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Business Built Freedom

Joshua is a late 80’s vintage and yet to mature. He is a living case study that you don’t stop at failure and more failures lead to success. The constant learning and listening have led Joshua to the position He is with the energizing approach towards business and relationships. After setting up 4 successful companies over 19 years he decided it was time to give some of his knowledge back. You are likely to catch him on the water on a sunny day with his family and friends or building something new and exciting at home on a rainy one.

Dec 3, 2020

How to Create Great Lead Magnets With Lenny Richardson

What do you need to get started? 

With all the new fancy marketing tools out there it can be confusing working out the best way to engage with potential customers. I've got a fantastic guest today, Lenny Richardson is here from Affinity Agency and he's going to tell us about how to create lead magnets, how to make sure that you are collecting those leads, and how to follow up with them consistently. So Lenny, what is a lead magnet for anyone out there that doesn't know?

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Lenny: So I would say the best way to think about a lead magnet is that it's kind of exactly what it sounds like. If you want leads, you need something to draw them in the best way possible. Some people refer to it as a bribe, I frame it to be more like a gift. So you want to figure out exactly what your potential prospect wants and give it to them for free to add value to them. You don't want to make it without any value at all, you want to give them some value. But remember, you don't have to give your entire playbook of ideas. Give them a taste, get them satisfied. Whatever that might be, that is your lead magnet. 

Depending on the industry, but you might have something that lets them dip their toe in with your business to show that you are professional in the type of work that you're doing. That could be a white paper or a review of their infrastructure or something like that, depending on the business. How would you go about making a lead magnet? 

Lenny: I try to think exactly about where they're hurting. Like I said, it'll definitely depend from industry to industry, but you want to know exactly what you want to get into their head and figure out what it is that they're looking for. Think about why they are coming to me for help, and try to give them a taste of what they might want

A good example of this is I have a few friends in the dating industry. Their lead magnet was five or 10 text messages you can send to a girl during the COVID pandemic. To me it's a good lead magnet because a lot of guys are at home, they can't go outside, they're thinking the only way to get in contact with a girl is I can text them. So the lead magnet tells them what to say when they aren’t sure. It's right there. You get a taste of it and then they funnel you into their program.

Don’t Overthink It

I love that you've used that example, because I was in a long term relationship and then became single and I thought, shit, what am I going to do? I don't know what to do. I found that the process was nearly identical to that of just sales and marketing. You're just selling yourself instead of a product. So a lead magnet is all about just getting people to that next stage in the funnel to collect leads into a database. Is that right?

Lenny: Yeah, exactly. One thing I do want to mention is that I’ve seen people overthink it and over complicate it. So for example, I think one of the best lead magnets out there right now are ebooks. They are fantastic, very easy to make, and for the most part pretty digestible. But you have to really understand your audience and really understand who your target demographic and your target market is. If you have your lead magnet and it looks like a very detailed and heavy read, they probably won't download it

I'm not that familiar with the tech industry, but if you're a company looking to help people fix their computers, your lead magnet could just be “Five Easy Steps to Fix Common Computer Problems”. Just something basic that someone will come across and say: 

This solves an immediate problem I have

 I can probably do this

 This person added value to my life

So that company is now in my head. I can come back to them and use them in the future, hopefully, if all works out. 

You are right. It doesn't have to be overly complicated, and it's very dependent on your industry. If you're trying to sell something to a university or something like that, you need to have white papers where you're going into heavy detail. Some people only want to stick to video, and anyone that's reading this on our website is clearly into text. So it's all horses for courses, and you need to know your audience find their pain point

Solve Your Potential Customers Problems

Lenny: Definitely do some research and try your best to get to your prospect or potential consumer. Ultimately, I feel like if you have a business, the main objective is to solve a problem. At some point, you probably are aware of what problem they might have. But it helps to kind of get a little bit deeper and figure out exactly what ails them, what keeps them up at night.

So I also have my real estate license, my license is active, but I don't actively pursue leads or anything like that. But what I did in the past is that I had a small book, it's called “Don't Buy a Home Until You Read This”. As a real estate agent, people ask you a bunch of questions and I will take all their questions. The top five most common ones that they asked me, I put them in a book, and I self published it. It's a tiny physical book and that's my lead magnet. I can just say, if you're interested in his book, you get it, and then I get their information. That's an example of knowing exactly what the person wants. So you can survey people, you can ask them directly using sites like Reddit, that is always a good option.

Converting Your Lead Magnets

So let's say you've got an audience, or you hope to have an audience. You created a lead magnet. I've heard this statement many times, the number one goal is to get people off of the socials and into your database. So how do you go about doing that? And that's normal I guess, through a landing page or something like that, or how would you go about doing that?

Lenny: Once you have the lead magnet, you want to use a landing page or some way to get them into a database. Landing pages are simple and are very easy to make, but you can also get creative. So on Instagram, people are leaving their phone numbers in their bio and people can text it. After people text them it saves their details on a database so you get their information. There's a lot of ways to capture it, but I think the key thing is to make sure you get the contact information.

Products to Manage Your Database

Once you've got that information, it can be as simple as using an Excel spreadsheet or getting more organised such as using something like Active Campaign. Are there any particular tools you would suggest people check out?

Lenny: One of my favourites is MailChimp. For me, it has everything I need. If you do the free version, you can build landing pages, it has a CRM built into it, you can create campaigns, and once you pay for it, you can get a little bit fancy and do automations and behavioural campaigns. 

Following Up With Your Leads

It's as simple as just asking your current clients, really, why do they work with you? How do you differ from your competitors? Find out that why and then from that you can dive in. One thing that I would like to know, how do you make sure that you're not pestering people once they are in your database? How do you make sure you're following up with your leads? 

Lenny: Keep it simple. A lot of times I think people when they follow up, they think, follow up with the intent to sell. So every time they follow up, they're saying buy my stuff, buy my stuff, buy my stuff. I think that is where it gets annoying when you get four emails in a row and all four emails from Monday to Thursday are all trying to make sales. 

Along with keeping it simple, you can use humor to add value. There's an email I got yesterday. and it said something like, you didn't register. You didn't read the following ebook. You abandoned me. I thought you were special. It basically made it sound like I was about to break up with them. It was just so funny. That was a good email because it's funny, it put me in a good mood. They're still kind of selling, but at the same time, they're not forcing it down my throat. So to me, that's a good follow up. Be funny and you don’t have to spam people with 1000 emails. I think statistically speaking in most sales, it takes about four to five contacts before you're usually able to convert a prospect into a customer or client. For the most part, you're not going to close the one on the first sale. So be patient, and just add value with your emails. 

It's always the elephant in the room, I know that the end goal is not just giving away lots of free information, the end goal is obviously for them to convert and become a customer. I call it a P for P or product for prospects and lead magnets are very much the same thing. So for my I.T business Dorks Delivered I have a white paper that I will send out to different people very specific to their industry, detailing pain points for their industry. Then we'll try and think of something that's a little bit bigger that we can help them out with. That will be seen as the end goal is that we're looking to help them out with their support.

Can Scarcity Work?

You have to have that balance. You don't want to be emailing them every day. Do you have any scarcity involved with your processes or do you just keep nurturing them until they're ready?

Lenny: Both can work and the most simple thing would be to just nurture them until they're ready. Personally, I do like using a scarcity strategy or scarcity marketing, but only when it's legitimate scarcity. A good example is that I'm trying to run a case study for restaurants and gyms. I'm offering to do their Facebook ads for free to use a certain type of funnel. I'm being optimistic. I don't want too many people to be a part of this case study just because it consumes time. So that's real scarcity. 

I think some people try to go a little bit above and beyond the scarcity. I've seen some landing pages where it has the timer that is five seconds away from ending, but  I think a lot of people realise once this hits zero, I can still refresh the page. So it's not real scarcity, because I know that it's not limited. I love scarcity, when it's very legitimate scarcity.

Remember to Be Authentic

You want to have authenticity coming through in whatever the marketing material is that you're doing. You want to make sure that people become able to know, like, and trust you throughout the journey you've carried them through. Sometimes you're going to have people that just want a lead magnet and then disappear off and have no interest in doing anything else with you. As long as you are authentic and your genuine message is presented correctly, you will find customers. 

Expected Conversion Rates

What would you say are some of your normal sort of conversion rates from sending out opportunities for people to fill in a form to get a lead magnet? What are sort of the numbers people are seeing out there in the wild?

Lenny: A lot of the time it comes down to why they aren't converting as well as they could be, and part of it could be the funnel. It could just be the funnel itself, it could be the copy, it could be even the image. It’s a good idea to look at and see where people are dropping off at wherever they're dropping off, try to identify what's going on and then fix it. 

For me personally, I'm looking at a 10%, 20% conversion rate as a great success. I know for email marketing, if you get about 10%  open rates, you're doing pretty good. 

I have heard some people convert a lot higher, but it depends on your secondary and tertiary influences. If you only told everyone in your family about your business and they all use your product or service, you're going to convert quite highly in that pond.

How Lenny Can Help You

If anyone does want some more information from you on creating lead magnets what can you help them with?

Lenny: I have a free eBook that goes over the three steps we talked about here in a little bit more detail. I know they sound very simple and very basic, especially if you're in the marketing or business world, but from what I've seen, a lot of people do not do these things. It gives some examples to really illustrate what I'm talking about.

I'm looking forward to giving it a bit of a read myself. Is there anything else you would like to go through?

Lenny: One thing I do want to say with the emails. Experiment, and check your analytics. For example, if you're sending emails out, and you see a lot of people unsubscribing in hordes, you might be doing it too much, or you're probably making people angry. But if you see a pretty good open rate, you're probably doing it right. Don't change it up. So be mindful of the analytics. A lot of people think email marketing is dead. I personally do not believe that. I think email marketing works well when it's done well.

I've really enjoyed speaking with you, and if you're looking to get more information from Lenny, you can jump across to and find out some more information. Everyone out there, stay good.