Cheap LeadsIf you know how to monetize leads, cheap leads are the best. A lot of online marketers promote only one offer or one type of offer. If this is the case for you, then cheap leads may not give you a very good ROI. When you do a cheap solo ad, the traffic generated will be a mixture. They will range from people who will opt in just to get your free giveaway to people who are genuinely interested in putting SOME money into their business to people who are serious and willing to make a substantial investment.
The trick is to separate the tire kickers from the big spenders and deal with them in different ways. One way of doing this is to get them to fill in a SHORT survey once they have opted in. Ask them which spending category they fit into. When they submit the information, add them to different lists depending on their choice.
Once you have them separated, you can deal with each list differently, thus getting the most return from each list. The leads that aren’t willing to spend very much can be sent promotions on small priced items. Keep the promotions to items of value, though, and related to the topic that they opted in under. I would set up a 365 day (every 2 days) campaign for these. Try to milk every dime out of them. A campaign this lengthy will result in a lot of opt outs, but you will generate some sales and you are not too concerned about these ones opting out anyway.
The mid-spending group should be sent emails about every 5-7 days with promos in the $100-$200 range. Again, keep these relevant and valuable. Once they have received about 15-20 emails, stop. You will have generated a fair amount of income by then and you really don’t want these ones opting out. From then on, only send them emails on new promos coming out and only 10 – 15 per year. They will become a source of some quick cash when you need it.
The big spenders have to be handled delicately. Find one high ticket product ($2,000 - $5,000) and stick to it. Don’t send them any more than 5 emails about the product and not more than 1 every 5-7 days. They need time to ponder this big purchase but you don’t want them to forget about it. Make sure to put them on a different list once they decide to buy. About every 6 months or so, change your product and re-send to them.
It is important to remember to continue growing your list. A good rule of thumb is to re-invest 30% of your PROFIT (commissions – costs) into new ad campaigns. As your list grows, so will your profit. Once your list hits about 10,000 subscribers, it will become your very own ATM. When you need some quick cash, just send out a broadcast and collect the earnings. It is really that simple.
Don’t expect your list to explode overnight. It takes time and effort to grow a profitable list. Here are a few points to remember:
- Treat your list with respect. Remember they are people and if you treat them like they are a source of money, they will soon lose their respect for your offers. Build a rapport with them. Become their friend and coach (like I am doing with you right now). Not all of your emails should be about trying to sell them something. It is far easier to sell something to a person who trusts you.
- As your list grows and your income grows, seek out new sources for leads. Try out the more expensive agencies. Usually they are more expensive for a reason. The leads they generate for you have a higher income potential.
- As the internet evolves, so does the mindset of potential customers. Techniques that worked well ten years ago do not work as well today. Keep this in mind. If you notice that your list doesn’t produce as much income per prescriber as it used to, you have to adapt and change your strategies. Visit forums every so often to keep up to date on what others are doing. Another general rule of thumb is that a list should produce $1 per lead per month. If this is not the case for you, you are not getting the most out of your list.
Stick to these guidelines and you can’t go wrong. Remember to research your products and always provide value to your list and you will soon develop respect and responsiveness from them.
If you are on a tight budget, maybe you should get free leads. See the menu bar to the right.