WIS - Building your list with Viral Marketing
The final session of day one of World Internet Summit was delivered by Tim Brocklehurst, which was a combination of the importance of building your list (the old ‘the money is in the list’ adage) and doing it using Viral Marketing (in fact, more specifically, doing it using Tim’s “My Viral Spiral” product).
Firstly, Tim is Brit and has an absolutely super English accent - which sounded quite unusual in the setting we were in. (I know, we were in London, and I’m a Brit too, but until this point we’d heard from Brett McFall an Aussie, Tom Hua from China and Shaune Clarke from Canada).
Tim’s goal was to show how you could build a list of 5000 people - a size that can help you earn a considerable income (if you look after and value your subscribers of course).
Tim shared his simple rule of thumb that you should be able to earn $1 per month in affiliate commission per list subscriber. With a list size of 5000 that’s $5000 *(£2500) per month, based on
- Email open rate 20% (that’s 1000 people)
- Click on affiliate link in email rate: 25% (250 people)
- Buy rate (sale conversation): 5% (13 people)
- Earnings 13 x an average $50 commission/sale = $650 (£325) per offer, then you need 7+ offers per month
Now, its quite possible that my notes aren’t quite right, because 7 sounds like a lot now I come to write it out. But that number assume a $50 commission.
BUT… you have to have the list before you can create the relationship with the people on your list, before you can make offers to them… so, Tim’s point… how do you build the list? Viral marketing.
“If you’re online and you’re not doing viral marketing, you may as well be offline” was Tim’s favourite quote. He did have some interesting information, but not a great deal on how to do viral marketing.. and I guess that’s because Tim has a product, My Viral Spiral, which automates the whole thing for you!
From what we saw it looked pretty well thought out and set-up to completely automate the viral process, making things as easy as possible.
It is based on a piece of software that you can choose to install yourself on your own web server, or they will host it for you.
The product does look interesting, but we don’t have current plans to use it - so I can’t tell you if it really is a good as Tim say’s it is. You can of course read more about it on Tim’s My Viral Spiral site!
One final thing I thought was interesting was that at a previous World Internet Summit, Tim met a small number of people that setup their own Mastermind group (al la Napoleon Hill)… something I’d had on my list for a couple of years. And yes, I did make this suggestion to a small number of people I met at the event and am in the process of setting that up right now.
Enjoy…
-Mark
Mark Quirk is a director at Know It Use It Ltd http://www.ValuedClientSystem.com - From Prospects to Customers to Valued Clients http://www.VCSHosts.co.uk – Create Your Online Business In A Box