In today’s episode, I’m going to show you how to pick the best launch lead magnets!
If you are launching a group program, membership, course or VIP service, I’m going to help you pick the best lead magnet for that particular launch.
We’ll dive into what a lead magnet is, and the difference between free and paid lead magnets.
This is going to be a really practical episode and I’ve even got a brand new free resource at the end, so make sure you check that out.
Let’s dive on in!
First and foremost, what do I mean by a lead magnet?
A lead magnet is something that gets people to lean into your launch.
Your launch lead magnet could be:
- FREE – a webinar or a challenge that gets people to register with their email address, which registers their interest in your launch
- PAID – a paid workshop that has an upsell to something
I think lead magnets are brilliant for launching because they are asking people to take that step towards your program.
It means that you don’t have to send every launch email to your entire list. You only send it to a portion of your list who are actively interested in the outcome that your program delivers.
It also means that we can use consent-based practices to ask people to step forward towards us, whilst meeting them with amazing value that not only qualifies them for whether they’re actually the right person for your product or service, but also allows you to deliver great value and move them towards readiness to invest in your program.
In this episode, I’m not going to talk about paid lead magnets. I’m going to focus on the best FREE launch lead magnets.
(That being said, in today’s epic resource, I do have a bit more information about the difference between free and paid lead magnets, and why I mostly recommend free lead magnets for launches.)
We know that we want to use a free lead magnet to get as many qualified leads for your launch as possible… but how do you pick the best launch lead magnets?
1. Get clear on your stage of launching
Pick a lead magnet that’s appropriate to that stage.
The earlier in the stages of launching that you are (for example, if it’s your first launch of that particular product), I recommend using a webinar. Something that is short and sharp.
You can call it a workshop or a masterclass or something different, but it is something where people give you their email address to come to a live web-based training.
In the early stages of launching, I recommend focusing on webinars as your primary type of lead magnet.
I recommend webinars for a number of reasons:
1. It’s the easiest to pivot if something isn’t necessarily attracting people in.
Let’s say you decide you’re going to run a webinar on X topic, and when you first start promoting that webinar, you’re not getting much interest at all.
You’re able to adjust the topic of that webinar and move it around a little bit in the early stages. Even when you’re running the webinar, if you have people there with you live asking certain questions, you’ll be able to answer those questions immediately.
2. You’ll be able to gauge their interest in the upsell.
At the end of that webinar, you’ll be able to gauge what they think of the upsell that you’re promoting based on how many questions people ask about the product, whether they’re sticking around for the end of the webinar, and the other ways that people give you feedback in the chat box.
I particularly like webinars because they are great to pivot.
They are something that you can deliver in one go.
A lot of people think that they should run a five-day challenge or create a quiz that promotes a masterclass or something like that.
Those types of lead magnets have a lower completion rate – especially if you do not have a significant ads budget. You also can’t deliver them in one go. You have to deliver them in pieces.
A challenge has a certain number of days, and a quiz with a masterclass or webinar at the end means it takes you multiple steps to build. Then you run something live that needs to meet all of the results of the quiz, or you have to pre-record different things for different outcomes of the quiz.
It’s a much more complex lead magnet.
In all of those more complex lead magnets, you need ads.
In order to get the retargeting ads to work, you need to be confident that you’ll get at least 200-300 people registered for that particular lead magnet.
That’s why I highly recommend that you focus on webinars in the early stages of launching.
Once you’re into the more advanced stages of launching, then you can look at things like challenges, quizzes, and those more complex lead magnets. This is because you’ll have the budget for the ads, you’ll have practised and tested what topics your audience is interested in, and you’ll know what your conversion rates are from those webinars.
To give you some stats, most webinars get at least 25% of registrants signing up and attending live. Another 30-40% of registrants will watch the replay.
When you add that together, it’s 50-65% of people who register will actually complete the lead magnet.
For five-day challenges, the completion rate gets to as low as 5-10%.
Three-day challenges can tend to have a higher completion rate around the 20% mark. But you can see that it’s still nothing compared to the completion rates of webinars.
In order to get those completion rates up for challenges, video series or quizzes, you are going to need those Facebook ads to get that completion rate up. But again, those ads need 200-300 people registered.
That’s my first tip on picking the best launch lead magnets – choose based on your stage of launching.
2. Pick a topic that is proven already
If you haven’t yet run a webinar before, I would recommend running a webinar before you dive into launching group programs, products or services so that you can test what your audience is interested in and what converts into paying clients.
That’s why I said you can actually launch one-to-one services. Run a few webinars where the offer at the end is to work with you in a one-to-one capacity, and see what conversion rates you’re getting from those webinars.
If you haven’t run a webinar before, and you’re going to do this as your way of proving your topic, you can also look at your most popular blogs, podcast episodes or content on social media, and see what your audience is hungry for that converts.
What does your audience want, that will convert into the thing you want to sell them?
Make sure you’ve got some proof, and look for evidence of what your audience is actually interested in.
3. Ask your audience
But please! For the love of all things amazing… do it the right way.
Don’t just ask your audience what you should run a webinar on. Your audience is going to either:
1. Tell you what they think you want to hear
2. Suggest things that aren’t in your zone of genius
3. Suggest topics that aren’t directly related to what you’re launching
You need to know what the outcome is that you’re going to promise with your offer.
This is so that you can make sure that the outcome that you promise in your webinar or other lead magnet matches the outcome that you promised from the product that you’re upselling to.
You can use several ways to make sure that the way that you ask your audience is the most effective:
Strategy 1: Be clear and direct on the topic area
If your offer of VIP services helps people to achieve X outcome, then when you ask your audience what they’d like to learn, say something along the lines of, “I’m thinking of creating resources to help you [X outcome], what would you like to learn?” Or, “If I had a magic wand and could help you achieve [X outcome], what would you want that to look like?”
You’re asking questions specifically related to the thing you’re upselling them into.
Strategy 2: Make sure it’s the committed audience
The way that I do that is I ask about paid offers, rather than saying that it’s going to be something that’s free.
Sometimes I might say, “I’m thinking about creating a low-cost program that will help you to [X outcome]. What would you want to get out of that program?” Or, “What challenge do you think that program would help you to overcome?”
I actually don’t have the intention of necessarily making it a low-cost program. But by asking them to think through the lens of what they would pay for, I often get much more specific and detailed answers.
Ask your audience some questions about how you could deliver that outcome for them, what’s in the way of them getting that outcome, or why the outcome would be important to them. This will give you some evidence-based insights into the right lead magnet for your launch.
That’s the third tip I have for you to pick the best launch lead magnets – ask your audience!
4. Try it and see
Stop overthinking and looking for the perfect lead magnet.
The best way to find the best launch lead magnets is to go use a lead magnet and test it.
No great lead magnet was built in theory.
Some of my best webinars and challenges have been built through five or six different iterations.
Every time I deliver, I can see how I can improve it for the next time.
Rather than thinking you need to make it perfect, I just want you to do a couple of quick audience tests to make sure you’ve got some proof of concept. Choose the simplest and easiest lead magnet for you to deliver (which in 99% of cases is a webinar) and then get out there and run it.
The signup rate for your webinar will then have a baseline number. Your attendance rate will have a baseline number. The number of people who watch the replay will have a baseline number. Your email sequence following the webinar will have a baseline number of the open rates, and the click-through rates.
You’ll also be able to see what the conversion rate is of that lead magnet.
Stop overthinking it, stop delaying, and stop putting barriers between you and running that lead magnet. Get out there and give it a go.
As I said, I have an epic new free resource for you with today’s episode of the Heart-Centred Business Podcast.
It is my NEW Launch Basics freebie.
Grab that free resource here: CLICK ME
As always, if you have any questions or lightbulb moments you’d like to share with me about this episode, come on over and slide into my DMs on Facebook or Instagram.
Thank you so much for joining me for this episode of the podcast where I helped you choose the BEST launch lead magnets.
Until next time, I cannot WAIT to see you SHINE.