Posted on 13. Jul, 2012 by Our Internet Secrets in Internet Marketing, Jewels of Wisdom
Fundamentals of List Building
Ever heard of the term ?The Money is in the List?? Acquisitions of small and medium businesses sometimes go for double or triple what one might expect, and much of the time, the extra finance is well justified
because of a large list acquisition.
Growing your list makes you money!
It?s crucial to develop a list of targeted clients that you can develop a relationship with. This allows you to go back to them ongoing with products about the niche that they are interested in.
It is a huge asset to your business. The bigger the list and the better the relationship ? the more money for you.?If you keep chasing new clients rather than working with the list that you have ? you are missing out on $$$$.
A list will help you build a more stable, profitable business.
In this post we?re going to help you put together a strategy to help you grow your list.
It?s important to understand that a lot of people when they start their online business ? they think they are going to get their product up and running first, then do the list.
We suggest you start with the end in mind and start building your business around that bigger picture and part of that should be developing a list as soon as you can, and looking after a targeted list of clients in the area that you are talking about.
1. Why Grow a List? What?s its purpose?
? Essentially, you are growing an asset that, with each new person that is added, increases in value and makes it more saleable. It increases your ability to create money on demand and also to create a passive income. We?ll discuss ways to monetise your list in a future post, but for now, lets examine a few more reasons it should be one of your primary objectives.
??It adds tremendous value to the bottom line of the value of your business ? if you have a large list it is a huge asset and adds bottom line $$$ to your business.
? Allows you to sell more to existing clients
- It?s 8 times cheaper to sell to an existing client than to find a new client.?Finding more clients will take more time and money.
- Once you have a database you can market to them practically for free!
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2. Build a relationship
- ?People are much more likely to buy from you when they like and trust you
- ?Our conversion rates for warm vs cold leads ? is much higher
Where we have had previous contact, our conversion rate is much higher.?It?s really easy if you have a good list, and it enables you to build a relationship by giving them great free stuff, not spamming them and giving them great ongoing support on the way through.?This will help you create an upward spiral and building a long term business.
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3. Be positioned as the expert in your niche
- ?If you have a lot of people following you and talking about you and what you are doing ? it is a powerful way of positioning you as an expert known and recognized in your niche
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4. Issues to consider when growing your list
Value of Your List = Relationship x Size
What was interesting for us was that at times we were asked to do joint ventures with another party going out to our list.?We were asked to contact our list in some way and ask them to attend or to check out another person?s product. We were aware that we were up against people with big lists and at that time we only had a modest amount of people on our list (around 3,000) which was small when comparing it to the bigger lists.?We found that we were getting more people coming along and taking the action that we wanted and we were getting a better conversion rate than others.
Here?s the equation to understand about the value of your list ? it is equal to the relationship x the size of your list. You MUST have a relationship with your list, otherwise you just have a phone book not a list.?However, you have no relationship with a phone book list. This is known as cold calling and you get a low result from this type of list.
The first question you should ask is ?how big is the list? and ?what is the relationship? with the list. Does it have avid followers? Are they annoyed? Have they been over-marketed to or burnt out??It is a key component to getting value and responsiveness from your list.
5. Who do you want on your list? (quality, buyers vs free list)
This comes back to your relationship.?What?s better 10,000 who have never opted in or bought your product, or?1,000 who have bought from you?
The smaller higher quality list is better to have!
By having a smaller higher quality list of buyers is a better list than 10s or thousands of people wanting something for free ? you?ve built a list of people wanting free stuff.?You?ll notice we don?t put an opt-in on our sales page ? because this drops our sales by 75% ? if people are given the choice for getting something for free or get something for free ? ? of people go for the free stuff instead.
Be very careful that you don?t combine our eBook strategy with our membership site strategy or off-line strategy ? on your eBook website.?Once people have bought our eBook, we take them to an opt-in page we take them to a page where we give them a reason why to join our list. They then go to a page to collect their product.?You will get a much higher conversion rate with these people.
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6. How/ When To Collect Details??
I?ve lost count of the no. of people who have been online for a while, got a blog ? and then ask when will I start making money?!?They?ve built a list but not built in a way to monetize it. It?s a trap for newbies. Don?t fall into it.
Think about the quality vs quantity, and if you build a list where you offer them free stuff and don?t offer them to buy something. You will upset them if you start asking them to buy something too early. At some point somewhere someone has to buy something ? so start with the end in mind and work towards that.
Decide how much personal information you will collect.?The more information you collect the less people will opt-in, but the better quality of the people who opt-in ? eg., name, address, phone no., date of birth, mother?s maiden name ? you won?t get a lot of people opting in but the ones prepared to give you this information means they are going to be good buyers.?This is an extreme example ? but if you ask for first name or first and last name, you will find a difference. By just asking for the email you will get a higher opt-in rate. However, it is a low level of trust if they are not willing to give you their name.
The value of your list is probably something you can?t workout straight away, but work out the value of a client over time. The way to think about that is: ?if you have a list of 1000 people how much money do those 1000 people spend with you in the past 12 months??Say $100,000 out of 1000 people ?therefore the value of the list is $100 per person.
People considered experts in direct response marketing ? eg., Dan Kennedy, Mal Emery ? they hold the idea that 1000 people in a tightly niched group can bring in $1M over 12 months and do that regularly.?When I first heard that I thought it was too good to be true and didn?t believe it would work in our area. We were astounded to find that it is pretty accurate.
Can you get a sense of how important it is to begin your internet business with a big list as one of the key outcomes?
If you?d like to learn some of the latest and most up to date strategies on list building, we?ll be revealing what?s working for us at the next OurInternetSecrets Workshop, which we?ll be hosting in July from 27th-30th at Q1 Resort and Spa on the Gold Coast. We give you the lowdown on what we?re using to build our lists and how to get your lists growing with minimal time and monetary resources.
We?ll also tell you how you can get a copy of our 2 day list building workshop which was 2 full days jam packed with advanced strategies on how to grow, market to and profit from your list. We usually have lots of giveaways at our workshop which includes copies of our List Building DVD Set, but you have to be there to get it.
We have a few tickets left for OIS Blog readers ? but be quick as they do book out!
Register Here?For Free
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Source: http://ourinternetsecrets.com/2012/6-key-list-building-essentials-what-how-and-why-to-grow-a-list/
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