James Allen breaks down lead magnets into two questions: what's your audience's biggest problem, and what's the single best solution you can give them right now? The result should be short, easy to make, and directly connected to what you sell.
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The two questions that you can ask to make a great lead magnet are this: What is the most intense and consistent problem that your audience is currently facing? When you realize what that problem is, maybe you just know right off the top of your head. Think about what is the single most, the single most valuable or immediate solution that you can offer to solve that problem. The biggest thing with the lead magnet is that you answer those two questions like we talked about. It's short, it's concise, it's easy to digest. And easy to create for you. Most importantly, it's congruent with your product or service.