When it comes to making money online, the most powerful tool in your arsenal isn’t social media or SEO or paid search ads or even youtube ...
It’s email.
Email marketing has the highest conversion rates of any marketing channel. In fact, sixty-six percent of online consumers made a purchase after receiving an email marketing message — which is more than social and direct mail, according to the Data & Marketing Association. And transactions from email are three times more profitable than those made on social media, reports the global management consulting firm McKinsey & Company.
Want to start cashing in on the emails you’re sending out? Then follow these proven ways to monetize your email marketing.
How to monetize email marketing
1. Sell your or other's product
If you own products, this is your very first step. Choose your physical or digital product or service to sell. Without a product to promote, it’ll be extremely difficult (dare I say, impossible) to make money with your email marketing efforts.
You can create products that can help people like :
- eBooks
- Training guides
- Online courses
- Private virtual coaching sessions
- Classes or workshops
If you don't have your own product you can choose affiliate marketing. You don’t always have to sell your products or services to monetize email marketing. Instead, you can be an affiliate for other businesses’ products or services. As an affiliate, you get commissions from a business to send traffic to their site and generate sales.
Here’s an example of a great affiliate connection: An online business coach offers planning and operations advice to his clients. To help them turn his advice into reality, he recommends affiliate tools — like website hosting services and landing page providers — to serve his clients’ marketing and sales needs.
You can find different products from these affiliate networks and choose to become an affiliate marketer:
or you can individually join different services like Get Response (pays 100$ to every individual you refer and signs up for a paid plan), Semrush, Clickfunnels or TubeBuddy to promote their product/service.
One important note: Make sure you have a strong relationship with your subscribers and that you recommend products and services that clearly align with their interests. Otherwise, they may unsubscribe.
2. Up-selling
‘Would you like some fries with that?’ This is upselling.
When your email subscribers purchase from you, you offer them more expensive products from your brand or an upgrade with that purchase.
It doesn’t matter which industry you belong to; if you sell products, you can always find a way to upsell. Even the travel industry report states that 48% of airline passengers and 59% of hotel guests are interested in upgrades and additional services.
3. Cross-selling
When users buy a product, you show them a great add-on product or additional products that will compliment it. Amazon, the eCommerce giant, reports that as much as 35% of it’s revenue is generated through cross-selling.
Travelocity frequently uses cross-selling in their email campaigns offering car rentals or hotel stays.
Source: WhatCounts
Since your customers are already in a buying frame of mind, you can use that to sell them more and increase your revenue.
4. Start Coaching
Another great way to monetize your email list is to offer paid coaching/consulting to your email subscribers. But for this you should acquire some potential knowledge to share that service.
Nagina Abdullah, the owner of Masala Body, made a whopping $20,000 in one of her best months by offering one on one coaching. And all this with an email list of less than 5000 subscribers!
Amazing, don’t you think?
5. Rent or sell your email list
Renting or selling email addresses is not the best option for monetizing your email list, but a great way to make some quick money. Businesses are always on the lookout for email lists with legitimate subscribers to purchase or rent, and that’s where you come in.
Renting or selling email addresses can be a good fit if you can pair up valuable audience and high-quality partners, in order not to dilute your brand. This approach can bring you opportunities for attractive rates, but be aware, as renting or selling mailing lists can also lead to complaints and unsubscribes.
Also, before you even start thinking about selling mailing lists, you should consider the legal implications of doing so.
6. Sell ads in your email newsletter
If you have a big email list, with 2,500 subscribers or above, you can sell advertising space in your newsletter and charge big bucks for it.
In your emails, add a couple of lines reviewing a brand’s product or service with a link to their page and get paid.
This is how much Practical Ecommerce charges brands wanting to advertise in their newsletter.
Starting out, you may not get this much or even close to this much. But, if you build your list and keep them engaged, you can earn a decent amount of money through this process.
Making money via your email list is not hard.
Build an email list, nurture them through free valuable content, and use one of the ways mentioned above to earn.
Of course, before you even start thinking about how to make money with email marketing, you have to build an email list. In order to do so, you have to choose an adequate lead generation method – which leads us to online quizzes.
Due to their ever-increasing popularity on social media, online quizzes are the next big thing in the lead generation game.
If you’re looking to take your leads to the next level, you should try to create an online quiz right now.
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