Last updated - March 5, 2021
Are you aware that currently there are 12-24 million eCommerce sites active across the globe? Each passing day, the numbers only go upward and this competition keeps on increasing.
If you come to think of it, at least 10% of those eCommerce sites would be your direct competitor. In such a scenario, it gets very difficult to acquire and retain the attention of your target audience.
To win over your competitors, you need more customers visiting your WooCommerce store. If you are doing everything right, but still can’t manage to acquire and convert quality leads, lead magnets might be the missing piece of the jigsaw that you’ve been searching for. Wondering how? Let’s get into the details:
What Is A Lead Magnet?
A lead magnet is basically a give and take — a kind of barter deal between you and your audience. When you offer a free resource in exchange for the prospect’s contact information, you are offering a lead magnet to them.
They simply get the work done for both, you and your customers. You get to extract the desired information/ action from your customers and they get free access to the resource being provided by you.
Lead magnets usually serve the purpose of lead generation and email list building. ’Lead magnets form a bridge from exposure or awareness to trust and likeability.’ (Social KNX)
When you visit a website, have you been welcomed with a pop up that offers something in exchange for your email id? That is precisely an example of a lead magnet.
Not all lead magnets are created equal. To produce an irresistible lead magnet, you need to first understand the…
Characteristics Of An Effective Lead Magnet
Research by Search Engine Journal states that “On average, visitors stay on websites for not more than 15 seconds, and most of them might never return again.”
In such a case, how do you convince them enough to pay attention to your lead magnet, and even respond to it? You need to provide something irresistible. Therefore, your lead magnet should:
- Be simple, straightforward, and easy to comprehend.
- Show off your expertise in the specific niche.
- Provide actual value to your customers.
- Focus on solving a problem.
- Contain an actionable step.
Depending on the nature of your organization, you can choose from many different kinds of lead magnets. Talking specifically about your WooCommerce store, we have listed down the best kind of lead magnets.
Before we discuss those in detail, you can install the ‘Constant Contact’ plugin for your WooCommerce website so that you can easily use the information below and start building your email list.
And as you’ll see in the sections below, WordPress plugins make the creation and execution of lead magnets a breeze, so if you’re running your eCommerce store on a different CMS like Sitecore, we strongly recommend that you migrate Sitecore to WordPress.
Top Types Of Lead Magnets
1. Content Upgrades:
When you focus on collecting an email database through your lead magnet, you want to make sure that the database is relevant. Content Upgrades lead magnets will help you do that.
When you use this type of lead magnet, you utilize the existing content on your website. Instead of publishing the full content out there, you put out some part of it, providing an opt-in form to the readers, asking them to provide their email address so that they can get access to the full content. These are usually focused on a specific piece of content.
Using the Content Upgrade lead magnet for your blog posts can be a good practice because ‘In The United States, 61% of online customers have made a purchase, relying on recommendations from a blog’.
This might be a long process but it is surely worth investing in your time and effort. The E-book that you use for your lead magnet, should provide a compilation of content that is relevant to your audience.
By doing this, you are offering convenience to your customers. You are eliminating the time that they will have to spend, looking for different pieces of information, and are compiling it for them.
Additionally, E-books will also enable you to attain your positioning as a subject matter expert. E-book store is an excellent WordPress plugin that will help you implement this lead magnet.
Click here to read more about how you can easily create an E-book pop-up.
Samples are the kind of lead magnets that can demonstrate instant gratification to your audience. They will work best when you have products to offer. Think about it in this way, the customer has nothing to lose here but a lot to gain.
By providing their contact information and signing up on your WooCommerce website, they get access to a free sample of your offering.
So, before they invest their money in your product, they get to try for themselves and figure out if it is worth it.
Offering quizzes as a lead magnet creates a win-win situation. When a potential customer opts to attempt your quiz, they take away insight and get to know more about themselves, your brand, and your story. Quizzes offer an interactive experience.
It has been found that quizzes have a 40-50% average conversion rate. Kaye Putnam, a brand strategist generated revenue of over $100,000 from her quiz. Click here to know more about how she did that. After you’re done with that, you can then use the WP Quiz plugin to get started.
Cheat Sheets give your audience access to a process or a list of guidelines that they can always refer to or keep following multiple times to achieve a specific benefit. Cheat sheets help reduce your audience’s mental burden, as all they have to do is tick off the cheat sheet to get the job done.
You can choose to provide a glossary of terms, a directory of your products, or a summary with a cheat sheet. Also, you can use the PDF Embedder Plugin to add a cheat sheet to your WooCommerce Website.
You now have a list of possible ideas that you can implement for your lead magnets. To ensure that you do it most effectively, here’s the process that you need to follow:
Steps To Create And Launch A Lead Magnet
- Identify Your Buyer Persona: If you are trying to serve everyone, you will end up all over the place. Identifying a specific buyer persona will help you better target your lead magnet.
- Decide The Value Proposition: Once you have figured out who you want to serve, research about what they value. When you offer something they need, they are more likely to respond to your lead magnet.
- Choose a Specific Type Of Lead Magnet: As you have different options to choose from, narrow down your choices to the most relevant ones, according to your expertise, audience preferences, and resources available to create the lead magnet.
- Name The Lead Magnet: The name of your lead magnet is the first thing that your potential customers will come across. You need to make sure that it is relevant, irresistible, and unique.
- Use The Relevant Tools and Plugins to Launch It On Your Website: Based on the lead magnet that you’ve chosen to offer, you can make use of the tools and plugins described above to easily integrate the same on your website.
We can vouch and say that lead magnets will help you skyrocket your sales, and eventually, revenues. They are a tried-and-true way to get access to your audience’s contact information. If you use lead magnets effectively, you’ll stand a better chance of being the first brand that comes to the customers’ minds when they think of buying products or services related to your offerings.
It’s time to review all the above-mentioned options and start implementing the best one for your website.