5 Lead Magnet Ideas To Increase Revenue In Your Ecommerce Store
- By Tooba
Whenever someone tells me that my website traffic is high, I always ask; how much of that traffic converts into paying customers?
The modern customer is picky. They’ll window shop and procrastinate for hours on a variety of different stores and then leave unless you give them an incentive to purchase from your store.
No amount of website traffic matters unless you're closing sales on your products.
Now how do you get customers' attention?
There are plenty of ways you can persuade a customer to make a purchase. One way to do so is through using lead magnets.
Sounds complicated right? On application, it’s really easy. A lead magnet, simply put, are things in your store that promise value to the customer. That value is intriguing enough for the customer to give you their contact information like an email or a phone number.
This way, it’s easier to sell to customers rather than convincing them to purchase from your store. When you know how to contact a lead, you can tailor your emails or pitches to the customers to convince them to purchase from your store.
Now, lead magnets come in different shapes and sizes. Creating the right one for your eCommerce store requires you to understand your customer preferences. Once you know what makes your customers tick and what they need, you can tailor your offerings for the better.
Don’t know where to start? Well, this post is here to inspire you.
Let’s look at some of the most common lead magnets available in today’s market.
1. Offer Discounts
When you incentivize a customer to purchase a product from your store, you increase the likelihood of making a sale. This is why discounts have been so effective for so long.
It’s a win-win where the customer converts because it’s a good deal and then the owner, well, they’re making a sale.
When to use discounts?
Now you don’t have to use discounts all the time. You’ll be losing money that way. What you can do is utilize discounts in periods where your sales are low.
During that period, not only do you get better sales during a low sales season while also giving your customers a feel for your products and customer services.
How much discount you want to offer depends mostly on you. You can offer a percentage amount or dollar amount for a purchase. In addition, you can also offer bulk discounts if a user reaches a minimum dollar amount.
2. Add E-books, infographics, or guides
Educating the customer is a great way to build brand loyalty. If you have a specialized product (or even a general one), offering educational content as a lead magnet can go a long way in building your credibility in the online sphere.
You don’t have to write blogs upon blogs of informational content. There are more visually appealing options like using infographics, social media posts, and video content.
Shorter, engaging, and crisper content has more potential to convert leads than your bland content pieces.
When to use educational content?
This content shouldn’t be introduced at the start of the sales funnel but rather in the middle. The customer is aware and is considering the purchase. This sort of content makes the customer even more aware of the product.
The content makes sure that the educational content provides what the customer is looking for and further convinces them of the product.
For educational content, you can use a combination of eBooks, infographics, video content.
You can also use podcasts based on subscription models or show how your organizational processes are. What kind of content you show depends entirely on your niche.
3. Create a Resource Hub
Nowadays, everyone is on the internet. The number of active users is 4.6 billion worldwide. Within that number, not only do you have so many customers but so many eCommerce stores vying for the attention of those customers. It’s not the dearth of information anymore, there’s too much information present than ever before.
In such a competitive landscape, how can you sell your products and services to the right customers? A simple solution would be to provide users with everything they need on your website.
Yes, once the user is on your website, you don't want them to leave your website no matter what. You need to keep them hooked with your product and services and provide all sorts of information related to them on your site.
A resources section can prove extremely beneficial in this case. They’re a great knowledge base that your customers can read through (or watch) to gain more information about a product.
Granted, it’s a lot of work to set up a knowledge base, but this resource hub can prove supremely beneficial in giving your leads the information they want.
Where to use the resources list? The goal of providing resources is to educate the customers. Similar to other informational content, these resources should be present in the middle of the funnel.
Now while internal resources are good, there’s no harm in providing external resources, but make sure that you don’t redirect them from your site. A good example of this is using embedded YouTube videos in your content.
The resource content, like eBooks and educational content, depends on your niche. If you’re selling shoes, for example, you can create a newsletter that links back to your products.
This not only improves the user’s trust in your brand but also does a great job of persuading them to purchase the product.
4. Add Surveys or quizzes
There is no better way to keep the customer engaged than using a quiz. Surveys are cool and all, but they don’t come as close to quizzes. Take any major website, and more often than not they have either a quiz or a survey present on their site.
But how do you make customers take the quiz? Simple, offer them an incentive. You can either use a coupon or a discount or even a free giveaway to increase your chances of purchasing the product.
In addition to that, these surveys and quizzes help you learn more about the customer: what their preferences are and what problems they are trying to solve.
Continuing from the incentive point we discussed before, another method you can use to make people complete surveys and quizzes is to integrate a points and rewards system into your store. This way, once users can gain points whenever they complete a survey which they can redeem later on.
This lead magnet can be utilized throughout the sales funnel and, even if the user isn’t purchasing the product, it’s a great way to get access to emails which can then be used for retargeting purposes.
5. Free shipping
If you want to repel customers from your store forever, add shipping costs with their purchase. Transferring shipping costs to the customer end is one of the prime culprits behind cart abandonment. To encourage customers to complete the purchase and not bounce off, you need to offer free shipping on their purchases. They are four to five times more likely to purchase something if they are offered free shipping.
Free shipping, of course, is an option that you see at the checkout phase, at the bottom of the funnel. You need to make it clear that the customer is paying the amount of the product and the shipping costs are absorbed by the retailer or within the product itself.
You can even use it as a selling point for your purchases. Add it to the top of the page, on your homepage, and a pop-up to your website.
Best practices that maximize revenue potential
All the magnets we’ve discussed are general usage eCommerce lead magnets. There are plenty of other lead magnets you can customize according to your eCommerce business. If you’re looking to create revenue-maximizing lead magnets, you should look at the following best practices for our store:
Tailor your lead magnets around value: think about what your consumers want from your store. For example, you can think about whether they want a $20 discount or a 10% off their purchase.
Don’t bombard your customers with magnets: maintaining a balance in your lead magnets is important. For example, a customer should be able to go through the purchase experience before they see lead magnets. In short, wait to display your pop-ups.
Try to dedicate a landing page: For eBooks, surveys, and resources, try to create pages and posts. This helps keep things organized. You can display your offerings more cleanly.
You want a maximum number of leads to drop on your store so that you can encourage more people to purchase from your store.
The key takeaway from this is to brainstorm. Think about an idea for a lead magnet that matches your eCommerce business. Once you're set on an idea it’s time you adjust your eCommerce store to accommodate that idea.
In addition to that, you can also combine two or three ideas discussed in the post into one solid idea. For example, you can offer discounts to customers if they download your eBook. This can also work with the surveys as we’ve already discussed.
Lastly, it’s best to A/B test your offerings to see what works and what doesn’t.
Good luck with your conversions. And contact expert app developers for e-commerce solutions.