I spend a lot of time running traffic for clients to help them build their email list. Chances are, you spend a lot of time building your email list.
Haven’t you always heard that the money is in the list?
In some ways that’s true. However, unless you have a plan to monetize that email list, you are actually wasting time, wasting money, and potentially damaging your reputation.
Here’s a fact: Most marketers are so focused on growing their list, they spend very little time, effort or thought on how to actually make money from that list once they have it.
Let’s just be honest, I’ve been guilty of this in the past – building an email list by creating an email, often, a juicy lead magnet, something of value. I spend precious advertising dollars to build this list, create one or two emails in my autoresponder, and then after that never email them again. I also know lots of other entrepreneurs who have also done the same thing.
The truth is, you’re better off not building an email list at all.
If you plan on running paid traffic to build your email list, whether it be to Facebook, Google, Google display network, or YouTube, and one of your goals is to build an email list, then you must have a plan for how you’re going to actually monetize that list once you build it.
Part of that plan should be an actual email marketing strategy that treats your list like the asset that it is. Because most entrepreneurs don’t treat their email list like the asset that it actually is. They spend money on advertising to gain one new lead while ignoring all the leads that they generated in the past.
The truth is email marketing consistently produces the highest return on investment of any marketing channel out there. For every dollar spent on email marketing, the average return on your investment is $44.25.
If you are going to take the time and money to run paid traffic, ignoring emailing your list and monetizing your list is one of the greatest mistakes you can make in marketing your business.
So before you decide to jump into paid traffic full force, take some time to ask yourself…
How am I going to make money from this list?
You see, most people think that you start with list building. But the truth is you should actually start with your strategy. It’s like Stephen Covey says in the 7 Habits of Highly Effective People, “Begin with the end in mind.”
You’re not in the business of just collecting email addresses. Your job is to add value to these subscribers and make money from that list. So if you don’t know why or how to do that, then you’re going to end up doing nothing with it and that precious list dies…
It’s time to start thinking of your list as being alive. These aren’t some random people, these are actual human beings! The marketers who actually look at their email lists as relationships and think about how to provide value to these relationships will be the businesses that win.
(Related Article: Benefits of Running A Facebook Likes Campaign)
So, your charge today is to ask yourself these questions:
- What is my plan to follow up with new subscribers?
- What value am I going to provide?
- How will I monetize these subscribers?
Once you can answer that question, and you can answer it well, then and only then would I advise investing your profits back into advertising.