James Pelton discusses why building an audience—specifically through email and SMS lists—is the most valuable asset for any entrepreneur. He explains that while social media platforms are volatile, owned lists provide stability, higher conversion rates, and a ready-made market for future products or side hustles.
Hey, James Pelton here. I got asked the other day, what is your most valuable asset? And I thought
about it for a bit. Is it Bitcoin? Is it Ethereum? I hold some real estate. I have some gold. I have
some stocks. What is, what asset do I consider to be my most valuable? And after I thought about it
for a bit, the answer that I came up with actually surprised myself even a little bit. I think my
most valuable asset is my audience. I start a lot of businesses. I start a lot of side hustles. I
have a lot of offers that I put out there. And an advantage that I have over somebody just
starting from scratch is when I put together an offer or a business, I automatically have a big
audience that might be interested in this offer. And that audience is an asset that I can take
with me going forward. And it just grows over time. So in specifically, you might think my YouTube
audience is my most valuable, and I do. I love you guys. You guys are amazing. But actually,
the asset that makes me the most money, provides the most value to me is my email list. And I love
my email list because I can send out quick information. A video takes a while to record
and get out there. And also, my email list is something that I own. I'm a little bit at the
mercy of YouTube. If they decide to shut me down, or they decide to demonetize me, or they decide,
hey, we didn't like this video that you put out, I'm a little stuck. Whereas my email list,
I can take with me and grow it and use it for years to come. So along with my email list,
and this one's very near and dear to my heart, having a text messaging list is even more valuable.
You guys might know if you've watched some of my other videos, I wrote some software to send out
mass text messages, and I exited that business in 2020. But text messages are even better. They're
a little bit more expensive to send out. The click rate on the text message is like 10 times higher
than the email. Also, open rates. Emails, I get probably 30% open rates. You guys like me,
that's pretty good for email. But my text messages that I send get like a 95% open rate.
So you combine those two together and having an audience, email and texting, very, very valuable.
You might not even have a business. You might not even have an offer or a side hustle or anything
that you're looking to promote. But if you start building that email and texting list,
then when you're ready, when you do have an offer, you already have an audience ready to go for it.
And just to highlight the power of this, when I ran Mobile Text Alerts, we had a tattoo parlor
that for them to send out a text message to their whole list cost $45, which is pretty expensive.
One message, $45. But they tracked in every text message they sent out, it cost them $45,
but it made them $400. So you can probably imagine they were sending out a lot of text messages.
But that's the power, that demonstrates the power of having an audience like this.
So you want to start building your audience, email and texting. You want to pick a reliable
platform. OmniSend is a good one. They do email and texting together very well.
So the best way to grow your email list is you provide something of free value and you give it
to people in exchange for their email address. So let's say I want to say top, give me a list
of top five side hustles. You guys know I love AI, I use ChatGPT. I talk to ChatGPT more than
I talk to my family, which maybe that's sad, I don't know. Okay, so here's some good info
from ChatGPT. So then what I'm going to say is turn those five side hustles into a really nice
looking PDF that I can use as a lead magnet. Okay, so it took about six seconds and it gave me this
PDF. And if I wanted to, you know, if I was going to actually do this, I might want to spice it up
a little bit, add some colors or something like that. But here we have a PDF with five profitable
side hustles to boost your income. And it took me about 10 seconds to create. Then what you can do
is create a landing page using OmniSend or something like that. And basically you just
say enter your email address and get this free PDF with the top five side hustles of today.
Then as people sign up, you start building an email list. And it's going to start small,
obviously, you know, you get one, two, three, but over time you share this landing page around,
you post it on Twitter, you send it to your friends, whatever. Over time, you start to develop
this list. So and now that you have a list, when you're ready to, let's say you want to build a
training course, it's $97. So let's say if you didn't have a list, you start your training course,
you build it, it's $97, you build it, and you hope, okay, I hope people come and buy it.
The reality is nobody's going to just find your training course randomly, okay? You have to market
it in some way. So you're not going to make any money. But now let's compare that with, we'll say
Sarah had built an email list over time, it took her a while, but she has 1,000 people on her email
list. So now she has a training course, she has 1,000 people who know her, they'd probably like
if she's sent out a newsletter or whatever to kind of develop that relationship. Now she puts
out a $97 training course, she sends it out to her 1,000 people, say, hey, check out this training
course. And if just 5% of her email list decides, yeah, I'd like to buy that training course,
well, that's 50 customers right there, you just made $5,000. So that's the value of having a list.
And again, even if you don't think you need it now, it's something you might want in the future,
and it might take a while to build it. So better to get started today. So whether or not you have
a business, you don't have a business, get an email list started. You can go over to OmniSend,
they do email and SMS marketing. Email and SMS marketing, so good, it's boring. That's a good
saying. And stay tuned, I'm helping a lot of people get side hustles started right now.
You guys know my app program that I'm doing. Each of these apps I'm building is its own business,
and we're building our own email list. So stay tuned for more videos about that.
Hit like and subscribe, all the things that you do on YouTube. God bless you guys,
I appreciate you watching. Thanks for being part of my audience. You're more than an asset,
you're a person, and I appreciate you, appreciate your time. God bless you,
have a great rest of your day.