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The money is in the list” is a very common expression in the internet marketing world, but it’s not a term that’s relevant only to IM and related businesses. Every single business that has a web presence can benefit from growing and nurturing an active email list, whether your business operates entirely online or offline.
Regardless of your business type, building a relevant email list of subscribers is a prudent move for several reasons. Not every visitor to your website or physical store will convert into a customer immediately. Some might never return after their initial interaction with your business.
This is where an email list becomes invaluable. Once you entice someone to subscribe, you gain the ability to contact that lead or customer at your discretion. Even traditional brick-and-mortar stores are increasingly interested in obtaining customer information to add them to their email lists.
The core idea behind an email list is to compile a roster of contacts who have demonstrated an interest in your niche, products, services, or offerings. By amassing this list of relevant subscribers, you can market to them whenever you see fit.
Regardless of your business type, building a relevant email list of subscribers is a prudent move for several reasons. Not every visitor to your website or physical store will convert into a customer immediately. Some might never return after their initial interaction with your business.
This is where an email list becomes invaluable. Once you entice someone to subscribe, you gain the ability to contact that lead or customer at your discretion. Even traditional brick-and-mortar stores are increasingly interested in obtaining customer information to add them to their email lists.
The core idea behind an email list is to compile a roster of contacts who have demonstrated an interest in your niche, products, services, or offerings. By amassing this list of relevant subscribers, you can market to them whenever you see fit.
However, people won't willingly provide their email addresses without an incentive. This is where a lead magnet comes into play. A lead magnet is something you offer potential subscribers in exchange for their email address and consent to receive communications from you. Common lead magnets include free eBooks relevant to your business, but other options exist:
Informative newsletters
Exclusive subscriber discounts
Video training
Free software
Prize giveaways
Cheat sheets
Apps
Recipes
Audio files
Webinar invitations
Coaching
While the possibilities are numerous, the key is to keep your lead magnet relevant, simple, and free. For instance, if you run a computer repair business, offering a meatloaf recipe wouldn't be suitable.
How Your List Generates Income
Now that you've established your email list, how can you turn this invaluable database into revenue? The key is not to inundate your list with constant promotions. After delivering the promised lead magnet, focus on building a relationship with your subscribers and gaining their trust. Reserve sales and promotions for occasional use in between sharing valuable information. Excessive selling may lead to unsubscribes.
As your list grows, and you nurture the business-customer relationship, sales will naturally follow when you present promotions. Not everyone on your list will make a purchase every time, but the larger your list, the more sales potential it holds.
A general guideline suggests that each person on your email list can be worth approximately $1 per month to your business. Thus, a list of 10,000 subscribers has the potential to generate around $10,000 in monthly revenue. While this estimate varies depending on your business, pricing, and relationship with your list, it provides a helpful benchmark.
Imagine the possibilities if you could expand your subscriber base to one million.
To collect email addresses, automate email delivery through autoresponders, and efficiently manage your list and email marketing campaigns, partnering with an email marketing service provider is essential. Popular options include Aweber and GetResponse.
Many businesses prefer to outsource these tasks to marketing and SEO service companies. Regardless of your choice, you'll need an email marketing service.
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