All the guru's say the money is in the list.
Some even fancy it up and say the money is in the relationship you have with the list.
If they are all correct, all that's left to say is, 'ok, great I'm going to build a list now and make money.'
But wait, can it really be that easy? There's also another saying that if it sounds to good to be true' well, you know the rest.
To get to the heart of building a profitable list, start with the idea of the money is in the list and let's pull it apart'.
Profitability in a Few Steps
Here's my completely different opinion on list profitability ' the money's not in the list, nor is it in the relationship you have with the list.
Realistically speaking (and not basing it on the gurus), I have several lists that I have an awesome relationship with that are not profitable. I'm sure you do too.
Lists of club members, lists of blog readers, even lists of people who have opted in for a free report.
They may not be profitable at all, but they are, nonetheless, a list AND one that you have a relationship with.
So, if the money is not in the list nor in the relationship with the list, where is it?
The money is in your prospect's wallets. It's tightly tucked away and if you have a list of people who do not take out their wallets to purchase anything, then it will stay tightly tucked away.
All the great relationships in the world won't earn you any money from that list.
The only way list building is profitable is if you are in a niche that spends money!
So the first step to determine list profitability is to find out if you are in a niche where the people will bring out their wallets and spend money. Forget all the tricks and tactics, do the people in your niche spend money on the stuff you would offer in your business too?
If they buy stuff, then it's a good sign that they would buy from you as well. If they don't, then you aren't going to convince them to do something they haven't already been doing.
Look at the competition: lots of competition = profits; no competition = no profits
The second step is to see if there is a reason for them to spend money. Is there a pain that the niche feels and experiences often or even every day? Does it keep them up at night? Do they discuss it?
A perfect example of this is golfers ' golfing is a hobby, sure, but it's still a profitable niche. Golfers talk about the stuff that they do or struggle with. I'm not a golfer, but I know that golfing is not cheap. So I know that they have money to spend on their hobby. They spend money on clubs, on a place to play, on the other gear ' shoes, clothes, hats. They also spend money on stuff that helps them improve their game.
Any avid golfer would buy a 'How to Improve your Golf Swing' course. It's helping him improve his game, and that is what golfing's all about.
So after they have a reason to spend money, the third step is to give them a reason to buy their solution from you.
As mentioned before, having a list and being profitable are two different things. They can be related only if the list is a group that has been given reasons, and therefore, opportunities to buy from you.
Another example is a free report on law of attraction. Law of attraction is a hot and profitable topic. There is a lot of potential with a product in this niche.
Why would someone be looking at something in the law of attraction niche? Maybe they want to find out what it's all about, maybe they want to see how it can help them, or maybe they want to start their own website on it and they want to learn more about it.
If you are in this niche, a free report with a bland title is not going to cut it. Not because it's too competitive, but because your free report is what sets your business up to bring extreme value to this subscriber AND is what gives him a reason to buy the products you offer to him. Your free report has to be compelling, with an incredible message of how the next product in your arsenal can help him too.
The Case for Profitable List Building
You may be wondering why the emphasis on list building when I focus more on email marketing.
The reason for that will be revealed as we go through this series, but what I will reveal is that the two topics are closely related. So close in fact that you can't have one without the other.
Can you build a subscriber list and not be profitable? Sure.
Can you build a subscriber list and be profitable? You bet.
But either way, getting in to a niche where the prospects are spending money is the first part of being a profitable list builder.
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