Why build an email list?
An email list is probably still the number one source of targeted free traffic (if you already have a list).
With a list, you control the traffic, and you don’t have to worry about appeasing a Google type entity. In other words, you can correspond on your terms and don’t have to worry about any quality score ratings. You can send an email anytime you want, of course, there are rules you need to follow to keep your list happy.
The caveat to that is you cannot send any old rubbish and expect conversions. You need to develop a relationship with your list in order obtain their trust. But this doesn’t have to be continual hard work. You will follow-up on a continual basis with your prospects by using an auto-responder i.e.,. a sequence of emails that are sent out at a predetermined time.
You may be asking “How does this work with affiliate marketing?”
It is easier to pitch a high-end CPA or CPS offer if you have taken the time to develop a relationship with your list. With CPV/PPV traffic you could get prospects on your list for pennies, and you now have the opportunity to develop a relationship and start marketing the high-end offers related to the sites/domains you bid on when sending the CPV traffic. You can now continue marketing high-end offers on a continual basis, and you find this much more lucrative then simply sending the person straight to an offer. Think of it like this – when you direct link to an offer – either the prospect fills in the required field/s, or they don’t –> and then the relationship ends.
Don’t get me wrong – this middle man broker type business can be lucrative, but if you want to make money on a long-term basis and at the same build a long term sustainable business, I highly recommend that you take the time to develop an email list and then promote affiliate products through your list.
There are three simple steps you need, and I’ll cover them in a followup post along with the difference between single and double opt-in lists which will lead nicely into why you would build a list and only email out to it just once (throw away records).

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