Should you buy an email list?

Should you buy an email list?

 

When Does It Make Sense to Buy an Email List? – Gary Vaynerchuk

Today's post is part one of a three-part email marketing series sharing the always bold, always opinionated FUTURE CASTER – Gary Vaynerchuk.

My wife and I had the privilege of meeting Gary and having dinner with him in Vancouver when he was the keynote for Real Man Talks organized by Connor Beaton

Love him or hate him, you know where he stands on the topics he discusses.

  • No BS, the unvarnished truth (as he sees it)
  • Not trying to be a people pleaser.
  • No hiding behind wishy-washy answers.

What I found interesting about this three-part email marketing series, are the email marketing predictions/advice that Gary shared years ago, are pretty accurate today!

Click on the Video below

Listen to Gary Vee answer the popular question.

 

 

For those who prefer reading, please find the “should we buy an email list?” transcript below.

Speaker 1:          Next question is a Snapchat video.

Robin Norgren:                Gary Vee, my question is, if we wanted to start a subscription box service, should we buy an email list? Thanks, Gary Vee.

Gary Vaynerchuk:    That's a great question. I mean look, anytime you start any business, an email list, email's one of the great ways to convert them. The answer is yes and no. Yes, if it's a quality list that has open rates and click-throughs, and people that are interested in your cookies of the month club because it was an email from cookie lovers. But if you buy a list that has a million people on it, and it was part of a photography list somewhat, or just random fuckin' emails they found around the internet, and nobody opens it, and they are into photography, and you're trying to sell them a cookie subscription thing, the answer's no.

Gary Vaynerchuk:    That's a very easy play. If you want to buy a list from somebody, force them to do a test for interest around what you do. Force them, “I will not buy your list unless you do this.” And it's a pre-sell to be on the invite list for your up-and-coming business. And if you see a bunch of people signup for it, well now you buy. Now, they may say, well that's like selling the milk without the cow, that whole thing? You know girl … You know, like I get that. But just say no, there's a million lists out there. You've got the leverage. They want your money, don't forget that.

READ MORE – Last weeks post covers this topic a little deeper.

Buying Email Lists – Email List Rental – Sponsored Email

What is Email List Rental and Sponsored Email Advertising?

 … and what it’s not!

  • So in its simplest form, email list rental or sponsored email as it's sometimes referred to, is really another form of influencer marketing, leveraging the influence of a chosen brand or publisher.
  • Renting email lists or having a solo sponsored email sent by that publisher or brand provides the advertiser access to both individual consumers (B2C) as well as businesses (B2B) who have self-identified specific areas of interest or problems based on the publisher's email list that they have subscribed to (permission).

Buying Email Lists

  • The clear downside to purchased email lists is that these are not opt-in names to your brand or company.  The risk of using email lists that aren’t opted-in can mean that you put your email reputation, and that of your IP address, and domain name in jeopardy.

 

Check back next week for Part Two – Is email marketing more or less relevant today? – Gary Vaynerchuk

Make sure you join me every Monday to receive “real executable marketing tactics, techniques, technology, and tips delivered directly to you”

——————————————-

Doug Morneau is an Author, Speaker, Podcaster, and Media Buyer – specializing in Email List Rental & Sponsored Email.

His first book “THREE BIG LIES – The Real Truth About Renting Email Lists to Generate Targeted Leads and Sales” became an International Best Seller.

As a podcaster, Doug currently hosts the “Real Marketing Real Fast” Podcast.  He interviews top marketers, industry experts, and SAS vendors.

He works as a Media Buyer, he has helped venture capital and investment banker clients raise in excess of $100 million dollars in the USA.  He does this by leveraging email marketing, renting/sponsoring third-party permission-based email lists, online PPC advertising, and paid influencer marketing.

This made him one of the nation's largest media buyers of sponsored email and rented email lists.

In his spare time, you can find him in the CrossFit box, Olympic weightlifting, and chasing his grandsons around.

You can get more information about his best selling book.

Three Big Lies: The Real Truth about Renting Email Lists to Generate Targeted Leads and Sales

What is Email List Rental and Sponsored Email Advertising?

What is Email List Rental and Sponsored Email Advertising?

What is Email List Rental and Sponsored Email Advertising?

 … and what it’s not!

So in its simplest form, email list rental or sponsored email as it's sometimes referred to, is really another form of influencer marketing, leveraging the influence of a chosen brand or publisher.

Renting email lists or having a solo sponsored email sent by that publisher or brand provides the advertiser access to both individual consumers (B2C) as well as businesses (B2B) who have self-identified specific areas of interest or problems based on the publisher's email list that they have subscribed to (permission).

Permission-based consumer email list

For example.  The subscribers to a publication focused on health and wellness would obviously demonstrate a keen interest in this area.  If your product or service serves the health and wellness consumer,  then paying the publisher to send your sales and marketing or promotional sponsored email to their list would be a good fit for all three parties, the subscriber who wants information about health and wellness, the publisher who needs additional revenue to operate, and the advertiser (you and I) who wants to sell our products and services to that demographic.

Email List Rental –  Sponsored Email “The opportunity to leverage the permission-based relationship a publisher has with their email subscribers… and the ability to have that publisher send your marketing message to their email subscriber list”

Consider email list rental and sponsored email as one more marketing and media channel that allows advertising for your company, brand, product, or service to reach potential customers email inbox.

We have all heard the saying – “The Money is in the List” 

But … What if Your Customer is on Someone Else’s Email List?

You will recognize the steps to maximizing your ROI with this channel are really the same as any media or advertising that you buy for your business.

  1. Identify your customer avatar
  2. Select the email list from the publisher that matched your customer avatar (has your customer on their list)
  3. Create your compelling message and marketing piece
  4. Select the number of email subscribers you’d like to receive your marketing email
  5. Choose the date you want your marketing email sent
  6. Place the media insertion order
  7. Send your email creative to the publisher for approval
  8. Finalize
  9. The campaign goes live – the sponsored emails are sent
  10. The publisher provides reporting that includes the number of emails sent, the email open rates rate, and email click-through rate.

I always recommend testing any media.  The same is true when renting email lists or buying a sponsored email advertising.  Don’t send to the entire email list unless the email list is small.  If the email list you are considering, for example, has 250,000 email subscribers, you may rent or sponsor 25,000 emails to be sent to test the conversion and your ROI.

I’m often asked is it legal to rent an email list or send a solo email as a sponsor email? The simple short answer is YES.

Email List Rental - Sponsored Email vs Buy Email ListJust to be clear because of the confusion within the marketing industry.

Email list rental or sending sponsored is NOT  buying email lists.

Email List Rental – Sponsored Email

Email list rental and sponsored email is the traditional way of advertising to email subscribers on a third party email marketing lists. Renting an email list or buying a sponsored solo email, as the term implies, means the email list owner sends your email marketing message once, and therefore only acquire contact information if the prospects actually respond to your message, and you never actually see the email list. Instead, you send your email to the list owner, and that owner broadcasts your email message. Most rented email lists or sponsored email lists are opt-in, at least in the sense that the persons on that list have given their permission to the email list owner to receive information from third-party advertisers

Buying Email Lists 

When you purchase contacts including email addresses, from any vendors, you’ll get as many of the same selection criteria as you would through via list email rental or sponsored email marketing, with the distinct advantage that you own the data and can, therefore, send email to those lists on an unlimited basis. When you “buy” an email list, you’re actually taking ownership of the file. In theory, that sounds great because you are free to do with the list whatever you wish. In particular, you can send as many emails to the list as you like without paying any more money to the original email list owner.

The clear downside to purchased email lists is that these are not opt-in names to your brand or company.  The risk to using email lists that aren’t opted-in can mean that you put your email reputation, and that of your IP address, and domain name in jeopardy.

Purchased email lists also generate lower response rates, all things being equal, compared to rented email lists and sponsored email marketing, in part because if someone has given their permission to receive any kind of email, as in the case of rented or sponsored email files, that individual is more inclined to respond to your campaign because the email they are receiving is coming from a trusted source.

I will cover the topic of buying email lists and sending compliant business to business (B2B) cold email in a future article.

Where can you find good email lists to rent or buy solo sponsored email advertising?

The easiest way to find what email lists are available to rent or sponsor for your industry is to work with a qualified and experienced email list broker.  These individuals work on your behalf to make recommendations, negotiate pricing, and terms, and in most cases are paid by the email list owner or the email list manager.

So, you can do the legwork yourself, or have an experience email list broker do the work on your behalf.  The other advantage of having a good email list broker on your team is the volume discounts they may have as a broker of email lists for multiple clients.

In the end, you’ll end up paying the same price to rent or sponsor the email list because the broker will receive a discount that the business owner is not entitled to receive.

I do work as an email list broker and media to select clients and may be able to assist you if your current team does not have the experience in this area.

 

 

Make sure you join me every Monday to receive “real executable marketing tactics, techniques, technology, and tips delivered directly to you”

———————-

Doug is an international best selling author of “THREE BIG LIES – The Real Truth About Renting Email Lists to Generate Targeted Leads and Sales”, email list broker, podcaster, and speaker.

Doug Morneau has helped venture capital and investment banker clients raise in excess of $100 million dollars in the USA.  He does this by leveraging email marketing, renting third-party permission-based email lists, online advertising, and paid influencer marketing.

This made him one of the nation's largest media buyers of rented email lists.

You can get more information about his best selling book.

Three Big Lies: The Real Truth about Renting Email Lists to Generate Targeted Leads and Sales

 

 

 

Is email list rental coming back in style?

Is email list rental coming back in style?

Imagine my delight when the

Author of “Email Marketing Rules” and Research Director at Litmus published a survey about email list rental.

I’ve responded to both the short version of have you done an email list rental? on the Litmus blog and also on their LinkedIn page.

I’ve copied and republished the detailed email list rental survey below.

——————————————
If your brand has ever rented an email list, how was it structured? Select all that were a part of your list rental experiences.

  1. We were given the list by the list broker/owner to use.
  2. We never saw the list that our message was sent to.
  3. We shared our suppression list with the list broker/owner.
  4. Our message was sent to the list on our behalf by the broker/owner using our sending domain and brand.
  5. Our message was sent to the list using the list owner’s sending domain and brand.
  6. When our message was sent to the list, it included the list owners unsubscribe link.
  7. When our message was sent to the list, it included an unsubscribe link so subscribers could opt out of future offers from us.
  8. The message sent was in opt-in based signup (i.e., the recipient had to opt-in to receive future offers).
  9. The message sent was in opt-out based signup (i.e., the recipient had to opt-out to avoid receiving future offers).
  10. I don’t know or our brand hasn’t ever rented an email list.

——————————————
Originally published by Litmus

For those who know me you’re clear on where I stand on this topic …

… having been the largest single purchaser of email list rentals as a media channel for years.

The opportunity for email list rental to form part of your media buying has never gone away, it has gotten better, cheaper, and it’s just not discussed in most circles.

Maybe it’s time to have the conversation again.

POST
your comments,
thoughts and
responses below.

Head over to my podcast and have a listen to one of my many interviews with leading email marketing experts.

Make sure you are subscribed to my email list to get details regarding the release my new book:

3 BIG LIES
The Real Truth About Renting Email Lists
to Generate Targeted Leads and Sales