If you’re reading the third step in how to create a passive income, then you already know how viable a sales funnel is as an additional income to your business.

And you probably know that they are popular, and the digital world talks about them. All. The. Time.

But don’t let that put you off, because the really great thing about creating a sales funnel is, that when done right, it doesn’t really matter how many are out there because YOUR funnel is targeting YOUR clients’ specific pain points.

Specificity is key.

Especially to our next subject in this series: offering a Lead Magnet.

Before we continue: here are the links to the earlier articles in this series:

1. 3 sure-fire ways to grow your online business
2. Creating a passive income – step 1: Product/market fit
3. Creating a passive income – step 2: Choose a traffic source

If you don’t want to read the next 900-ish words, then here’s a quick video that tells you all you need to know about Lead Magnets:

What is a Lead Magnet?

It’s the first step in your funnel.

It’s what gets your prospects in the door.

You exchange it for your prospects’ email address – so *technically* it’s free, but really, when you read up on the value of an email address it certainly is not. Also, depending on your industry, email addresses can be pretty expeno.

So, according to my fave digital marketer:

A Lead Magnet is an irresistible bribe that gives a specific chunk of value to a prospect in exchange for their contact information.

These are your take away points for deciding what to offer as your Lead Magnet:

Make it super mega high-value – I’m talking eye-opening amazing

Make it super mega obvious to obtain – big shiny download buttons work

Make it super mega fast to consume – anything longer than a cup of coffee is far, far too long

Why is a Lead Magnet important to your funnel?

Most prospects aren’t going to buy from you straight away. Unbeknownst (side note: how great a word is “unbeknownst”?!) to them, they are going to start a relationship with you first and test your credibility.

Lead Magnets are two-fold: they create a relationship with a prospective client and they help you build your list. Click To Tweet

So, you need to make sure that you are a credible source of valuable information or services to your customers. You need to prove this by giving them something that is valuable to them.

Once they have opted in to receive this free, valuable information, then you have increased your list of warm leads and you can start to build that relationship with them, with the end goal being that they purchase from you.

And we’ll go into the first purchase in our next article.

So, what can you give away as a Lead Magnet?

There are tonnes of things you can give away to your prospects in exchange for their email addresses.

Just make sure that your Lead Magnet is specific to your market and their pain point (I know, I know, I keep banging on about this, but it’s really important otherwise ain’t nobody got time for your free template).

Here are some examples of powerful Lead Magnets:

  • A report or guide are one of the most common lead magnets. They’re common because they work and they’re popular. Make them specific and on point.
  • A cheat sheet or hand out work well and can be consumed quickly. They can come in the form of checklists, mind maps, or blueprints.
  • A toolkit or resource list can make a great Lead Magnet because they cut to the core and give your customers resources they can use immediately.
  • Software downloads or free trials are often provided by software companies. They essentially whet your customers’ appetite and they come back for more.
  • Create some engaging quizzes or surveys that are emailed to your customers’ mailboxes instantly. They are fun and interactive and a great way to capture new leads, particularly in the trades or home improvements industries
  • An assessment or test can be a powerful Lead Magnet because by your lead completing the answers they are giving you far more than just their name or email address. You can use this information to inform other aspects of your sales funnel.

Where can prospects find your Lead Magnet?

Your amazingly high-value Lead Magnet is going to be housed on a landing page or a squeeze page.

These stand alone from your website (that means you’re not going to put the page in your site’s main navigational menu) and they are optimised to convert cold traffic into leads.

We all love warm traffic, but cold will do fine if you can convert. Earlier in this series we talked about choosing your traffic source – you’re going to send your traffic to your landing pages which have your super fabulous Lead Magnet on offer.

Your landing page doesn’t need to be fancy. In fact, the simpler, the better.

High-performing landing pages have only one option for visitors to do – give you their email address to get their download.

Things to consider when determining your Lead Magnet

When we’re looking at our sales funnel, although the Lead Magnet is the first official ‘step’ in the funnel, it may not be the first touch point you have with your prospect.

They may have been reading your blog posts, checking out your LinkedIn profile, or researching you on Facebook or Google+, before they found their way to your Lead Magnet.

So, making all your online content marketing relevant to your clients is essential.

But when it comes to the Lead Magnet, you need to make sure that it relates to the next step in the funnel.

How to make the upsell to the next step in your sales funnel

The next step in your sales funnel is your Feature offer and it’s essentially an upsell from your Lead Magnet.

This is where your genius and creativity come into play because after offering your most irresistible offer for free as your Lead Magnet, how on earth are you going to be able to get your warm lead to now actually buy from you?

I was going to sign off with a ‘simples’, but in actual fact, it isn’t. But there are some fancy-pants tricks to it that I’ll share with you in the next article.

 

Storm is a writer who likes to write by the rules. Finding and fixing errors makes her quite happy. So does chocolate, red wine and a good romcom. She also quite likes playing team sports. It brings out the best in her bossy nature. Read up on her here.

 

 

Summary
Creating a Passive Income – Step 3: Offer a Lead Magnet
Article Name
Creating a Passive Income – Step 3: Offer a Lead Magnet
Description
Step three in creating a passive income is to offer an irresistible lead magnet to your prospects to build a relationship and grow your list
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Virtual Storm
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