There is so much focus in the online marketing world on ‘building a list’ and how many times have we heard ‘you need a really large email list to make money’? This leads to many business owners playing the waiting game rather than focusing on how they can monetise their small list.
The reality is that if you’re a business owner you need money coming in the door, because it certainly will be going out! The good news is that you CAN make money with a small list - you just need to know how. Click To Tweet
Here are 6 Ways to Make Money with a Small List:
Create an eBook
Creating an entry level eBook or eProduct is a fantastic way to monetise a small email list. Sit down to have a brainstorming session where you think about your ideal audience and their most immediate need. What eBook can you create that will delight your ideal clients and lead them towards working with you in a bigger way?
Your entry level product doesn’t have to be too complex but it should be related to your core business and the key services that you already have or are planning on launching later on.
From this eBook purchase consider having an up-sell available either on the thank you page and/or as part of your email autoresponder, it might be a 1:1 session or a link to your regular services. Don’t leave this warm customer without further options… they could end up being one of your most loyal clients!
Run an event or workshop
If your small email list comprises of people that live in your area then offering an event or workshop is a really effective way to make money and build relationships with your audience.
Ideas for events that work well for small lists include:
- VIP days – a personalised one on one experience at a higher price where the client gets your full attention.
- Small group workshop – these deliver a lot of value for participants and provide a cost-effective way for them to work with you.
- Free or low-cost group sessions where you lead participants to a premium way of working with you. (This only works when you have an offer ready to pitch at the end of the event)
Promote a special coaching offer
If you are a service based business with a small email list the good news is that the people on your email list are very interested in what you have to offer. When you have a smaller list one of the main benefits is higher open rates – your audience wants to hear from you so don’t be afraid to offer them the opportunity to work with you one on one.
Launch an e-Course
One of my favourite ways to make money with a small list is to launch an e-Course. My very first e-Course launched to a tiny email list and had a fantastic conversion rate so it definitely can be done. Many of the participants in e-Course Launch Formula (link) have also had similar results with launching their e-Course to small email lists. With a good strategy and preparation launching an e-Course is an excellent way to make money with a small email list. Launching an e-Course is a very effective way of growing your email list! Click To Tweet
Here’s how you can make more money by selling an e-Course to a small list:
- Offer an early bird price or bonus to your email list before announcing the cart opening to the public
- Provide a VIP option with 1:1 coaching or an upsell after purchase to increase revenue
- Offer an affiliate program to purchasers so that they can also promote your program for you
- Limit the number of places in the first round to create more scarcity
Become an affiliate for a product or service that your audience will love
Affiliate promotions can be highly successful when the product is a good fit for your audience. Reach out to business owners that you respect to see if they have an affiliate program. As mentioned earlier the benefit of a smaller email list is higher open rates so you may find that a single email to your list about a highly relevant affiliate offer results in sales. Many affiliate programs offer commissions of between 30-50% so this can be an effective way of making money from a small list.
Collaborate with another business
Look outside your own email list to collaborate with other business owners to tap into their email lists or online communities. Partnerships take time to cultivate so start today by making a list of people that you could collaborate with and begin reaching out to them. Consider joint webinars, interviews, guest blogging, cross promotions and your own affiliate program as a way of promoting your offering to a wider audience.
As you can see there are many different ways that you can make money from a small list. Most successful online entrepreneurs launched their first products to small email lists and if they had waited until their list reached a magical number they may never have created such successful businesses. Don’t let your small email list stop you from making money and launching your brilliance into the world.
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