The one important thing for success in IM business
Internet Marketing business is a very lucrative business if you know how to do it very well. You can make tons of cash in a particular aspect of it, sometimes, without lifting a finger after you have set up a system.
However, in becoming successful in it, you need one very important thing. It is not the loads of cash you have. You can have plenty of that, but if you don't know how to utilize it properly, you will not be successful. I've spent several amounts of money in IM business without much success and so have some people that spent money on e-books, programs, seminars and so on. It is not the number of seminars you have attended or the number of e-books that you have read. You can do all that, but without taking action, there is no success. Even this one important thing which I am going to talk about will be of no use if you don't take action on it. It is not even the number of IM gurus that you know. You may ask, "what then is it?" Well I will let you know shortly, but before I do that, let me tell you something. This is the secret of many of the IM gurus you see and hear about on the internet. Just one campaign as a result of this one important thing that they have mastered, can rake in a surge of cash for them.
Enough of all that. Some of you may already know what I am referring to. It is called List Building and I am going to share with you some of the things I have learnt from one of the world's greatest IM gurus.
Let me start by defining what it is. List building is simply the compilation of a list of subscribers that you can send email to from time to time. They would have voluntarily given their information to you and in the process given you permission to contact them. They would also have joined your membership site like a forum as well.
Without a list, you can spend several amounts of money on different advertising medium without much success, but with a list, you can spend a minimal amount of money to get them into your list and when they get into your list, you can then continue contacting them from time to time through email without spending money on advertising again. So, having a list leads to your making money easier and you make money much easier as your list grows.
There are two major kinds of list. One, there is a large list and two, there is a responsive list. A large list is good and a small conversion rate can make you lots of money, but, a responsive list can also make you money even though it may not be large. Let me give you an illustration, but, before I do that, let me say that, a large list is one that has a large number of subscribers, while a responsive list is one that responds to the offer you sent to them. Now to the illustration. Supposing one IM businessman has a list of 10,000, while another has 2,000. If they both have a conversion rate of 2% on a product of $20, the one with 10,000 will make 2% of 10,000 x $20, which is $4,000. The one with 2,000 will make 2% of 2,000 x $20, which is $800. But, if the one with 2,000 subscribers has a conversion rate of 10%, he will make 10% of 2,000 x $20 which is $4,000. So, he will make the same amount with the one that has a larger list.
A responsive list can lead to your making huge amounts of money from your product within days of creating it or rake in huge commissions from marketing other people's products. A large list has its own advantage in that a small conversion rate can also lead to your raking in huge cash. The higher the number, the higher your profit and the higher your profit, the more successful you will eventually be.
You can actually have a large list that is also responsive. To be very successful, you need a large list that will also be responsive over a period of time as you go along in your business and one way of doing this is to build a relationship with them.
One list building secret of the gurus is that they create a product and get affiliates to promote the product for them. In this way, they don't pay the advertising costs, the affiliates do. They, instead, pay huge amounts of money as commissions to them and may even give away all their profits. Why do they do this? Because, eventually, those people who get their products will get into their list and they can then market their other products to them.
Next time, I will be sharing with you the three step formula for building a list. If you follow these steps, you will begin your journey to have a huge list and if you develop a relationship with them, you will get a large number of them to become responsive to your offers.
However, in becoming successful in it, you need one very important thing. It is not the loads of cash you have. You can have plenty of that, but if you don't know how to utilize it properly, you will not be successful. I've spent several amounts of money in IM business without much success and so have some people that spent money on e-books, programs, seminars and so on. It is not the number of seminars you have attended or the number of e-books that you have read. You can do all that, but without taking action, there is no success. Even this one important thing which I am going to talk about will be of no use if you don't take action on it. It is not even the number of IM gurus that you know. You may ask, "what then is it?" Well I will let you know shortly, but before I do that, let me tell you something. This is the secret of many of the IM gurus you see and hear about on the internet. Just one campaign as a result of this one important thing that they have mastered, can rake in a surge of cash for them.
Enough of all that. Some of you may already know what I am referring to. It is called List Building and I am going to share with you some of the things I have learnt from one of the world's greatest IM gurus.
Let me start by defining what it is. List building is simply the compilation of a list of subscribers that you can send email to from time to time. They would have voluntarily given their information to you and in the process given you permission to contact them. They would also have joined your membership site like a forum as well.
Without a list, you can spend several amounts of money on different advertising medium without much success, but with a list, you can spend a minimal amount of money to get them into your list and when they get into your list, you can then continue contacting them from time to time through email without spending money on advertising again. So, having a list leads to your making money easier and you make money much easier as your list grows.
There are two major kinds of list. One, there is a large list and two, there is a responsive list. A large list is good and a small conversion rate can make you lots of money, but, a responsive list can also make you money even though it may not be large. Let me give you an illustration, but, before I do that, let me say that, a large list is one that has a large number of subscribers, while a responsive list is one that responds to the offer you sent to them. Now to the illustration. Supposing one IM businessman has a list of 10,000, while another has 2,000. If they both have a conversion rate of 2% on a product of $20, the one with 10,000 will make 2% of 10,000 x $20, which is $4,000. The one with 2,000 will make 2% of 2,000 x $20, which is $800. But, if the one with 2,000 subscribers has a conversion rate of 10%, he will make 10% of 2,000 x $20 which is $4,000. So, he will make the same amount with the one that has a larger list.
A responsive list can lead to your making huge amounts of money from your product within days of creating it or rake in huge commissions from marketing other people's products. A large list has its own advantage in that a small conversion rate can also lead to your raking in huge cash. The higher the number, the higher your profit and the higher your profit, the more successful you will eventually be.
You can actually have a large list that is also responsive. To be very successful, you need a large list that will also be responsive over a period of time as you go along in your business and one way of doing this is to build a relationship with them.
One list building secret of the gurus is that they create a product and get affiliates to promote the product for them. In this way, they don't pay the advertising costs, the affiliates do. They, instead, pay huge amounts of money as commissions to them and may even give away all their profits. Why do they do this? Because, eventually, those people who get their products will get into their list and they can then market their other products to them.
Next time, I will be sharing with you the three step formula for building a list. If you follow these steps, you will begin your journey to have a huge list and if you develop a relationship with them, you will get a large number of them to become responsive to your offers.