🧲 High Converting Financial Advice Lead Magnets (14 Examples Inside!)
So you’re getting traffic to your website by:
- Creating well targeted content tailored to your Ideal Clients’ needs
- Boosting that content to a new audience (using last post’s strategy)
Now that your Ideal Clients are aware of your business and engaging with your content, it’s time to turn them into subscribers.
In today’s post we’re diving deep into the ‘Subscribe’ stage of your Ideal Client Journey:
The subscribe stage is an essential part of your Client Journey for an important reason:
Not everyone who engages with your content for the first time will be ready to make an enquiry, or have a sales conversation.
Research shows it takes up to 7 exposures to a brand to reach a level of trust to consider making a purchase decision.
And in the context of financial advice, this may be even higher.
So you need a strategy to:
- Open a relationship with new prospects
- Win their permission to begin marketing to them
- Nurture the relationship over time
- Move the prospect closer towards being ready for a sales conversation (the ‘Evaluate’ and ‘Purchase’ stages)
And ideally, you want all of these steps to be completed using marketing automation, so this whole process is automated!
Read on to discover:
- The #1 strategy to turn visitors into subscribers
- 7 attributes of a high performing financial advice Lead Magnet (with 14 examples!)
The #1 strategy to turn visitors into subscribers
Offer free value!
Funny how the most effective strategies are also the simplest.
So in order to get a new subscriber, you’re going to offer free value in exchange for your prospects’ contact details.
Think of it as an ‘ethical bribe’ for their contact details and the permission to begin marketing to them (in the form of ongoing personal communication – emails, letters or social media).
The free ‘value’ you offer will be in the form of premium content that we’ll call your ‘Lead Magnet’.
Why use content as a form of value?
Because once you’ve produced it, you can repeatedly give it away using marketing automation.
In one word: scale.
A great Lead Magnet can be like your best salesperson – instead of speaking with 1 person an hour, your content can be read by 1,000 people!
So the process roughly looks like this:
- Your Ideal Client reads your content
- At the end of the content, you offer a highly related free Lead Magnet as the main Call to Action (CTA)
- The user clicks through to the Conversion Landing Page where they enter their personal details to sign-up
- They are then added to your CRM or marketing automation software and redirected to the download page to get access to the Lead Magnet
- Once users are added to your CRM, you can begin nurturing the relationship (the best way is by drip feeding even more value over time with high quality content!)
You can upgrade this strategy:
- Use remarketing ads to target people who have read the content but NOT subscribed to the Lead Magnet (this ad sends them straight to the conversion landing page)
You can also test:
- Using remarketing ads to target any visitors to your website in the last 60 days with your Lead Magnet offer
- Targeting a cold audience (new prospects) with your Lead Magnet offer – by targeting the right demographics and interests, while EXCLUDING any visitors to your website in the last 60 days
- In both of these campaigns, you send traffic straight to the conversion landing page
Ok so now you know ‘how and why’ you should use Lead Magnets to generate leads, let’s discuss what makes a decent Lead Magnet…
7 attributes of a high performing financial advice Lead Magnet (with 14 examples!)
These are my 7 attributes of a high performing lead magnet.
1. Target a specific customer persona
Every element of your marketing should be targeted specifically to your Ideal Clients. This allows you to create more targeted content that’s tailored especially to your audience’s needs. Relevance = interest.
Example: Pension secrets guide targeting retirees
Example: Financial planning for teachers
2. Solves a specific problem
Your Lead Magnet should solve a specific problem. Aim for a problem that’s causing your Ideal Client emotional grief. The sort of thing that’s keeping them up at high, staring at the ceiling. People take action to solve painful problems.
Example: Helps people who have been surprised with tax bills from an employee share scheme (the problem)
Example: Debt reduction guide targets people with debt problems
3. Delivers a quick win
If you read my blog post on What Advice Clients Really Want, you’ll know that people are in their before state, wanting to get to their dream state. Your service will be designed to move them from where they are now to where they want to be. The Lead Magnet therefore, should move your Ideal Client closer to their dream.
Example: Investment quiz delivers a quick, fun result
Example: Budgeting spreadsheet delivers quick wins
4. Easy to consume and take action
Nothing creates friction and procrastination like confusion. The Lead Magnet should be easy to consume and actionable! You want your prospect to feel the victory of moving one step closer to their dream, so it’s important your Lead Magnet makes it easy to get that quick win.
Example: Retirement planning checklist is super actionable
Example: Free quiz delivers actionable insights
5. Linked to a service you offer
There’s no point offering a free 70 page booklet on your favourite Thai dinner recipes. The Lead Magnet should be linked to one of your services. So when prospects consume the Lead Magnet, the logical next step is a consultation or introductory service that you offer.
Example: Sustainable investing eBook links perfectly to the firm’s wealth management services
Example: ‘Buyers Guide’ helps prospects shop for a financial advisor
6. Builds trust and authority
The Lead Magnet needs to be high quality and insightful. Readers should finish the content and have the perception that you are a legitimate expert and an authority on the topic. In other words, don’t publish fluffy, light content and expect it to get results.
Example: Roadmap goes deep and builds trust
Example: Advanced property investor debt reduction guide
7. High perceived value
The Lead Magnet should be perceived as a valuable piece of content. If your prospects feel like you’ve given them something of high value, they’re much more likely to try to return the favour (law of reciprocity from Robert Cialdini!)
Example: The New Family Roadmap delivers value for families just starting out
Example: The Money Dominating Toolkit
Ok those are the 7 attributes that make a killer Lead Magnet!
Try to combining all 7 elements together to maximise the performance of your Lead Magnet.
Now you might be asking yourself:
What does “high performing” actually mean?
A solid performance for a Lead Magnet is a conversion rate of 5% – 15% of visitors into leads.
Let’s run some quick numbers to see why this is so important:
- 1000 clicks on a boosted post Facebook ad
- Average Cost per Click (CPC): $2
- Media spend: $2,000
Now let’s compare Lead Magnet conversion rates and their impact on Cost per Lead (CPL):
- 1% conversion: 10 leads (CPL: $200)
- 5% conversion: 50 leads (CPL: $40)
- 10% conversion: 100 leads (CPL: $20)
- 15% conversion: 150 leads(CPL: $13)
So obviously, it pays to be a high converter!
Now it’s over to you – I’m looking forward to seeing what you create!
If you’d like more training in Lead Magnets (including over 63 additional suggestions), checkout my Content Marketing for Financial Advice course: