If you’re launching a new course or product, a lead magnet challenge is the perfect way to build momentum with your target audience.
Challenges have become increasingly popular amongst entrepreneurs for their ability to not just entice people to interact but also become invested in and genuinely excited by their brand.
The best part? Once you’ve set up your challenge, it’s incredibly easy to manage. Simply let the automated emails do the work, and the smoking hot leads will follow.
Figuring out whether this is something that will fit nicely into your budget can be tricky: there are a fair few moving parts to consider, plus they can vary from project to project.
In this blog post, we’re going to dive into each contributing cost, to give you a full breakdown of the fees to expect when launching your next lead magnet challenge.
What’s involved in creating a lead magnet challenge?
1. Research and planning
Learn about your target audience: This is the key step to achieving a challenge that delivers. Dig deep into their interests and pain points to better understand how you can adapt your challenge accordingly.
Define your overall goals: Do you want to drive new sales, build a community, or increase brand awareness? You’ll need to set out a clear ideal outcome before going ahead to make sure you’re getting the most out of the challenge.
2. Building the challenge
Landing page: This is the first thing your audience will see when they land on your website. It needs to be eye-catching and engaging, with a clear call to action to encourage your visitors to take part.
Here are some handy tips on building a landing page for free!
Pre-qualifying questions: Making sure the ‘right’ kind of people are participating is key. You can ask them a series of pre-qualifying questions to understand whether they align with your brand. Read more on that here.
Results page: Building a results page is a simple way to offer true value to your audience – and ultimately help them gain trust in your brand.
Unsure on where to start? We’ve got you covered! ScoreApp lets you build all three of the above, completely free of charge.
3. Integrating the right tools and technology
The beauty of a lead magnet challenge is that once it’s all set up, the automated emails flow without you having to think about it. With ScoreApp, you can link up to your existing email marketing or CRM platform for a seamless (and stress-free) transition.
4. Launch and manage your lead magnet challenge
Test and repeat: This will avoid unnecessary errors or technical glitches popping up once the challenge gains interest.
Launch the challenge: Promote it using social media and paid ads to ensure it’s reaching your target audience.
Monitor its progress: Each week, you can learn valuable insights into how your challenge is performing, which will allow you to reflect on any improvements.
Read our blog post on best practices for a lead magnet challenge here.
5. Follow-up engagement
Create a follow-up email: This will keep the interest strong, develop a more personal relationship with your audience and turn participants into leads.
Surveys and testing: You can also create a simple survey where your participants can share more about their experience. This will open up opportunities for you to interact with and understand your audience as well as possible.
Factors to consider for lead magnet challenge costs
1. Platform and Tools (£0–£160+ per month)
Platforms: Basic platforms such as Mailchimp and Leadpages range from £0 for the most simple plan, right up to £160 per month for features such as landing page creation, email automation, and analytics.
All-in-One Marketing Platforms: Kajabi and ClickFunnels are more comprehensive options, but you can expect to be set back as much as £240 per month. This covers lead generation, email marketing, and landing page creation.
Or, you can enjoy all of those features for free with ScoreApp!
2. Content Creation (£80–£800)
DIY: Channelling your inner content creator can save you a considerable amount of money each month. Granted, there is a whole lot of content to write (think landing page copy, challenge materials, and email sequences), but the benefit here is that you can shape the TOV to fit not just your brand but you as a person. The investment would be mostly your time and any content software costs, like Microsoft Word.
Freelance Writers/Copywriters: If you’d rather save stress than pounds, you can outsource the writing to a freelancer. Hiring a professional writer for high-quality content and copy differs from person to person, but a ballpark range would be from £80 to £800+, depending on the scope of the project.
Find out the average rates of freelancers here.
3. Design and Branding (£40–£400+)
Templates and Design: One of the most fun parts of creating a challenge involves bringing your brand to life through knock-out designs. No one knows your vision like you do, which is why using tools such as Canva for basic design could be a smart money-saving move for your business. You can opt for the free version or upgrade to the professional for as little as £12 per month.
Professional Designers: Perhaps the design aspect is something you don’t mind investing in: after all, the long-term benefits pay for themselves. For custom branding or graphics, a freelance graphic designer would typically range from £40 to £400+, depending on the complexity of the brief.
4. Marketing and Promotion (£40–£400+)
Organic Promotion: The power of organic promotion is not to be overlooked when it comes to getting your brand ‘out there’. Nailing down a comprehensive strategy through your email list and social media is a sure-fire way to keep costs down, and engagement up.
Paid Ads: That said, it’s well worth putting your money in paid ads, to sprinkle throughout your strategy. Running ads on platforms such as Facebook or Google can start from £40 to £400+, depending on the budget you set and how specified your target audience is.
Estimated Total Costs
If you choose to go with a simple DIY setup for your lead magnet challenge, you can expect to pay around £80–£160.
Or, for a more professional, custom challenge, you’re looking at roughly £400–£1,600+, particularly if you use more advanced tools like paid ads and freelance support.
Create low-cost lead magnet challenges with ScoreApp
As we’ve highlighted in this post, challenges can be tailored to suit a wide range of budgets and needs. ScoreApp allows you to take full control of your lead magnet challenge by scaling both up or down – whatever works for you.
What ScoreApp offers for free:
- Create eye-catching landing pages to draw in your audience
- Ask your audience pre-qualifying questions to ensure they’re the right fit
- Build a results page which offers true value to your participants
- Integrate with your existing marketing platform for easy automated emails
- Discover the lead-converting benefits of follow-ups
- Access ready-made templates you can customise
We’re here to make sure you get the fundamentals of a successful lead magnet challenge right. And if you want to add more? Go ahead! There’s no limit to what you can achieve. Get started today.
