Welcome back. In Day 3’s lesson. In the previous lesson I revealed the Part 1 on “How to Determine the Amount of Money you want to make from your Info-products ONLINE Business”.
We learnt how to set any figure in Naira as your income goal and number of persons who will buy your product per month in order to hit your income goal. So if your income goal is N200,000 per month selling a N3,500 product online by now you should know how many people who should buy your product for you to hit N200,000/month. If you don’t, then click here to read Day 3’s lessons.
So in today’s lesson which is Part 2, you’d discover the second component in the equation which is == > “What to do to hit our income goal EVERY month using your List Building Goal”.
Remember, in lesson 3 I told you that there are two(2) goals you have to set in order to know how much you want to make initially from your info-product online: The Income Goal and List Building Goal
For the fresh newbies in the house, let me quickly tell you what a list is. A list is the MOST important tool for your online business. This is the reason so many Nigerians are struggling in their online businesses. No matter the model of your online business, if you don’t understand what a list is, how it works, how to build a list, how to grow a list and what to do with the list, you will SURELY fail in your online business.
Infact when I was a newbie ( I was once a newbie too;) ), something my mentors always said was “The Money is in the LIST”.
Now that I’ve said all that you must be wondering in your mind now, “Madam Onome, so what is a list?”. A List IS a collection of the personal details such as the name, email and/or phone number of the people who are interested in your target market for your online info-business.
It does not matter if such people have a 100% of 20% interest or not, as long as the person has even if its 1% interest in your target market, then you need to have that person’s details.
Here are the top 4 reasons why you must build a list and NOT do any selling in your first contact with your prospect in your online business:
Reason 1: Building a list helps you know how hot your market is or if your information product is wanted by your potential prospects. If you place an advert and just 10 people responded to your advert, that should tell you that either there is no market for your product or there is a market but your advert is not powerful
Reason 2: It helps you to market to the same people on your list over and over and over again
Reason 3: It gives you the ability to market people in your list on automatic, so if you have 5,000 people on your list, you can just send one email to all 5,000 of them at the same time using a special list building software
Reason 4: It can help you follow up on your prospects for a long period of time to finally convince them to invest in your product
So now that you know why you should build a list, the BIG question is how do you build a list? I will reveal the basic steps to you in lesson 5 but if you would not like to wait and would like to have a detailed report on it, then get this FREE training on how to build a list here
Back to our Main topic of today’s lesson which is List Building Goal.
Let’s assume that you want to make N50,000 every month selling a N2,500 info-product online, you have to get 20 NEW customers PER month (I showed you how to do this in Day 3’s lesson).
So to do this, you have to build a list of people who are interested in your FREE report which is related to the info-product you are selling. You would give away this report to them in exchange for their names, emails or GSM numbers.
Side note: People who request for your FREE information who have not bought anything from you are called prospects and people who have bought your product are called customers or clients
Now, there is an unwritten law of having a sales conversion rate of at least 5-10% of people who requested to have your FREE report who would eventually buy your info-product. (This conversion rate can increase or decrease).
Using the 10% conversion rate, it means to have 20 new people buy your product at N2,500 every month, you need to have at least 200 new people requesting for your FREE report EVERY month.
This means that you MUST have a marketing action plan to build your list every month to continue making at least N50,000 every month.
This is how I got to know you need 200 people every month:
10% is same as 10/100 = 0.1
So a 10% (or 0.1) conversion rate for 20 new buyers = 20/0.1
= 200 new prospects per month
Side note: Some of the other people who joined your list would buy your products sometime during any month, but we are talking about how to make a “consistent” income goal every month.
In summary, you would set your income goal first and then use it to set your list building goal and the rest would fall into place in making a 6-figure income from your online business.
I hope today’s lesson wasn’t too technical or mathematical, eh? That’s all for today. In our next lesson (Day 5), you will discover the tools you need to build a list for your online business.
Meanwhile if you enjoyed this lesson or you learnt one or two things from it, kindly hit the LIKE button and comments button below to share it with me and others.
I wish you Success.
P.S If you want to transform your finances to really make money REAL money on the internet, then get 3 Online Businesses setup for you and get FREE Training on how to make money here or www.bit.ly/make950daily