If you have been involved in internet marketing for any amount of time, I’m sure you have heard the phrase: “The money is in the list!”
The main idea is that if you build a massive list of emails, you’ll make a massive amount of money since you can market to so many people at once.
Well… that’s the idea, but it doesn’t always work that way. You’ll end up wasting time and money nurturing that massive, useless list.
Let me explain.
For example, let’s say you owned and controlled two distinctly different lists:
- A list of 10,000 people that never paid a cent to be on that list.
- A list of 100 people who have each paid you a few hundred dollars over the course of a year.
You now have a new offer that you want to promote so you will send everyone in both lists to the same relevant offer.
Which list do you think will convert better and make you more money?
The answer is the smaller list of 100 people.
Remember… it’s not about the size of the list, but rather the responsiveness of that list.
You should always avoid building mailing lists from low-quality sources such as: giveaways, buying lists or traffic exchanges etc.
The best way to build your list is from:
- And most importantly… Capturing the lead after the sale!
Don’t make a mistake.
That last point is often overlooked by internet marketers. After someone has purchased a product from you, make sure to get them on a separate list / sublist / group which is just for that product so you can send them updates. But more importantly when you launch your next product, you can tell them about it.
Once someone has bought something from you, they are much more likely to buy from you again (much better conversion than a cold lead).
You can also configure your autoresponder (Aweber or MailChimp etc) to automatically subscribe someone who has paid you from a payment gateway such as PayPal. I always do that (make sure to use Double-Opt-in), and additionally, you should ask for their email on the download page since lots of people have a different personal email address to the one that was used for the actual payment.
Freebie lists have their uses.
Now don’t misunderstand what I am saying. It’s fine to have a squeeze page setup or an opt-in form on your blog to capture email addresses. But the whole point of a free list is to get them to buy something from you as soon as possible so you can move them onto one of your paid lists.
The big mistake that people make with list building is that they nurture their list too much.
Your primary task is to pitch to your list whilst still delivering value. Make sure to blend valuable content and sales.
If they don’t like it… they can always unsubscribe. You need to cull the tire-kickers and freebie suckers from your lists and keep the people who pay you (even if it is just small amounts of money).
You want a targeted buyer list.
You will find that with a smaller, targeted list, you will:
- Get less spam complaints.
- You are more in-tune with what your customers want.
- You get better conversion rates.
- And you have better buyers who will recommend you to more people and actually implement the stuff you teach.
To make money, it’s not all about creating the biggest list possible. You need to build a responsive list of buyers and get those freebie product suckers (that will never buy from you) off your list quickly as possible.
- Build a smaller list of buyers instead of a large list of freebie emails.
- Cull the tire-kickers and freebie suckers from your lists.