As with "diversified" investment portfolios, it's complicated.
In this episode of Craft on Tap, Stephen and Faustin discuss the evolution of lead magnets, from HubSpot's original flywheel approach to today's more confusing, pinball machine-type of buyer journey. They detail how to align your lead magnets to your audience and offer RIA-specific examples that convert.
👇 Watch the full discussion below:
The concept of the lead magnet was championed by HubSpot 10 to 15 years ago as a pillar of the inbound marketing approach, which worked best for B2B marketing when it first kicked off. This strategy is encapsulated by HubSpot's flywheel: attracting potential prospects, engaging or converting them, and then delighting them.
In the initial "attract" phase, engaging content draws in a prospect (e.g., a blog article or social post). The "engage" phase uses a call to action to offer a valuable, premium content offer (the lead magnet) in exchange for their contact information on a landing page. Finally, the "delight" phase involves continuing to provide exceptional service so clients become brand evangelists, providing referrals that get attracted, convert, and continue the flywheel.
Today, the process is far more complex. Prospects are much less willing to share their information, having become skeptical of being bombarded with emails and understanding the value exchange better than they did 5 to 10 years ago. Google's use of AI Overviews further complicates things by often keeping searches on Google, reducing the likelihood of a prospect clicking into an article that might lead to a lead magnet.
The modern buying journey is less a linear funnel and more like a pinball machine, where a prospect is ping ponged all over the place across various channels before converting. This means it often requires 20, 30, or 40 touchpoints before a lead is ready to share their contact information.
To be effective, a firm's lead magnet must be aligned with the prospect's stage in the buying journey. There are three key stages to consider:
Lead magnets should align with the content topic (e.g., a retirement checklist on a retirement article) and the format of the platform (e.g., an on-demand video series as a lead magnet for a YouTube video viewer).
When considering the format, firms should think about their specific audience. A younger, high-earning tech professional may scoff at a traditional checklist, while a pre-retiree might actually prefer a downloadable PDF or an on-demand webinar.
Examples that have worked for financial advisory firms:
The biggest mistake is the ubiquitous, often poorly branded, and unstrategic "Sign up for our newsletter" pop-up that immediately appears upon visiting a website. Beware: This approach can harm the firm's brand reputation and annoy both prospects and current clients. Popups can be used, but only when triggered strategically (e.g., after a visitor spends 45 seconds or visits seven pages) and when the copy is compelling.
When promoting a lead magnet, consider using the jab, jab, jab, hook methodology. The "jabs" are educational, helpful content, and the "hook" is the ask for their information in exchange for the lead magnet.
Effective promotion ideas include:
Ultimately, firms must set realistic expectations. A lead magnet download is not a discovery call; it is an entry point to a long-term nurturing relationship. The real value is getting them in your system so you can continue to build your audience and nurture them until they are ready to engage.
Lead magnets can still be a powerful tool for RIAs, but success requires a more strategic approach that focuses on audience alignment, precise timing, and setting realistic expectations.
This conversation is only a starting point. For ongoing insights and practical strategies for RIA growth, listen to the new Craft on Tap marketing podcast. Available now, wherever you find your podcasts. Ready to chat? Get in Touch