I did a drive the other day talking about having to do what you’ve got to do. And at the moment, we’ve got so much happening, so much going on that I had to fit some stuff in late on.
Ultimately, like I said the other day, it comes down to doing what you’ve got to do.
So last night, we actually had a podcast scheduled but rearranged that. An hour after that, at 11pm UK time – we do these webinars sometimes to fit in with the US market so it was 6pm Eastern.
So we did a webinar last night, had a bunch of people on there and managed to get some new customers into one of our products, which is awesome – I love seeing people take action.
And that’s one thing probably to speak about. We didn’t have too many people on last night’s webinar, but for the numbers we had…
We Had A Good Percentage Of Sales, But Here’s The Thing…
Do you know with your business, whether you’re an affiliate marketer, you’ve got your own products, whatever it is that your business model is.
Do you know what a customer is actually worth to your business? Or do you know on average how much a subscriber on your email list is worth to you?
For example, if you had a thousand subscribers and you make a thousand dollars a month, then on average each subscriber will be worth a dollar, right?
So, Do You Know That Number?
That’s when you can really take hold of the stats, numbers and metrics of your business. What that actually tells you is, how much am I earning on average for every person I add to my list. And then how much on average am I earning for every customer.
Because when you know what a subscriber is worth, then you know ultimately what you can spend to get them.
Now as a whole, for most people, that never been a simple metric to work out. But in its most simplistic form, just look at how many people on your list and how much you made that month. So last month, if you had 10,000 subscribers and made $5,000, a subscriber would be worth 50 cents, right?
Then just keep a gauge on that every month in your business. Perhaps just have a spreadsheet and you keep it written down just on a monthly basis how much did I generate last month, how many subscribers were on my list… And just keep a record of that. And you’ll start to hopefully see…
Now, one of the things that happened with me, if I go back to when I first started building my list…
Early On, I Was Able To Generate $1-2 Per Subscriber
…on my list. And so, as my email list grew, with my first 500 subscribers I was making anywhere from 500 to a thousand dollars by sending email promotions as an affiliate marketer (I didn’t have my own products at that stage)
One of the things that I found – this may not be true for everybody – but as my list grew, the average value of my subscriber actually lowered a little, actually started coming down. Ok, that may be something to be aware of. But the key is…
How Do You Increase What A Subscriber Is Worth?
How do you do that? Well that’s one of things obviously you have to work on in your business continually.
But the biggest tips I could give you on that are:
- Consistent communication, and
- Find your own voice.
So what I mean by that is firstly…
Email Your Subscribers EVERY DAY!!!
This is particularly important because they’ll forget who you are. As much as you would like to think that, as an entrepreneur and a business owner, when somebody joins your list it’s because they’re genuinely interested in you – which some of the time may be true.
But most the time people are joining your list because they’re interested in what you can do for them. And if you don’t stay in consistent communication, they will quickly forget who you are, because they’re listening to other people as well. They’re receiving emails of a ton of other people.
The other thing I said is…
Finding Your Own Voice
Now that just comes through sheer practice. What I ultimately mean is, learn to find your own voice – be yourself – have your own personality, let it shine through.
A lot of people are scared to be themselves, or scared to talk about certain things because they’re afraid that people will unsubscribe, or they’re afraid that people won’t like them. We’ll guess what – a bunch of people are not going to like you. It’s not that they dislike you, it’s just they probably don’t connect with you.
And so there’s my tip for today. When you’re building your list, or when you’re making sales, do you know what a subscriber or a customer is worth to you?
And are you consistently communicating with them and finding your own voice? To get them to know you, like you, trust you… And stick on your list, listen to you, and buy on your recommendation.
Alright, so have a great day. I shall speak to you again in Dealing With Entrepreneurial Stress: How Do You Cope With Stress? another episode of The Drive. Thanks for joining us.