I remember being told, “you have to build your list Christina!”
So, I did.
I kept building my list in preparation for my next launch.
I used Facebook groups.
And Facebook ads.
I looked at my subscriber list in a not so sexy, obsessed kinda way.
Like a creepy x-girlfriend spying and stalking her boyfriend.
With a minute by minute play-by-play as though it was going to make that number change.
I just couldn’t help myself.
But holy Hannah! If I only knew then, what I know now, I would have saved myself so much frustration and heartache.
If you’ve been in the online marketing space for long, then you’ve probably heard about conversion rates.
One of my early on coaches explained it to me and walked me through these steps.
I wanted to have a $20k launch.
So I needed 20 people at $1000 to hit that goal.
Based on the industry standard of 2% conversion I would need a list size of 1000 leads.
List Size @ 2% conversion (2/100) = $20k launch
I went on my merry way and worked on list building.
I spent time.
Then I figured out FB ads and those worked after some “figuring it out.”
I continued to grow my list.
But what I didn’t do was practise selling without having a conversation.
OR train my new list of leads to buy from me.
Unknowingly I trained them to take in boatloads of free stuff. With no real direction. Because in my mind I was just warming them up. Over delivering. Giving back.
All that free goodness was flying off the shelf.
Then when I went to launch my offer, I assumed that my entire list would be interested in my offer.
As an over achiever I assumed I would easily convert at industry standard.
I had high hopes and high expectations.
I got one sign up on my first launch webinar. Woo hoo! More is coming.
Then silence. Notta. Zilch.
Oh, I was embarrassed. Deflated.
Shoot me now, can I run and hide?
What if nobody else buys?
What will I do with one person?
Oh no. I suck. HELP!
But being the over achiever that I was, I hustled in every way I knew possible.
After an exhausting, paingstainkingly long launch, I still came up short of my goal.
I never wanted to launch again. Ever. Again.
It wasn’t until time had passed that I realized how wrong I had it.
How could I expect every single person on my list to be interested in my offer on a very specific topic?
It just didn’t make sense.
I was setting myself up for failure.
To predict your launch numbers, you need to have a launch list interested in the very specific topic of your paid offer.
How do you do that?
Create a freebie specific to your launch offer.
Let’s talk about a health coach.
She has a program on nutrition.
But she’s built her list mostly on a freebie related to exercise.
Sure she’s grown her list to 1000 subscribers.
But in reality maybe only 100 people on the health coach’s list identified with wanting help with nutrition.
And if that health coach wanted to sell 10 spots in a $500 program to make $5,000. But she only had 100 people on her list interested in that topic, she would likely fail to hit her goal unless she was a super star at selling and converted way above industry standard.
Instead, let’s say she decided, ok, I want to do this program on exercise. How many people on my list are interested in this topic? Ok, let me ask them a quick one question survey.
100 people say “me!”
Ok, what needs to happen now?
She’ll need to sell 10 spots at $500.
To sell 10 spots she’ll need 500 leads interested in that topic.
List Size @ 2% conversion (2/100) = $5k launch
Now she knows she already has 100 people, but she’ll need 400 more to reach her lead goals if she wants to hit her income goal.
But maybe she’s only building her list by three people per day. That’s 90 per month. It’ll take her approx 5.5 months to get those leads.
Do you think it makes sense to wait almost 6 months before making them an offer?
Because in that time, she’s feeding them all sorts of free goodness and she’s set the bar for them to soak up boatloads of free content that she’ll shock them out of left field when she asks them to buy.
I see so many coaches and online entrepreneurs wasting time and money building their list while not cashing in and monetizing the process.
Just imagine instead, this scenario.
The health coach knows she needs 400 more leads.
She wants to make sure she’s finding buyers first not just freebie hunters.
She whips up a great freebie related to exercise.
And puts together a low ticket offer that builds upon the freebie. She offers this on the thank you page (after they sign up for her freebie) for a special discount of 75% off for $27.
And one out of every ten people buy it. Because low ticket offers convert like that 😉
For every 100 new people to her list, she gets 10 buyers and makes $270.
When she gets her 400 new subscribers, she’s already made $1,080.
…and she knows her people are interested in what she was to offer
…her idea is validated
…she’s had practice selling without having a conversation.
…and now she has a list of buyers. 40 to be exact.
She’s going to be completely confident about selling only 10 spots since she’s already sold 40!
And she’s made money in the process without any extra work.
And she’s also sold a few high-end packages along the way.
How does that sound? Doesn’t that sound so much easier?
Forget all the pressure of wondering if people will buy.
Forget wondering if they are interested in paying for the solution.
Forget worrying about ad money spent if your sales have already covered your advertising costs.
If you are where I once was…
Waiting for a payday that was WAY down the line….
Putting boatloads of pressure on yourself….
Beating yourself up for falling short of your goals…
Then it’s time to think more strategically.
Stop wasting time and money blindly on list building.
And nail down your money making system as you go along.