How to Estimate Your Monthly Income Using Your Email List Size
Formulas can help you feel more confident and sane. Remember that high school math test you freaked out about until your teacher told you that you could use a formula sheet?
Well, I use formula’s in my online business too! In fact, it is pretty accurate to be honest.
You ready for this?
The Blogger’s Income Formula
Here it is..
Income = Number of Email Subscribers x .02 x Price of Product
Why “.02”? Because it’s common for about 1-3% of your email list to purchase your products (I took the average – 2%).
Now you could freak out and say “Woah only 2% of my entire list, that’s low”
Or? You could feel motivated because now you KNOW how many email subscribers you need in order to hit your income goals.
So, if you have a $100 product and want to earn $5,000 this month? You now know you’d need about 2,500 subscribers to hit your goal.
If you want to earn $10,000 this month, you’d need 5,000 subscribers.
Makes things a little less scary when you have formulas like this, right?
So how accurate is this formula?
Well, it’s going to vary each month of course as it’s not a perfect science, but for my business it fits pretty closely.
One of my blogs has an email list of 1,400 subscribers so let’s do the math.
1,400 x .02 = 28 customers
Believe it or not, I’ve averaged around that amount for the past few months. Last month I had 24 customers and earned a revenue of $1,250 from the store website.
My average product sale is $49 so multiply 28 customers by $49 and the formula tells me my projected income is around $1,372. Pretty close!
January was my best month of 2017 so far. I had 31 orders and $1632 in income. Here is April’s income report.
Test out this formula in your business and see how it fares thus far. If you’re working to grow your email list, you now know the projected subscriber totals you need to reach your income goals.
Thanks for letting me share this online business income formula with you today!
How to Grow Your Email List:
Use ConvertKit. It’s better than Mailchimp, MailerLite, and Aweber in my opinion. Most of the top bloggers use ConvertKit as well because of it’s advanced features that can speed up your email growth and make managing your subscribers a lot easier.
P.S.S. Don’t forget to pin the image above and connect with me on Pinterest. This is a great platform for building your email list.
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