4 Reasons Advisor Lead Magnets Fail
At this point, most advisors seem to know what a lead magnet is. It’s a webinar, eBook, or other resource you give a prospect in exchange for their contact information.
But beyond knowing the definition, we find very few advisors who have ever had meaningful success with a lead magnet.
They collect a humble number of emails, even fewer of which are qualified, and even fewer still (if any) schedule a first call.
If you want to see higher success rates (ROI) from your lead magnets, make sure you aren’t making these 4 critical mistakes with your lead magnets.
Mistake #1: No Clear Value Proposition
Every lead magnet faces the same critical decision as any other purchase. “What will I get out of this, and is it worth the effort?” No matter how much time you spend developing the content, your ideal prospect needs to have an answer to this 3-second decision.
You can have the best content in the world, and no one will know if the answer to that question isn’t compelling.
From the title alone, does your audience get a clear idea of what they will get from engaging your lead magnet?
Mistake #2: Picking Broad Topics
Comprehensive guides are bad bets when it comes to lead magnets. Prospects are most likely to respond to more specific topics because they can more clearly understand the promised value (see mistake #1).
Bad example: The Tax-Efficient Retirement Plan
Good example: 3 Tax-Lowering Decisions Before Your RMDs Begin
One feels like a college course. It sounds exhaustive (and exhausting), which is not compelling. Plus, most people describe themselves as busy. Busy people are less likely to take something comprehensive and break it down into the next steps–which is where the biggest value is.
But the good example? It provides your audience with a narrowed scope of action and a clear time frame. (Time frames are especially valuable as they add relevance to your target audience.)
How can you narrow your lead magnet to address a more specific, manageable topic for your ideal prospect?
Mistake #3: Picking the Wrong Medium
Lead magnets can take many forms—webinars, eBooks, white papers, worksheets, etc. Each one is consumed differently, affecting your campaign's value proposition.
It pays to be realistic here. How much time and effort would my ideal prospect give this question? Don’t run a webinar if you can deliver equal value in a download. Don’t write a 27-page eBook when a 1-page question guide would do the trick.
Mistake #4: Being Uncreative
We love the quote, “Creativity faces the least competition.” Some topics face more competition because most people are talking about them. It’s much harder to stand out here.
Creativity offers a critical advantage. What topics are equally important to your ideal client–but people aren’t talking about it. Here’s one of my favorite examples of this.
Intentional Grandparents: One of our most successful campaigns focused on grandparents who wanted to be intentional with how they invest in their grandkids. We sent it to their existing client mailing list (about 1,000 sends), and we saw 142 downloads… from new prospects who had it forwarded to them by existing clients. And all this without a dime of ads running.
So think about your ideal client. Dig into the soil of their life. What are they worried about? Why are they worried about it? How have you helped clients like them find peace?
This list of topics goes well beyond taxes and retirement.
Looking for More Creative Ideas?
One-off ideas are great, but what should your next step be? How do you find your most successful lead magnet? Here are two ways.
1. If you’re looking for help, lead magnets are an integrated part of every scope for Evergreen clients. To learn more, click here.
2. If you’re looking for more ideas to help you figure out your own marketing, subscribe to our newsletter below. We break down topics like this every 2 weeks to help you grow your thinking and improve your marketing outcomes.
