[MUSIC PLAYING] To begin this lesson, I'm going to tell you something shocking. What if I told you that email is still the best way to sell your products and connect with your customers? That's right. Most new online business owners neglect email, but you could say that this is a secret weapon among the top earning online business owners. Earlier, we talked about the fact that acquiring a new customer is up to five times more expensive than selling to an existing customer.
And one of the reasons is because email is extremely cheap to utilize. The average cost for an email list with about 10,000 subscribers is around $120 per month. But statistics show that every subscriber on your list is worth about $1 a month in revenue for your business. Let's do the math. That's an 83X return on your investment. Come on, somebody.
In addition, the average reach for a post on your Facebook page is around 6% of your following, but emails on average get a 20% to 30% open rate. Are you getting the picture here? Building your email list and consistently sending emails out to your list should be one of your top priorities in growing your business. You own your email list. If Facebook shuts you down or you lose an account, you'll still have your email list to go back to and make sales.
It is an important asset to your business. Here's an easy strategy to start growing your email list today. On your Shopify store, you need to create a simple popup that offers a discount in exchange for the visitor's email address. You can create a pop up either inside some email platforms or you can use an app from the Shopify app store. Make this pop up appear after about 10 to 15 seconds.
You can also use a wheel of Fortune style pop up, which is a fun way for your customers to engage with your store. Once you're driving some traffic to your website, this will help you easily start to collect email addresses and grow your list. I recommend emailing your list at least every other day. Every email doesn't have to be selling. Send out some tips or content related to your niche, ask questions, run sales and promotions, or even invite your list to follow you on your social media channels.
Have fun with it. A few great email platforms to use are Klaviyo, Omnisend, or Mailchimp. To recap, email is still the best way to make sales and connect with your audience. So start up an account, start collecting emails, and begin emailing your list each and every week. Remember, consistency compounds.