In my last post, I shared with you that I’ve designed five streams of income for my business, and that the plan needs more detail before it would be really useful. All true.
But there’s one major area that needs to be included in my plan – and in your plan – before we do that: list building. By list building, I mean adding people to your email list so they get an email notification each time you post an entry to your blog, as well as occasional announcements and promotions. That’s how I communicate with my list. You might send an e-zine to your list instead.
While list building is not a stream of income itself, it is a project that deserves the same level of attention as any stream of income. As more interested people join your list, it becomes much easier for you to fill your events with participants and make more money selling products.
For example, if 3% of your list typically responds to an offer and your list has 100 people on it, you’ll get 3 customers for a particular offer. However, if your list has 1,000 people on it and you have the same response rate, you’ll get 30 customers. And if your list has 10,000 people on it, well…
Now we’re talking!
All your streams of income will have a much better chance of getting larger as your list grows larger. Remember, these are people who have chosen to receive information from you, so they’re likely to be good prospects for the services and products you offer.
The large internet marketers understand this concept all too well and are constantly working on growing their lists. For those of us who aren’t so flush (yet!), it’s tempting to focus solely on what will bring in money now. I know I’ve frequently fallen into this short term thinking.
It’s a big mistake.
Of course, we need to make enough to pay our current bills, but if we don’t put some energy into building our lists, we’ll be stuck on the rung we’re on now forever! The way to leverage our time and make more money with every service and product we offer is to get more customers for each offer. And, as we’ve seen above, this becomes easier as our list gets bigger.
For those of you who’ve been doing business online for a while, you’re familiar with the mantra, “Build your list.” You hear it everywhere online. What’s not always so clear is exactly how to do that. We’ll get to that, but for now, let’s just agree that building our lists is going to get equal footing with each of our other income streams. That means when we drill down to create more detailed plans, list building will be a major area we want to focus on every single week.
How much attention do you give to growing your list? What’s the best way you’ve found to add people to your list? Leave a comment and share what works for you.