To expedite success in any business, it’s important to have a mentor. Someone who has been where you want to go, and is willing to share their experience in order to push you up to the next level without you having to go through all of the heart ache. This is why I offer my Mentor Program found HERE. Although I love to help others become success with their eBay business, I still am not at where I would like to be. I have been lucky enough to have a mentor myself when it comes to online businesses, and recently I had a chance to sit down and talk about growing my eBay business further than I ever expected. I wanted to take some time today to talk about a key concept that I learned, and some tips and tricks that may help you.
When I sat down with my Mentor and asked how I can grow my business even further than I have already, the very first question I was asked was, “How many people do you have in your list?” This took my by surprise, and it took me a minute to understand what he was talking about. He went on to tell me that his list contains over 5,000 people and each person equates to $1.42 per month.
So what is this list that my mentor was talking about? It’s the amount of people who have signed up for your eBay store newsletter. I knew this existed, and I do use it from time to time, however, I really never understood it’s true potential. Also, understanding how to give a dollar amount to the number is huge! So, let’s take a look at what this looks like and how you can start growing your list.
If you have an eBay store, then you are ready to go, if not, then it may be time to open one. We now know that creating a “list” is a crucial part to growing your business. So how can you add someone to your list? Well first, understand that to get someone on your list, an eBayer will have to add you to their favorites. From there, they will be asked (by default) to subscribe to your newsletter. This is where you will be marketing your customers. Even if you you have been selling on eBay for years, you may notice that you only have a few customers on your list (as it was in my case). To increase this number, you need to be proactive in asking each customer to join your newsletter. My mentor does this by simply emailing each customer to thank them for their business, and asking them to join his newsletter.
Depending on how much you sell, you should see your list grow month over month. When you have a store, you are able to use the Email Marketing tool that eBay provides. You can send out pre-created newsletters letting your customers know what’s new, or you can customize what is sent out. You are limited to 5000 emails per month for free, then $.01 per email after that. This does not include the notification that is sent out when you put your items on sale.
If all of this is new to you, then let’s walk through the steps of creating a news letter:
- Under Manage my Store, you will see a section called Store Marketing. Underneath that, you will see Email Marketing… Click that.
- In here, you will see all of the information needed when creating a newsletter. You will want to click on New Email, and you are all set.
It’s that easy! In your newsletter, you will want to outline what is new, what’s hot, what’s on sale, and any other information that could drive your customers to buy something else from you. You see, the more people you have on your list, the more engagement you will get, which leads to sales!
What really interested me, is when my mentor said that it was like printing your own money! After a deeper explanation, he told me how much each person on his list was worth to him. This is the amount of money he makes per subscriber after he sends his newsletter. Just a reminder, he makes $1.42 per subscriber each month. He calculates it like this: Subscribers / $ Sales directly after an email goes out.
I’ve only started to proactively grow my list over the past month, and I was surprised at the results! If you have an eBay store, give this a shot and let us know how much money you are making per subscriber!