The widely held belief among marketers is that every email subscriber is worth $1 per month.
That means if you have 3,000 email subscribers, you should be able to make $3,000 per month.
The math is a little off, though, because virtually no one gets a 100% open rate on their email campaigns. 20% is considered good, and anything above that is stellar. And this also depends on industry averages. I know from having worked in music for a long time that a 20% open rate would be high when sending campaigns to musicians.
So, that means each email is worth considerably more than $1 per month, if you do things right.
20% of 3,000 is 600. $3,000 divided by 600 people is $5. Meaning an engaged email subscriber is worth closer to $5 per month.
You don’t need a huge email list to earn a sizable income.
But if things aren’t working, it would be wise to go back to the drawing board and rethink your strategy.
As my mentors in network marketing taught me:
What you win them with is what you win them to.
If all you’re doing is giving away things for free in exchange for email addresses, it’s entirely possible that you’re just attracting an audience who will take the free stuff and bolt.
The other possibility is that your lead magnet is too far removed from your core brand. Everyone wants to win a free iPad, but if it’s a mismatch with your messaging, you can bet that most of those people are going to unsubscribe once the contest is over. Which is why a small (but engaged) email list is never a problem.
People make a big deal of lead magnets these days, but the truth is, at Music Entrepreneur HQ, they haven’t worked that well for us in the last couple of years. We’ve had more success with tripwires (irresistible, low-ticket offers) versus lead magnets, so we’ve started prioritizing those instead.
So, don’t just do things because people tell you to. Test them out for yourself and see what works. The conventional method may not emerge a champion at the end of the match.
Quick reminder – you can now pre-order the Kindle edition of The Music Entrepreneur Code – 2022 Edition (just in time for the holidays). Don’t get left behind – be the first to get my latest work into your hands!
Social media is just so much fun. And it’s so easy to get people’s attention, right?
All you’ve got to do is post a picture of your butt in a thong, your enormous bicep, or your impressive guitar collection, and you get dozens, hundreds, sometimes thousands of engagements on your post.
Look, if this is your hobby, and you’re just testing the waters to see which ripple people are drawn to today, more power to you. But if somewhere in the back of your mind you think a dump truck is going to come rolling into your driveway to deliver the mad stacks you’ve earned on the back of your social media performance, you’ve made a grave mistake…
I’ve said it before, and I’ll say it again.
Sometimes, the people who seem to be killing it are secretly broke.
And sometimes, the people who seem to be struggling are secretly killing it.
And nowhere does that apply more than in the online world. You would do well to remember that (especially before playing the comparison game).
Engagement does not lead to income. And I understand that more views on your YouTube video or Medium article might mean more pennies, but it’s kind of moot unless you can get people to stick around over the long-haul. And nurturing your audience is probably the hardest part unless you know what you’re doing.
Trust me when I say I did a lot of things that were supposed to help me build engagement with my audience long-term, and that didn’t make Music Entrepreneur HQ any less of a rollercoaster ride. The “hockey-stick” up and to the right growth chart is a myth so far as I’m concerned…
But what we’re really talking about here is protecting your assets.
My business coach, James Schramko, calls it owning the racecourse.
The idea is this. If all you own is the racehorse (social media profile), but not the racecourse (the social media platform), you can be taken out of the race at any time! And if you’ve got any kind of business savvy, you see why that’s a position of compromise, not of power.
More than ever, social media sites are eager to shut people down for saying the wrong thing, and I could give a damn what your opinion on that is, but last I checked it was a free world, and censorship violates the terms of what it means to be a social media site. If you’re going to pick and choose the narrative you want to push, you’re a publisher, not a public space for discourse.
I don’t know what clown makeup goof-off you’ve been learning from, or what their methodology is. If it doesn’t include building your own assets, you’re learning from a shill or charlatan whose knowledge of internet marketing is busted at the foundation. And as we’ve already looked at, foundations are expensive to repair.
If you’re smart about it, you will never need to lose your entire audience the next time the modern-day MySpace or Vine equivalent shuts down.
So, your music career plan needs to include your website and your email list. Prioritize it.
The short film, The Nobody Prayer, has been awarded Best Original Score by:
Hollywood on the Tiber Film Awards
Vesuvius International Film Festival
New Jersey Film Awards
I had a lot of fun putting together the score of this short, and from the feedback I’ve been getting, you’ve been having a lot of fun listening to it too! I’ve seen my streams skyrocket, and now I know that many of you like to listen on Apple Music.
The original soundtrack was released at the end of October on all major music streaming sites and online stores. I want to invite you to listen to it anywhere you listen to music.
Thank you for your creativity and generosity. I’m rooting for you.
The Leading Musician Coach
Hey! I’m author, entrepreneur, and musician David Andrew Wiebe. Learn more >