How to monetize your email list and make money online
You’ve heard over and over again that building an email list is one of the best ways to grow your online business, whether you want to get more clients or you want to sell more products.
And it’s true!
You can’t afford to ignore email marketing.
Your email list is the money-making goldmine in your business
The more engaged subscribers you have on your email list, the more money you will make.
When your email list is too small, you constantly struggle to get new clients, book your services, and fill your programs.
And, if you are not constantly growing and nurturing your email list, it gets cold and people won’t buy from you.
In contrast, when your email list is large and you are systematically adding new leads to it, you make more money.
This is true whether you are a coach, consultant, copywriter, designer, VA, course creator, or any other type of entrepreneur.
The saying “The money IS in the list” is absolutely spot on.
When you focus on building a healthy email list — one that’s filled with your ideal clients whom you regularly contact — then list building is by far the best way to build a profitable online business.
When you have a healthy email list, you have a direct line of communication with warm leads who you can convert into customers – the people on your list need what you have to offer and want to hire you.
But there’s a caveat…
You must approach building your email list the right way
This means that you must take consistent action and regularly focus on quality email marketing methods.
Read on for my proven methods so you can grow your email list the right way.
1) Build an email list of ideal clients
One of the biggest issues preventing entrepreneurs from making more money is that they don’t effectively define and understand their ideal clients.
They know they need to build an email list, so they put things out in the world that aren’t well suited for the people who have the potential to become their clients.
This is why taking the time to determine the people you are going to serve, is a major game-changing decision that you must make in order to grow your email list – and your business income..
If you don’t have clarity in who you are trying to serve, and create marketing content that is all over the place (because you are trying to appeal to a wide range of people), your ideal client will not sign up for your list.
And you won’t make very many sales because you’ll have people on your list, but they won’t care about you or what you are selling.
And – as a result – you won’t make any money from your email list.
Conversely, when you hone in on the exact right-fit people who will get the most out of working with you, you will attract them magnetically.
And your sales conversion rates will skyrocket.
The right-fit leads are the ones who love your processes, your personality, and the way you work.
Also, they should be people you love to work with. Think about the types of clients who make you really happy – what do they have in common? What are their desires, challenges, and qualities?
Once you know this, it becomes easy to craft the perfect lead magnet that they are eager to sign up for.
2) Even with a large social media following, you still need an email list for your marketing
You wouldn’t go build your house on someone else’s land, would you?
Just imagine for a moment – you have this amazing home with all the furniture you’ve always wanted with the dishes, the plants, the art… All the things.
And then, the owner goes and sells the land. You are left with nothing.
Ugh. This would be a tragedy.
Yet, this is exactly what people are doing when they build up huge social media followings and rely on these platforms to sell their services and products.
Think about this for a moment – whatever happened to MySpace and Friendster?
Who knows? But they sure aren’t worth much today.
Whether you like it or not, the same thing could happen to any social media site – even the biggest, most popular ones.
The social media platforms you are currently using could become less popular or get mired in scandal or go bankrupt or decide to start charging you tons of money to promote on their platform.
But your email list? You own it, baby.
Plus, your chance of getting seen by your leads is so much higher.
People get thousands of social media updates a day. In contrast, they might get around 50-100 emails each day.
The likelihood of them seeing and engaging with your emails are much higher.
Your message gets delivered to the place 91% of consumers check every day – their inbox.
And want to know something even better?
Research shows that the metrics of building an email list will make you more money.
The most profitable online click is not a Like or Follow, it’s a Subscribe.
According to GetResponse’s 2016 State of Email, for every $1 invested, email marketing generates an average return of $38.
That’s an incredible, mind-blowing 3,700% ROI!
So, build your house on your OWN LAND.
Here are a couple of posts on leveraging social media to build your email list:
3) Make building your email list and marketing to it regularly one of your number one priorities
“I have literally built a multi-million dollar business on the strength of my email list.
Ninety percent of my income comes from it. Even today, my email list is still my number one business priority—and asset.”
Michael Hyatt, Author
Email list building and marketing to it should be one of the top priorities in your business.
But, as I mentioned earlier, quality is more important than quantity.
It turns out that 1,000 is a magical, unicorn number when it comes to the number of email subscribers that allows you to make real money in your business.
They must be enthusiastic, engaged subscribers and you must have something to sell to them. If you offer premium-priced services and programs, you will be able to make more money from a small list.
Let’s do some email list math so you can see how this works.
If you created a small online course and charged just $197, and sold only 3 of those each week to your list, you’d make more than $2,500 each month.
If you added a larger course for $497 and sold just 3 of these each week (in addition to your smaller course for $197), you could build your revenue to more than $100,000 a year.
Or, if you primarily sell one-on-one services that average about $500-$1,000/month per client, you can make about $750 per 100 people on your list (1% conversion rate). With a list of 1,000 people, you can build your annual revenue to about $90,000. And this is conservative.
Now, what if you combined a service and a couple of courses?
Totally doable and the resulting income is phenomenal!
Remember this is with just 1,000 people on your list – and I was able to go past 1,500 in 60 days using the techniques I’m sharing here.
Imagine what you can do when you apply these same list-building strategies to build your list to 2,500 or 5,000 enthusiastic, engaged email subscribers?
Yup, you are well on your way to a profitable, multiple 6-figure business.
When in your business growth should you start building your email list?
Seriously…as soon as you’re ready to start a business and sell something to customers, you are ready to begin building an email list.
It’s something that you should prioritize from the very beginning of your business. And if you haven’t started yet, then begin right now.
Email list building is something you’ll do for the duration of your business.
It should be a maniacal and relentless pursuit, so don’t treat it as something you can check off your to-do list and be done.
Keep these email marketing tips top of mind and you will quickly build a list of enthusiastic and loyal leads who will be eager to buy your services and programs.