The actual pounds and pence value of any given list is totally dependent on the products or services it is being introduced to. But most people do not understand that there is far more potential in their list than they think and they are either frightened or unaware of just how to monetise it.
For example, how often have you been to a stand at an exhibition or signed up for a free download on a website and never heard from that person again? And how many times have you exchanged cards at a networking meeting or conference to the words “I’ll be in touch soon” only to not be contacted soon or ever again?
People are afraid of following up because they do not want to be seen as spamming or because they never really know what to say. The reality is that you probably are, or have been, on someone’s list but because they do not understand the value of their list you either regard them as spam or have unsubscribed. And the ones that don’t follow up a personal introduction… well they are just wasting their time and money.
It’s the user not the tools…
The value of your list is directly related to the care and attention that you give it. Some of the people whose details you have collected will not be your customers at all and have no interest in what you are offering. Others might potentially need your services but are unhappily using someone else’s solution; and there will be a few who are ready to press ‘buy me now’ if only you would ask.
So the value of your list is in effectively communicating with it, cultivating your relationship with it and measuring responses from it. You need to politely remove the ‘never buys’ provide useful information to the ‘may buy one days’ and absolutely delight the ‘buy nows’. Whatever you do – don’t simply ignore it and hope it will start to generate revenue on its own. Just like tools in a toolbox, your list is useless without the hands that use them.
The more you apply a smart communication strategy to the people on your list the more your list will be worth.