How Can Crypto Companies Create a Lead Magnet? | Ep. 31

Ty Smith0:00

Welcome to another episode of the Crypto Marketing Show. I'm Ty Daniel Smith.

Kylie Low0:10

And I'm Kylie Low.

Ty Smith0:11

And today we are discussing lead magnets for cryptocurrency companies. So lead magnets are super important for getting qualified leads into your sales funnel and growing your customer base in a way that provides value to both you and your customers. So we are going to discuss what a lead magnet is, what it's used for, we'll walk through some examples of good lead magnets, and then talk about the do's and don'ts of creating a strong lead magnet. So first of all, what is a lead magnet? A lead magnet is a lead generating tool that offers a long-form or value-adding resource in exchange for a lead's contact information, so like an email address or a phone number.

Ty Smith0:47

Some basic examples of a lead magnet would be like an ebook, or a template, or a giveaway, or a free tool, as long as you have to put maybe your email address in or some kind of contact information to get access to it. So a really popular example of a lead magnet is HGTV's giveaway. I think they do it every month or every quarter, something like that, where you put your email address in and you get entered into a raffle to win like a house, like a beautiful, huge house. So that is a great example of it. Kylie, I think you said you participated in this one. I know I have.

Kylie Low2:03

Oh yeah. Yeah, years ago, I mean for years they've been doing it. I'm not sure how often they do it now. Back when they first started doing it, they would give away a house every year. So it would be probably six months to a year of them just collecting sign-ups, and they literally talk about it all the time on HGTV. But yeah, you have to fill out a really long form, at least you did years ago when I have done it, but yeah, you had to fill out a really long form, a lot of information about yourself, but hey, you did it to win a million dollar house.

Ty Smith3:21

Yeah, I mean it's such a great value add. I mean it's a freaking house. And now they have tons, probably hundreds of thousands, maybe even millions of email addresses now from people that they know are interested in home ownership or whatever it is, people that are interested in what HGTV has to offer. So now they can market to them non-stop about their new shows or other things that help them grow. So that's a great popular example. Another example is actually one of our examples.

Ty Smith3:22

In exchange, we also have access to plug other content that we've created, like maybe this podcast episode, or other services that we offer. So that's another example. We have a cannabis division, if you didn't already know, and the cannabis division recently launched a newsletter called Dope Letter. It's basically just everything you need to know about the cannabis industry in five minutes or less per week. Check it out at dopeletter.com.

Ty Smith3:44

Something that we're exploring because, again, it just started, so we're exploring different ways to help it grow, is a lead magnet where you enter your email address and you get entered in a contest to win a year's supply of rolling papers. We know that people that are interested in getting a year's supply of rolling papers are probably interested in the cannabis industry and would be a good subscriber to that newsletter.

Ty Smith4:07

A crypto-specific example that I found out about, I think it was this week or last week, and it's actually an awesome example, is the Crypto 101 Podcast guys, Bryce and Pizza Mind, launched a, it's called the Crypto Revolution book. Basically, you enter your email address, it's free, you just cover the cost of shipping, and they send you an awesome book. I haven't got it yet, but I was reading through it and it's pretty awesome.

Ty Smith4:34

You learn basically all the basics of Bitcoin and blockchain, and they can sell you on like a webinar or other things that would be interesting to someone that is interested in a free book about crypto. They have a really well-designed system there. So let's talk about how to create a strong lead magnet.

Ty Smith4:53

The basics of a strong lead magnet is that it offers value to qualified leads. Qualified is the keyword there. So it has to be offering something that people that you can actually sell something to, or get them as users, or whatever your metric is, would be interested in.

Ty Smith5:21

If you sell like hardware wallets, for example, maybe give away tickets to a crypto conference because the only people that are going to enter that are people that are interested in crypto, probably have crypto, and probably have a usage for your hardware wallet. If you're more of a B2B kind of thing, let's say maybe you have a tax service for crypto companies, you can offer them a checklist of crypto-related things to check before you file your taxes, and that would be like a PDF document that they have to enter their email to download it. Then once they enter that, you can tell them about your tax service and hopefully convert them into a customer.

Ty Smith6:02

Also, make sure that you promote it correctly. You'll find it a lot easier to promote a lead magnet than just your general services because a lead magnet, again, provides value, hopefully, if you're doing it right, so people will be more interested in it.

Kylie Low6:17

They say that you shouldn't even really have to sell your lead magnet, that it should kind of sell itself. The whole point of it is you're trying to add value, you're trying to solve your potential customer's problem. So if your lead magnet is doing that, then you shouldn't have to force it. You can just say, 'Hey, look, we're offering this service,' and the people who are interested in actually needing it will use it, and that's how you get the qualified leads because those are the people that you want to target and make customers, returning customers.

Ty Smith6:51

Most lead magnets, especially the ones that we're talking about now, are digital. They're web-based. Sometimes that can stop people from doing it because maybe they're not tech-savvy, or they don't know how to code a website, or they don't have a dev team that can put up a landing page for a lead magnet. There are third-party services. One of the most popular ones is ClickFunnels. ClickFunnels basically just creates everything you need, really, from it. It'll have the call to action, it'll have the value add, and it does basically all of that. I don't think it's too expensive. I think it's like $50 a month, I'm not totally sure, though. But that's a great option if you're not tech-savvy.

Ty Smith7:29

Something not to do, which we kind of touched on already, is make it globally appealing. You want obviously as many leads as possible, and leads for this purpose is like an email address, let's say. But you don't want email addresses from people that have no interest in your product. That's just a waste.

Ty Smith7:49

So if you're going to give away something like Amazon gift cards that everyone wants, and people that are outside the crypto space want, you're going to get a lot of emails, but you're not going to get emails of people that have any interest in your product, and it's really just a waste.

Kylie Low8:04

And then you're going to spend money marketing to them when they're not even interested in the first place.

Ty Smith8:10

Yeah, exactly. It's just a waste of time for everyone. So let's wrap it up. Basically, lead magnets are really great if you're trying to get more leads into the top of your sales funnel. If you're considering creating a lead magnet and you want to know how other people are doing it, or other things that we recommend, just shoot us a text at 949-229-5650, or you can give us a call there.

Ty Smith8:31

Also, you can email us at info@coinbound.io, and our team will get back to you. We're happy to help. If you found this episode valuable, please remember to rate, review, and recommend this podcast to your friends. It really goes a long way for us. We really appreciate it, it really helps us grow and continue to create content like this.

Ty Smith8:52

So that will be, I guess that's it for today, guys. Thank you for joining us, and we'll catch you on the next one.

Kylie Low8:57

See you next time.