You Don’t Need a BIG List to Make it Happen

There are three primary reasons for why you don’t need a big list to make it happen. It is the engagement of that list that is important. Just like the old adage tells us, it’s about quality over quantity. I work with a variety of clients – myself included – that do not have massive lists, but we have been able to build successful businesses with the clients that we do have – quality over quantity.

Firstly, it is crucial to the look at the facts. For those that love data, research, and numbers, the statistics will paint a picture explaining why big lists aren’t the be-all and end-all.

The statistics tell us that engaged subscribers buy more.

 

In reality, they spend 66% more than the average customer because of their loyalty. They appreciate what you give and teach and all that you have to offer. This is a significant statistic that deserves attention. Engaged subscribers are also better subscribers because they are more likely to refer you to family and friends. In fact, they’re likely to refer up to 55% more than other customers.

Think about all of the potential clients that you haven’t directly connected with, that your engaged subscribers are recommending to you. They are positioning you as the expert, they are edifying you, and they are entrusting their business with you. Referral business is huge, and I have built most of my own business off of referrals – it is very powerful.

Engaged subscribers are also the future of your business.

 

The 2019 stats tell us that in 2020, your engaged subscribers are far more likely to spend with you regardless of the price of your product. They are loyal to YOU and value YOU over the price. When you have established underlying trust and connection, which CAN be done through email, it’s the future. It’s what is going to generate more revenue for your business versus the quantity of your list.

Next, it’s critical to look at a few other metrics – some more important than others – that will help you to focus on your engaged subscribers.

Let’s start with the DON’Ts.

 

I get it – you’re looking at your subscriber count, you’re checking how many people have opted in, and you’re wanting that list to grow. However, being in the business to simply collect names and emails for the vanity of it does not serve your business. Sure, your list will grow, but if your emails go unopened, it’s not going to generate any revenue for you. The reality is that we pay for these email services and the last thing you want to do is pay to send emails to customers who aren’t even checking you out.

When it comes to metrics, people are focused on the rate of growth which is important. You want to go hard, you want to go fast, but do not lose sight of quality over quantity. You probably want to have a handful of more quality leads that are engaging with you and that are ultimately spending with you. This is more beneficial than hundreds or thousands of cold leads that may never convert into actual customers. It also depends on how you are acquiring leads, but most importantly, you should be focusing on the quality and the engagement of your subscribers.

This leads me to the DOs.

 

These are the metrics that I think you should be spending your time on.

The first one is the open rate. You want to make sure that this is a decent number. If it’s not, then you can try tweaking it with your subject line or the first few email preview lines that people will see in their inbox. For example, you might want to change up the verbiage by using their first name, or their location. Maybe you’d like to send them an invite or offer them something exclusive. Play around with your subject lines and first few opening sentences because your open rate should be your most important metric.

The second thing that you want to look at is your click through rate. Whether you’re sending them to a download, a course, or a community, you want to make sure that you have a link of some sort in your email.

It could be as simple as a link to a social profile because an engaged subscriber will click.

 

When people are clicking on those links and you are sending them to an offer or a product or service, they’re far more likely to click it. That leads to the next metric you should be looking at – the revenue generated from the click through rate.

At the end of the day, we are in business. If people aren’t clicking your links, they’re not going to see your next offer or what you are selling them. Be mindful of your open rate, your click through rate, and the revenue generated from your click through rate.

Finally, you want to be looking at the social shares. This metric is probably the most overlooked metric when it comes to your email list. Make sure that in each of your emails you have social share buttons available. These could be Facebook, Twitter, Email, or an SMS message because when you’ve spent time creating dynamite content in your email, you want people to share it.

This brings us back to referral business being so critical.

Your list doesn’t need to be massive.

You just need a list that values quality.

How are you attracting the leads for your list? Have you truly considered who you’re speaking to in your content, the emails you put out or the videos you share? Knowing your Customer Persona is CRITICAL and I would STRONGLY encourage you to download the Free Worksheet HERE, to help you!