I wrote a blog recently about lead magnets and what they are used for here
If you are in the online world then I’m sure you’ve come across them or even have one or two yourself.
The question is, are your lead magnets converting? How do you know if your lead magnet is any good?
Calculating Conversion Rates
Without tracking you will never ever know. One of the most important processes in marketing that people forget is tracking. How are you gong to know if your marketing efforts are working unless you have a way of tracking them?
So the two figures you need to know are:
- How many people are visiting the landing page that links to the lead magnet.
- How many people are downloading that lead magnet.
You divide the second figure by the first, and then times by one hundred. That is your lead magnet conversion rate.
If you host your lead magnet on something like Mailerlite or Mailchimp all of these stats are readily available to you.
What is a good conversion rate?
Rates vary by industry and by type of lead magnet. So finding a ‘benchmark’ can be really tricky. There are lots of stats online but for an overall really rough guide, 20% is the ultimate in conversion rates, 3% would be seen as needing improvement. I would be happy with 6-10% as an average.
What are the best types of lead magnet?
A survey carried out on 790 marketers showed that 24% of those people said that video was their highest converting lead magnet. Closely followed by written, and visual, tools, and monetary value all ranked fairly equally after.
We know in the marketing world that video performs well. Be that on social media or online. Social media platforms rank video higher, and people engage more with video. So they are win win.
Webinars do well. Even though seemingly we are all aware now of what those webinars will lead into – some sort of sales pitch. We don’t seem to mind if we know we are going to get some value from exchanging our time and email.
What was surprising from this survey was that after delving deeper into video content, a whopping 73% of people said that they saw the highest conversion rates with short-form content – like video clips, quick tutorials, or video samples.
A very similar result was seen for written content.
This is a really good indication that we are time poor.
What lead magnet should I use?
Again I don’t think there is a definitive answer. The results are clear that video lead magnets work well. But that may not be the case for YOUR audience.
A lead magnet can be so many things. It doesn’t have to be a video or a written guide. I have one client who does very well generating consistent leads into her business through a guided relaxation.
Think about what suits your audience. And make sure it aligns with your overall goal.
If you want a quick hit of ideas then why not download my ’50 Lead Magnet Ideas’. It’s bound to help you step into your creative mind and get some ideas flowing.
If you can, have several lead magnets on the go, in different places, test and tweak and test again.
I would love to know if I’ve inspired you to do something different! Drop a comment below.