The amount of content being generated every day on the internet is staggering. Coupled with shortening attention spans it can be quite difficult to build a place in the mind of your prospective customer. This is particularly challenging for SaaS companies as they often need to educate and inform their prospects quite rigorously.
The need for building confidence increases with SaaS products that come with a high subscription cost or a high cost of switching from the existing solution your prospect might be currently using. This is where lead magnets play a huge role. Lead magnets often help with sharing your insights about your industry through e-books, Whitepapers, checklists. Lead magnets help build authority on the subject-matter, in turn, building trust with your customer.
But the landscape for lead magnets is changing, content written in e-books, Whitepapers etc is often downloaded to be never read. A great lead magnet is something that your prospects use regularly. The more regularly they use, the higher the brand recall and improved chances of conversions.
This is where building a micro-product as a lead magnet can make all the difference. A helpful way to think of a lead magnet is to consider it as a tool or a feature, not an entire product by itself.
In this article, I am listing 4 types of lead magnets that you can build for your SaaS company that can act as great tools for your prospects:
- ROI/Loss calculators
Your prospects will often run an internal ROI analysis to determine if they should buy your product. An ROI calculator can make it easier for your prospect to evaluate the same and take the next step in your funnel.
Customers that have clarity on the cost of your product and the outcomes are more inclined to convert. An ROI calculator should reveal both these aspects, building trust that you truly understand the customers pain points. This can also be a good tool for motivating customers to move to a higher subscription plan.
For an example check out the ROI calculator built by Zoho for the Zoho Creator platform hereIt is one of the best examples of a lead magnet for a SAAS organisation.
- Quiz
A buzzfeed style quiz that asks customers questions relevant to their needs and workflows can really come in handy if your SaaS product has many options and the customer is still trying to determine relevance for themselves.
The result of the quiz can be a categorization of the customer's needs based on their responses. Couple with a recommendation of what subscription plan they should go for can help in increasing the customer confidence about which plan they should go for.
- Tools/Extensions
A tool or extension can take any form, it can be a chrome extension, a whatsapp bot or a plugin for google sheets. The way to come up with these is to minutely examine the workflow of your prospect and see if there is any part of the process that can be automated or made easier by building a tool.
A great example of this is the writing platform Squibbler, they have a host of tools that are intended to aid the writing process. Just check out their random prompt generator. Such a great way to target their prospective customers.
Ultimately to come up with good micro-product or lead magnet ideas for a SAAS company, you should study the workflow and day-to-day needs of your prospect and see how you can make their life easier. Once you have the journey mapped out, brainstorm with an engineer to explore potential ideas.
Interested in learning or discussing more about lead magnets?
Reach out to us on Linkedin or email and we will setup a time to come up creative lead magnet ideas for your campaigns.
