The most powerful tool you have in your arsenal for making money online is not social media, SEO, or paid search ads; it is email.
There is no marketing channel that has a higher conversion rate than email marketing. The effectiveness of email marketing is 40 times greater than that of Facebook or Twitter when it comes to acquiring new customers. According to McKinsey & Company, email transactions are three times more profitable than those made through social media.
Email Marketing: How to Monetize It
1. Provide a product or service for sale
Do you already have a product or service to sell? That’s awesome! This section can be skipped.
It is very important that you begin with this step if you have not already done so. Find a product or service that you would like to sell, whether it is a physical or digital one. You will not be able to make money from your email marketing efforts if you do not have a product to promote. Are you unsure of what to promote to your audience? Here are some suggestions to get you started:
- Training guides
- eBooks
- Memberships
- Online courses
- Classes or workshops
- Private virtual coaching sessions
2. Promote related products through cross-selling
It is possible to gain insight into the likes and interests of a customer through their purchases. The information you have obtained can be used to entice them with other products they may also be interested in.
As a matter of fact, you probably have an email in your inbox right now that reads, “Because you purchased this, you may be interested in this.” This is because online shoppers who receive targeted, personalized messages are more likely to make a second purchase from you.
An example of a great cross-sell is a nutrition coach who becomes certified through an online course. Upon completion of the course, they will receive an email that cross-sells them to other courses, such as yoga certifications or strength and conditioning certifications.
3. Make money by selling other people’s products
Email marketing can be monetized without selling products or services. In place of this, you can become an affiliate for the products or services of other businesses. When you generate business for a company as an affiliate, you earn a commission.
An online business coach offers her clients planning advice as an example of an affiliate relationship. She recommends affiliate tools – like website builders and email marketing providers – to help her clients turn her advice into reality.
Be sure to have a strong relationship with your subscribers before you begin affiliate marketing. If not, they may unsubscribe.
4. Selling premium or exclusive products as an upsell
In email marketing, one of the most effective ways to generate revenue is by upselling additional products or services at the point of sale. In the case of a life coach, your main product is an online membership that includes access to a community of users, webinars, and a library of resources.
When someone purchases your membership, you may be able to offer them one-on-one coaching sessions. In a virtual room filled with other members, participants can pick the topics on which they would like you to focus and may feel more comfortable asking questions they may not feel comfortable asking in a live webinar. It is common for people to pay top dollar in order to receive this level of personalized service.
You can also simplify the process considerably. A free upper-body workout could be offered as a free download by an online personal trainer. You will receive an automated email with the download – along with an offer to purchase a comprehensive 12-week program that guarantees success.
5. Send email campaigns automatically
You can easily make money with email marketing by setting up automated campaigns with a partner. An automated email campaign, also known as an autoresponder, is a sequence of emails automatically sent to your new subscribers after they subscribe, saving you time and effort.
Your welcome email is the first email in your autoresponder series, and it sets the tone for what your subscribers can expect. Additionally, welcome emails often receive higher engagement rates than other types of emails, making them a great opportunity to make a sale.
Then, provide ongoing value to your readers by incorporating a welcome series into your welcome email. As an example, if you are a podcaster, your welcome series could include top blog posts, more information about you and your business, and a survey to learn more about your subscribers.
6. Retain customers
You may have a product or service that requires repeat purchases in the same manner as cross-selling. There are times when a friendly reminder email is an effective method of maintaining a steady flow of sales.
Businesses that sell recurring, seasonal or perishable goods are well suited for this method of making money with email marketing. It is possible for a window cleaning company to send a client an email at the end of each season to remind them to schedule their next appointment.
Providing a discount or coupon can also be beneficial. Discounts on future cleanings may motivate a person to schedule another appointment. Alternatively, you can simply remind your customers that they may wish to schedule their next appointment and provide them with the option to set up reminders if they are not ready to purchase right away.
7. Encourage people to spread the word
Reports indicate that 84 percent of consumers trust recommendations from friends, family, and colleagues about goods and services. Therefore, personal recommendations are regarded as the most reliable source of information when it comes to making a purchase.
If you have an engaged, loyal customer base, send them an email encouraging them to recommend your products and services to their friends and acquaintances. In addition, you may wish to ask them to leave you positive online reviews and to “like” and share your social media pages.
You may wish to consider implementing referral links to encourage your subscribers to spread awareness about your brand. You can use referral links to promote trackable links for your business among your current customers. You can offer incentives to new paying customers in exchange for referring them to you, such as discounts, coupons, vouchers, cash, prizes, or redeemable points.
8. Plan for cart abandonment
Since we are all a bit forgetful, it isn’t surprising that buyers sometimes back out of purchases because they aren’t ready to make them.
Automatically send highly relevant emails urging the recipient to purchase the product or service they were considering. The likelihood that a customer will complete a purchase is 2.4 times greater if they receive multiple abandoned shopping cart emails than if they receive only one.
It is recommended that you send the first message one day after the abandonment, a second message 48 hours after, and possibly a third message within three or four days after the abandonment. Make your cart abandonment emails as brief as possible. To capture the reader’s attention, it does not hurt to inject some humor or personality.
Conclusion
In spite of the fact that all of these tactics are excellent ways to make money with email marketing, they’ll most likely fall flat if you don’t include some killer email copy or content to win over your potential customers.
