So what type of low-cost, high-powered lead magnets are you using to out-promote your big buck major competitors?
Or maybe the opening question should be, are you in fact currently using battle-tested lead magnets of any kind?
And if not, why not? They certainly can be extremely inexpensive and effective at attracting, retaining, and re-activating your target market.
Your niche audience absolutely loves the right type of specific, problem-solving lead magnets. It doesn’t matter to them in the least if your problem-solving lead magnet is a digital or physical product or service.
Nor does it matter to them whether you or your major competitors provide the solutions to them! So don’t continue to miss out simply because you’re not effectively catering to your target audience’s most pressing needs or desires.
Lead Magnets Can Out-Promote Your Major Competitors
Before diving headlong into the concept of lead magnets, let’s quickly define exactly what a market-tested lead magnet is.
Basically, a lead magnet is a practical, proven inducement of some kind. It could be a physical or digital motivator that causes your target audience to take a desired action.
For example, if you’re marketing online, your lead magnet might be some type of free “how to,” problem-solving, nine page special report. The report would show your readers how to consistently generate an additional 25% more gross profits in just 90 days or less. Not too shabby, right?
On the other hand, if you’re marketing offline, one of your very best lead magnets might be an annually renewable bounce back coupon. The coupon would allow your very best customers to save 20% (or X%).
With every purchase clients make for the next year or two, they save X% on any purchase any time they bring a first-time customer with them who is 18 or over.
You see how this low-cost lead magnet strategy could help you create loyal returning customers?
How a Market-Tested Lead Magnet Can Help Your Business Grow
Let’s take two simple, hypothetical marketing examples. The first will demonstrate how a local, up-and-coming CPA might cash in by using lead magnets strategically to grow his business. I will also show how a direct response marketing consultant (such as yours truly) might effectively cash in by using a powerful lead magnet giveaway strategy as well.
Important note: Ladies and gentlemen, try not to get stuck on the specific marketing examples! Instead, make sure you are grasping the overall marketing concepts, which the examples are merely demonstrating.
Let’s say you are the owner or one of the main partners in an up-and-coming CPA firm that specializes in helping small and mid-sized companies. Your firm also maximizes legal tax savings by introducing your clients to little-known, cutting edge tax saving strategies and tactics.
You’ve begun to notice an easily recognizable pattern with 90% of your ideal clientele. So you interview 10-15 of your top clients and discover seven obscure tax deductions. Your clients are legally entitled to these deductions, but they weren’t fully taking advantage of them.
You therefore create a free 17 (or X) page special report or a 37 minute DVD. These you give away via your WordPress blog’s lead capture page, even though what you’re offering has a $27 (or $X) value!
Offline, you have your ideal prospects call either your local or national toll free number to order your free 37 minute DVD, entitled: Seven Little-Known Business Deductions You May Be Legally Entitled To (That Your IRS Agent Doesn’t Want You To Know About!)
But unlike your major competitors, you’re going to use the following three additional strategies to inexpensively grow your practice by leaps and bounds.
(And remember, you can and should inexpensively test these marketing strategies on a very small scale before you permanently roll them out.)
Use Lead Magnets to Help Other Local Vendors Grow
One of the real keys to consistently growing your business and increasing your gross profits is systematically helping other local vendors accomplish the same goals.
Marketing Strategy 1
Look around and find a few reputable, local, non-competing businesses. They should use some form of local telemarketing in order to set up appointments with other local business owners and service providers.
Allow these companies to offer one of your very best, market-tested lead magnets (valued at X) to every local business owner who sets up an appointment with them. In other words, just for sitting down with one of your partner companies, the local business gets the free DVD on market-tested subject X, which is an X dollar value!
And the DVD/report is for the business owners to keep, whether they do business with the vendor not! Your firm gets free exposure to a potential client for peanuts.
Marketing Strategy 2
Next, find a few local, reputable charities in your area, and let them give away one of your best market-tested DVDs or special reports. The charities can give the lead magnets to any local business owners who donate a minimum amount of their time and/or money to the charities.
As things progress, if it makes economic sense, let the charities (or local, non-competing vendors) sell your DVD or special report and keep 100% of the gross front end profits.
At the same time, you will gladly pocket 100% of the long-term gross back end profits.
You Will Be Able to Out-Promote Your Major Competitors
Bear in mind that the vast majority of your major competitors will probably be spending a ton of money on marketing. Many people pour funds into outrageously expensive ads on the traditional channels, such as local radio, TV, and newspapers.
So your less conventional marketing tactics will be far more effective for consistently generating new business. And they’ll be far less expensive too!
Marketing Strategy 3
You can let other local, non-competing vendors use your free lead magnet as an incentive. They can use it as a bonus to get people to become a first-time clients of theirs.
Now let’s switch gears. How can a small business marketing consultant (such as yours truly) use this free lead magnet marketing concept? Remember, you should have the goal to help other local, non-competing vendors grow their businesses as well.
The Right Marketing Strategies Can Produce Big Profits
Marketing Strategy 1
First, there have to be a few local printers who would love to offer their higher end customers a special perk. This perk could be a powerful, free nine page special report (valued at X) clients can get for spending X amount of dollars or more.
This valuable free report will help some of these cash-strapped small business owners increase their long-term gross profits. They can gradually grow them by at least 25% or more in the next 90-120 days or less!
Marketing Strategy 2
There are also probably some local, non-competing vendors who have inactive customers. These vendors could definitely reactivate their clients by offering them a free special report. These and other local business owners could provide free goodies valued at X. The trade-off would be that those people would become active customers and/or paid subscribers again.
Marketing Strategy 3
And finally, there are likely some local business-oriented publications that would love to give away a free lead magnet to every customer who prepays for a certain amount of classified and/or display ad space.
In these situations, you get free exposure to your precise target market for little to no up front, out-of-pocket cost!
The non-competing vendors gradually increase their long-term gross profits, simply by offering the free bonus. And the first-time customer gets some extremely valuable free, “how to,” problem-solving information.
This info might lead them to become one of your opt in email or mobile marketing subscribers. It’s also likely to lead them to ultimately become a paying client.
Please share your extremely valuable comments in the comments section below! What are some strategies people can apply to their businesses, products, or services in the next 30 days or less?
As always, if you got any value out of this post, please Google Plus or tweet this. Thanks!
And be sure you grab your explosive, free 22-step small business marketing idea kit series. It will help you increase your profits by as much as 25% in the next 90 days or less.
It will also help you master your effective communication in marketing skills, no matter what your particular niche market is. It’s a $97 dollar value and it’s free!
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