Email marketing is one of the most powerful ways to grow your online business. You've probably heard, more than once, that the money is in your list. The list being your email subscribers list. Then again, maybe it hasn't happened for you yet... and you're not alone.
But that's about to change.
By the end of this blog post, you'll have at least one new way to turn your email list into one of your most valuable assets rather than a necessary expense that often costs more than it earns... each and every month.
There's a lot of advice on the internet about the best way to manage your email marketing, which platform to use, what automations to set up etc. Some of the information you are bombarded with on a daily basis can often seem like it's conflicting advice and even reason #2 on this list could be seen as conflicting with other information out there. I explain why so you can make an informed choice on whether or not to follow it.
Does it feel right to you, or not?
Building your email marketing list is only the start of the process.
Get that right and you're off to a great start. For the first reason, let's go to the beginning of the process... the opt-in.
Reason #1 - You're marketing your business with the wrong lead magnet.
Whether you have an opt-in form that asks your website visitors to sign up for your newsletter, mailing list or in exchange for a free gift, this is the first place you could be losing money.
If you are asking website visitors to opt into your mailing list or for your newsletter, without a free gift or lead magnet, you might think it's a bad idea, because often the advice is... you MUST have a lead magnet in exchange for a visitor's email address.
But, that's not true.
Think about it. If you find someone who is delivering quality content on what you're looking for, in a way you enjoy and want to devour more of it, then them not having a lead magnet isn't going to deter you from signing up to their mailing list. You want to be informed when they have new content. You've visited their website with the sole purpose of finding a way on to their mailing list.
People feel the same way about YOUR content.
Make it easy for them to join by having a menu tab for your newsletter, or an opt-in form on your home page (or as a strip at the top of every page.)
So, what about lead magnets...
A lead magnet is a great addition when it leads into the website visitor purchasing a complimentary product or service that you offer.
For example, you may give away a free template as your lead magnet, that then leads on to an offer for your online course or a larger package of templates.
Any lead magnets you are offering should have your ideal customers and clients shouting 'yes, I need that NOW!'
Unfortunately, too many lead magnets DON'T attract ideal customers and clients and then the entrepreneur or small business owner wonders why their email list isn't making them money.
For example, you have a web design business that is looking for high ticket clients and you're offering a 'do it yourself' website checklist.
Or, you're an executive career coach offering only a free consultation.
Do you see the discord?
The first one is easier to spot because the web design business offers a high ticket service while their lead magnet attracts those who don't have money to hire them.
The second one may not seem in discord
The management is where the money is made.
Reason #2 - You believe the numbers myth about email marketing. The bigger the list, the more you'll make - WRONG!
You've been building your list like you've been advised. You might even be using Facebook Ads to grow your list, but every time you send an email only a few open it.
Some of your subscribers may have had great intentions when they first joined your mailing list to buy something from you, however as time goes on they've found another supplier or gone off on a tangent to what you offer. Rather than unsubscribing, they just ignore your emails.
Time is precious as we all know, and I'm sure you're the same with many of the email lists you've joined.
The money isn't so much in the entire list, but in the contacts who are actually opening, reading and clicking links within your email.
Having a huge mailing list who don't even read your emails is a waste of your time and money. The number of contacts you have become just vanity numbers. It's better to have a smaller list of engaged contacts, saving you on the monthly fee AND getting results from those who are opening and clicking your emails.
Clean your list regularly. Set up a re-engagement automation to get your contacts reading your emails again and remove those who haven't engaged in a set period of time. Don't pay for contacts that are no longer interested in reading your emails yet can't be bothered to unsubscribe from your list.
Reason #3 - You only send sales emails to your list and there are months between them OR you don't mail them at all after they've opted in.
Making money with your email list doesn't mean attracting as many new subscribers as you can and then letting it sit until you have something to sell. Don't you hate when other entrepreneurs do that to you?
Too many entrepreneurs focus on bringing in new subscribers, putting them through a sales funnel and then... tumbleweed. Yes, new subscribers are now warm leads and more likely to make a purchase after they've opted in, however what if you turned these warm subscribers in hot subscribers?
One great way to keep in touch REGULARLY with your contacts is to start a newsletter. Pick a day of the week and send it out religiously on the same day, week after week. Make sure it's full of quality content that your contacts will want to read and get value from.
The more contact your subscribers have with you, the more trust you build with them and your relationship gets stronger. This is what you are striving for!