The Big List Myth

It’s drummed into us that ‘the money’s in the list’.

And there is this much-quoted (but seldom justified) ‘statistic’ that a list is worth on average $1 per subscriber per month.

Hence, if you have a list of 100 people, you should be making $100 a month by promoting offers to it.

If you have a list of 10,000, that rises to $10,000 a month.

So, it stands to reason that, the larger your list, the more money you will make.

No.

MythTruth01It’s a myth.

It is NOT about the size of your list.

It’s about how many BUYERS you have on your list.

I’d far rather have a list of 1,000 proven buyers than 20,000 people who have just joined my list to get a ‘freebie’ I was offering.

And I’d far rather have either of the above than 100,000 Facebook likes.

It’s all about BUYING INTENT.

Most people on your list will never, ever buy anything you recommend to them.

Don’t take it personally.

Most of these people wouldn’t buy anything from anyone.

It’s just the way of the world.

So how can you get more buyers on your list instead of just ‘tyre kickers’?

Let’s get back to basics for a moment…

You generally get people to join your list by offering what is called a ‘lead magnet’.

FreeGift01It’s a free gift you offer people in exchange for their email address.

Gone are the days when you could just put a subscription box on your website that says, ‘Sign-up now for my free newsletter’.

These days, you have to bribe people.

It could be a free video, PDF, trial, cheat sheet, checklist or template.

I particularly like the last 3.

For example, if you are in the dog training niche, you could offer a 1 page cheat sheet on how to house train a puppy.

Or, if you are in the local business niche, it could be a set of ad templates to attract new customers.

Not any old tat will do.

Your lead magnet has to grab attention in a competitive marketplace and it has to offer real value.

People are more and more picky about what they will give their email address up for these days.

So, yes, you actually have to SELL your free gift, pretty much as if people were going to pay for it.

But getting people to sign up is only the first and, arguably, least important, job of your lead magnet if you want to attract buyers rather than just ‘freebie-seekers’.

ThisWayThatWay01To do this properly, you want your lead magnet to act as the natural first step in buying whatever paid offer comes next.

For example, if you’re trying to sell a book or course, your lead magnet could be the first few chapters or lessons.

To find out more, people have to get their wallets out.

Your lead magnet provides ‘useful but incomplete’ information.

People WILL get value from it in the form of achievable results, but they don’t get the complete ‘system’ unless they take you up on whatever offer you are making.

Another way to achieve the same result is to reveal something they didn’t expect.

For example, your lead magnet could challenge the preconception that weight loss is all about eating less and exercising more.

Maybe it’s also about the build up of toxins in people’s bodies.

Your paid offer could then offer a simple diet plan for reducing these toxins.

Alternatively, the lead magnet could present a high-level overview of key steps in achieving some objective.

And the paid offer would flesh this out with the detail for each of those steps.

Or you could tell people exactly what they have to do to achieve their objective and then offer a paid ‘done-for-you’ service that makes it incredibly easy to implement.

For example, you could teach people how to craft effective Facebook ads for free and then offer them a pack of 100 proven ad templates as the paid offer.

Buyers01Do you see how structuring things this way is going to maximise the number of buyers on your list?

One of the biggest mistakes I see with lead magnets is focusing on quantity rather than quality.

People have bought into the myth that the larger your list, the more money you will make.

The truth is that you will make far more money from a far smaller list if you set out to attract the ideal buyers for what you have to offer.

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