How to Make Money with Email Marketing

How to Make Money with Email Marketing

Of all marketing channels, email marketing has the greatest conversion rates. In actuality, email is 40 times more efficient than Facebook or Twitter in bringing in new clients. Additionally, according to the international management consulting company McKinsey & Company, email-based transactions are three times more lucrative than those conducted through social media.

Benefits of Email Marketing

Even though email marketing has been around for years in a rapidly evolving digital landscape, its return on investment is still absurdly high.

1. Sell a product or service

Have a good or service to market already? Awesome! You can skip over this part.

If not, this is the first thing you should do. Find a product or service to sell, whether it is tangible or digital. Making money with your email marketing efforts will be very difficult, if not outright impossible, without a product to advertise.

2. Start With a Targeted List

You should start your marketing by creating a focused email list. You cannot even begin your campaign without a list.

Getting visitors to become subscribers is the greatest technique to get email addresses. But how exactly do you do that? Because not all of your visitors might be eager to register as subscribers.

A popup that appears as a user is about to leave a website has been utilized by many successful email marketers to convert visitors into subscribers. Exit-intent popups are purposefully made to show up on your users' screens as soon as they attempt to leave your website or open a new tab.

3. Set a Goal for Your Campaign

Do you understand the purpose of this campaign? Because you should quit right now second if you don't have a clear objective in mind. Think about the action you want your subscribers to do while you take a break.

4. Upsell premium or exclusive products

Offering more goods or services at the moment of purchase, often known as upselling, is one of the finest ways to earn money with email marketing.

Consider that you provide a monthly online subscription that gives consumers access to a user community, webinars, and a library of materials. You are a life coach.

After someone joins, you may then provide them with exclusive private coaching sessions. In a virtual room with other participants, a participant may choose the subject they should concentrate on and ask any questions they would not feel comfortable asking in a live webinar. Many people are willing to pay high cash to receive this specialized care.

Or it might be a lot easier than that. If you operate as an online personal trainer, you may provide a free upper-body workout that can be downloaded. When someone wants it, an automated email containing the download and an upsell to a thorough 12-week program that promises results is sent to them.

Here is an illustration from the business FabFitFun. The email aims to offer upgraded memberships for the option to personalize their subscription boxes earlier and receive more things for quarterly subscribers.

5. Have a cart abandonment plan

We're all a little forgetful, therefore it's understandable that customers frequently become sidetracked or abandon a purchase since they weren't prepared to do so at that time. However, if you use an online storefront like WooCommerce, you are aware of what they left behind.

Automatically send them emails that are very relevant and persuade them to purchase the good or service they were thinking about. According to Experian, customers who received many abandoned shopping cart emails were 2.4 times more likely to finish the transaction than those who only received one.

Consider sending the first message the day following the abandonment, the second message 48 hours later, and perhaps the third communication within three or four days.

Be brief in your cart abandonment emails. If you want to draw the reader's attention, adding a little comedy or personality doesn't harm you. Take a look at this illustration from the apparel line Chubbies.

6. Ask people to spread the word

The final strategy I'll discuss is also one of the oldest forms of advertising: word of mouth!

According to a Nielsen survey, 84% of customers said they entirely or partially trust recommendations for products and services from friends, family, and coworkers. Thus, when it comes to making a purchase, personal recommendations are the most reliable source.

Send emails to your engaged, devoted customers asking them to tell their friends and acquaintances about your goods and services. Additionally, you may urge people to "like" and share your social media updates and to provide you great reviews on websites.

To encourage your subscribers to promote your brand to others, consider using referral links. Your current customers can advertise trackable links for your company via referral links. You may provide them incentives like discounts, coupons, vouchers, cash, rewards, or redeemable points in return for referring your new paying clients. 

See how the Hot Chocolate 15k/5k race motivates participants to invite friends to the event below.

7. Automate your email campaigns

You may quickly build up automated email campaigns to generate revenue from email marketing with a partner like AWeber.

Often referred to as autoresponders, automated email campaigns are a series of emails that are automatically delivered to your new subscribers when they subscribe, saving you time and effort and allowing you to focus on what you love.

Your welcome email sets the tone for the sorts of emails your subscribers may anticipate from you by being the first email in your autoresponder series. Additionally, since welcome emails frequently have better engagement rates than other kinds of emails, it's an excellent opportunity to close a deal.

After that, build on your welcome email with a welcome series to continue giving your readers value. If you run a podcast, for instance, your welcome series may include information about your most popular blog articles, more about you and your company, a poll of your subscribers to find out more about them and their hobbies, and more.

Learn More