a free session or discovery call to answer one key issue they have and let them know that if they want to work with you they can. Don't push too hard on your call to "sell" and you should be ok!
Using Webinars as a Lead Magnet
Webinars are fast becoming the go-to marketing strategy to build email lists and use as a freebie. BUT, creating a webinar takes a great deal of effort and a hell of a lot of time to put together. A webinar can either be a live or pre-recorded session. Your visitors offer up their email in exchange to watch the webinar or replay. Webinars give you a chance to educate your market about the benefits and problems that your services solve.
Using Free Samples or Trials as a Lead Magnet
A free sample or trial is a fantastic way to build your mailing list as a lead magnet. It gives you the chance to build trust with potential clients who might still be unsure of the value you can provide them. Just be careful here though, as depending on your niche, this tactic can possibly devalue your services, so again, make sure you know your audience well enough to understand that they would go for this type of freebie.
Using Surveys as a Lead Magnet
Surveys are a great tool as they can act for you in two ways. Help you to understand your audience and their problems better to then solve them, AND to get them on your list. Win Win. The person gets a feeling they are being heard. What you can do from the survey is potentially turn the common problems into a simple checklist to then offer as a freebie. A high conversion rate usually comes from Pinterest, so if your audience is heavily into Pinterest, this might be your best way to build your list.
Using Coupons or Discounts as a Lead Magnet
Lastly, coupons and discounts - these can either work for you or against you. Coupons can devalue your coaching services, BUT on the other hand, they can be appealing to people who have not had a financial chance to buy from you. Coupons and discounts work best when you have a small dollar value item to apply the discount to.
What do I need to setup a lead magnet?
You need three things to setup your lead magnet:
- A Mailing List
- Your Lead Magnet or Freebie
- A landing page with a sign up form (linked to your mailing list)
Now, for those of you who don't have a mailing list platform yet, then you'll want to start at step 1 below.
STEP 1: Create a Mailing List
The first thing you want to do is have a mailing list hosting provider. This is where your list will be kept or "housed". There are many options to choose from, but lucky for you we've used all of them and can safely recommend these options for you:
- Mailerlite: They are free to use up to 1000 contacts and are perfect for coaches just getting started! The caveat is you need a website as proof you are a legitimate business. We love Mailerlite.
- Convertkit: These guys are who we use, and have done for 3 years. They are simple, efficient and down right amazing as a paid option. Email delivery rates are high and you have a ton of support with videos and tutorials from Convertkit.
STEP 2: Create your Lead Magnet
The one thing to remember is to make it the most straightforward form for your target audience to digest. What do I mean digest? Well let’s say you want to create an ebook because everyone else is or you just think that is what you need to do, but your audience is someone who fits in the jam-packed category of people, are they really going to have the time to read it? Maybe an audiobook or cheat sheet might work best here.
STEP 3: Create a landing page for signups
Having worked with thousands of coaches so far, this is where most get tripped up! Coaches struggle with the technical part of connecting the mailing list to the lead magnet.
You essentially have 2 ways setting up your landing page: On Your website or a lead page type setup or hosted on your mailing list platform.
No matter how you decide to go with the landing page location, you'll want to embed or include the SIGN UP FORM from your mailing list host so that it's connected to your list. Then, create an automated email within your mailing list to be sent upon sign up that includes the lead magnet download link or access information.
You now know what a Lead Magnet is and how to create one for your coaching business!
So have a think about your audience, who they really are, so you can create a lead magnet that will be of relevance to your target audience.
You've got this!