Lead magnets come in all shapes and sizes. Some are incredibly short and can be consumed in one sitting (e.g. short ebooks, checklists, quizzes). Others require you to set aside hours for their consumption (e.g. detailed guides, whitepapers, long tutorials).
But which of them converts the best?
That is precisely what we’re going to find out in this article. We will also tell you what a good lead magnet conversion rate is, identify the highest converting lead magnets out there, and what lead magnet conversion rate should you go for.
We’ll also go over the average lead magnet opt-in rates and how many people take a lead magnet. Use these benchmarks to compare them with your own conversion rates and check whether your lead magnets need an improvement or not.
Lead magnets offer something valuable to your potential customers in exchange for their email address or other forms of personal information (i.e., phone numbers and name).
Here’s what the highest-converting lead magnets have in common:
Provide high value: The highest converting lead magnets are those that solve a real problem that your potential lead might be struggling with. Otherwise, your audience won’t be attracted to it.
Deliver instant gratification: Your audiences visit your website because they want a quick solution to their problem. Provided your lead magnet can provide them with the same, your email list will easily grow.
Distinguish your proposition: When your customer goes through your lead magnet, it should convince them that you have something to offer which they cannot get from your competitors who are also vying for their attention.
Your lead magnet conversion rate represents the percentage of page visitors who exchanged their contact info for the lead magnet. The higher the conversion rate, the more quickly your email list will populate and the greater your chances of generating more sales.
Here’s how you can calculate your conversion rate:
Video-based lead magnets convert the most, per one of the most extensive case studies ever carried out on the topic. They are followed by short-form written content (like short ebooks, newsletters, quizzes, and checklists) in terms of popularity.
The next three highest-converting lead magnets are visual, those that provide potential leads with access to something (i.e. expert advice) and others offering monetary value. Interactive and audio lead magnets tend to be among the weakest converters:
Fortunately, you don’t need to choose just one lead magnet. In fact, we recommend you use several lead magnets, which gives you plenty of opportunity to experiment with different formats to find what works best for you.
There is no ‘good’ or ‘bad’ when it comes to lead magnet conversion rates. A rate that one marketer deems a failure might be a victory for another. Whether a lead magnet opt-in rate is good or not depends on two factors:
We have already noted above that video-based lead magnets convert more than their written counterparts. They, in turn, fare better than audio and interactive freebies. Thus, you shouldn’t expect audio-based lead magnets to convert as well as video tutorials.
Experts tell us that the best lead magnets have an opt-in rate of around 20%, whereas poorly crafted ones only lead to 3% conversions. You’d do well to go for an opt-in rate of close to 6% – twice the bare minimum – if you’re a newbie.
However, if you’ve been at it for a while, you should aim for double digit conversion rates. In our time spent designing lead magnets for clients, we’ve found the most successful of them invest in testing and optimizing their lead magnets over time.
You now know everything about a lead magnet conversion rate. That includes how many people take a lead magnet (20 out of 100, at best; 3 out of 100, at worse) and the attributes that separate the best lead magnets from the ordinary. If you want to maximize your conversion rates, consider those traits as well as these other lead magnet best practices we recommend.