Day 18: Monetize Your Email List
In yesterday’s daily list building challenge I encouraged you to give Facebook advertising a try. Since it is advertising it has a cost associated with it. It may not be much in the beginning, but it is money out of your pocket. Today, let’s focus on what we can do to recoup that investment as quickly as possible.
You know that paying a little upfront to get more subscribers on your list will pay off in the long run as you make offers for your products and things you’re an affiliate for. But wouldn’t it be nice to make some if not all of the money you’re spending on getting new subscribers right away?
The best way to accomplish that is with a highly targeted backend offer. You may have seen it in the past. You sign up for a list and on the thank you page and in the first few emails, get a great deal on a product that is closely related to what you signed up for in the first place. It’s something that’s fresh on your mind, so more often than not, you end up buying. The idea with today’s post is to walk you through the process of creating and setting up a backend offer like that.
Come Up With A Highly Targeted Offer
Take a look at your lead magnet and how you’re getting people on your list. Do you have a product that’s a logical next step from the opt-in report? For example, if your lead magnet is a short report on setting up a personal budget, you could follow up with a printable workbook complete with excel forms that they can download and use to record and organize their finances.
If you already have it, great. If you don’t, now is the time to come up with something and get to work. Create a product that’s the logical next thing your subscribers need to know. What’s the next step they need to take to reach their goal and how can you help them take that step?
Make It A Deal That’s Hard To Refuse
Once you have your product, create a simple little offer that’s hard to refuse. Make it ridiculously cheap, or offer them a lot of useful content for a reasonable price. This will serve two purposes. The first is of course to help recoup at least some of the cost of the Facebook advertising you’re doing. Even if you don’t quite break even, every extra dollar helps.
The second reason is that you’ll be turning free subscribers into paying customers who are a lot more valuable. It’s something we’ll talk about in tomorrow’s post. For now, get your product and offer ready and start promoting on your thank you pages, your welcome email etc.
Follow Up A Few Times
You don’t want to be too pushy and pester your new subscribers to the point that they unsubscribe, but realize that they may not have been ready to buy when they landed on your thank you page. Sometimes it takes a little time before they trust you enough to hand over their wallet. Give them a chance to consume your lead magnet and realize that you know what you’re talking about. Follow up a few times over the coming days with this special intro offer. Then move on, realizing that not every single subscriber will buy this particular product.
Do you have a product or service in mind that you can promote to your list? If not, check out my Package and Price course.