A lead magnet is an incentive or offer provided by a business to a potential customer in exchange for their contact information, such as email addresses, names, phone numbers, or other details. You’ve seen one if you’ve ever encountered an offer for a 10% discount for signing up for an email list.
In EdTech, lead magnets usually come in the form of e-books, whitepapers, webinars, free trials, demo videos, or other educational content that helps prospects learn more about the product or service being offered. However, the content of a lead magnet shouldn’t be promotional. The purpose of a lead magnet is to attract potential customers and convert them into leads by providing them with valuable information or resources that solve a specific problem or meet a particular need.
Lead magnets play a critical role in attracting and nurturing potential customers. By providing valuable information or resources, you can establish yourself as an industry expert and build trust with your audience. This makes it an easy move for them to then buy from you.
Lead magnets can also help to build a list of high-quality leads, which is essential for the success of any business. These leads can then be nurtured over time through email marketing or other targeted advertising campaigns, which helps to increase brand awareness and sales.
Lead Magnets are Essential in the EdTech Industry
The EdTech industry is highly competitive. On top of that, innovative solutions that are new to the market need a strong method for building brand awareness. Having a strong lead magnet is important for businesses to stand out from the crowd and attract the attention of potential customers.
By providing educational resources that can help solve common problems or challenges faced by students, teachers, or administrators for free, businesses can establish themselves as valuable resource for those in the education industry.
By creating a marketing funnel that uses lead magnets, you can create a passive way to consistently grow a list of leads that you can follow up with via email.
Compelling lead magnets also lead to:
Increased brand awareness: Get your industry talking about what you have to offer.
Higher conversion rates: When potential customers receive a valuable resource, they are more likely to trust you and consider doing business with you.
Enhanced customer engagement: Lead magnets can help to build a relationship with potential customers and keep them engaged over time.
Improved customer loyalty: By providing consistent value, you can help to establish a loyal customer base that is more likely to purchase from you in the future and recommend you to their colleagues.
What makes a lead magnet compelling for the EdTech space?
It’s relevant to your target audience
In the EdTech industry, creating a compelling lead magnet requires understanding your target audience and their needs. The lead magnet should provide relevant information that addresses a specific problem or challenge that your target audience is facing.
For example, if your target audience is teachers, a lead magnet could be an eBook that provides creative teaching techniques for engaging students or managing classroom behavior. The eBook should provide practical, actionable tips that teachers can implement in their classrooms immediately. By addressing a specific need or problem that the target audience is facing, the lead magnet becomes more compelling and increases the likelihood of generating leads. Your lead magnet should solve a problem related to the problem that your product or service solves.
It’s unique from other offers
You need a unique value proposition that differentiates your lead magnet from other resources available in the market, just like your core offer. The lead magnet should provide valuable information or resources that are not readily available elsewhere. This could be in the form of exclusive content, insider tips, or access to a unique tool or platform that can help the target audience in their work.
For example, a lead magnet could be a demo of a new online learning platform that allows students to take interactive quizzes and assessments. The demo could showcase the platform’s features and benefits, and provide a unique value proposition that differentiates it from other platforms in the market. By providing a unique value proposition, the lead magnet becomes more attractive to the target audience and increases the likelihood of generating leads.
High perceived value
A powerful lead magnet in EdTech must have a high perceived value that makes it worth the target audience’s time and contact information. This is an area where a lot of businesses make a mistake because they don’t fully understand their target audience. The lead magnet you have in mind may seem to you like it has obvious value, but if your audience isn’t looking for a solution to the problem it solves, you won’t get very many results. Make sure you are meeting your audience where they are at and communicating with them about problems they are aware of and are actively trying to solve.
Clear call-to-action
A clear call-to-action (CTA) that tells the target audience what to do next. Otherwise, you’ll have a harder time trying to move them through the funnel. The call-to-action should be prominently displayed and clearly communicate the benefit of taking the next step.
For example, you could put a CTA:
- On the thank you page after they have signed up for your lead magnet
- At the end of the lead magnet
- In a follow-up email series
- In all three places
Ideally, you will want that CTA to move them down the funnel in a way that requires a small time or money investment. This is a good time to introduce a small offer or try to book a demo. Remember that your goal is always to continue providing value to your target audience based off what they need.
What Kind of Lead Magnet Should You Use?
E-books
E-books are one of the most popular types of lead magnets in EdTech . They provide in-depth information on a specific topic or subject, and can help potential customers better understand the benefits of a product or service. E-books can also be used to position an EdTech business as a thought leader in the industry.
A short, downloadable guide is a great way to leverage the interest in an E-book without having to write a whole novel. Much of the time, your audience is looking for a quick fix to their current problem and that will be a great way to provide value.
Whitepapers
Whitepapers are similar to e-books, but they are more focused on research and analysis. They provide valuable insights into a specific issue or challenge and can be used to position an EdTech business as an expert in the field. Whitepapers can be especially effective in B2B marketing, as they provide decision-makers with the data they need to make informed decisions.
Use whitepapers if you know your target audience is interested in the nitty gritty- this might include survey answers related to your industry to show where the trends are leading. (For instance, did you know that 78% of people say they’ve been convinced to buy or download a piece of software or app by watching a video?)
Webinars
Webinars are live or recorded presentations that provide valuable information on a specific topic or subject. They can be used to educate potential customers on a topic where a live tutorial is the best method of delivery. Webinars can be a tough sell as a lead magnet- you’re likely going to get fewer leads overall, but they will be higher quality due to the commitment that a webinar requires.
Make sure that the webinar isn’t just a mini-demo or product pitch. At this stage of the funnel, you really need to be focused on providing value.
Checklists
Checklists are simple, easy-to-use lead magnets that provide actionable tips and strategies on a specific topic or subject. They are often used to provide quick solutions to common problems or challenges, and can be used to position an EdTech business as a helpful resource. Use checklists if your target audience is facing issues with organization or with prioritizing tasks related to their problem.
The Power of a Funnel for EdTech Marketing
Lead magnets are a great and important piece of an overall funnel to take a cold audience and turn them into repeat buyers and loyal advocates of your brand. The tricky part is making sure that every part of your funnel is fully optimized, starting with building brand awareness, through engaging with your leads and making them excited to convert and stay connected to your business.
If you want to be certain that you’re getting the most out of every step of this journey, connect with us today for a consultation. We’re prepared to identify your biggest bottlenecks and show you the opportunities that are often hiding in plain sight. A successful marketing funnel for your EdTech business is just a call away. Connect with us today!
