I wouldn't do any marketing with small lists. I'd rather begin with about 2000 list or more.
If you are still marketing your website and giving away free report I recommend you to use different headlines and see which one of them brings good results. It depends on headline most of the time. Use the most powerful word FREE and use free methods like forum thread posting in your niche, article marketing and etc.
How small is "small?"
To begin with, interact with them and offer to answer questions or recommend resources (for free, no affiliate commissions)
See what appeals to them.
When it comes to making money from it - it also depends where your list comes FROM. For example, if they're a list of buyers of a high-priced product then they're going to be a lot more responsive to higher-priced offers. If they opted in for a free ebook, you should start with much lower-priced offers.
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