When it comes to making money online, the most powerful tool in your arsenal is not your social media accounts. Its’ not SEO or even paid search ads . . .
It’s email marketing.
Email marketing has the highest conversion rates compared to every other marketing channel. In fact, email is 40 times more effective at acquiring new customers than Social Media. 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 earning money from your email list? Then follow these proven ways to make money with email marketing.
How To Make Money With Email Marketing
1. Sell a product or service
Already have a product or service to sell? Awesome! You can skip this section.
If not, this is your very first step. Find a physical or digital product or service to sell. Without a product to promote, it’ll be extremely difficult to make money with your email marketing efforts.
Not sure what to promote to your audience? Here are some ideas to get you started:
- Training guides
- Online courses
- Private virtual coaching sessions
- Classes or workshops
2. Sell other people’s products
You don’t always have to sell your own products or services to make money with email marketing. You can become an affiliate for other businesses’ products or services. As an affiliate, you get commissions from sales that you generate for the company.
Here’s an example of a great affiliate connection: An online business coach offers planning advice to her clients. To help them turn her advice into reality, she recommends affiliate tools — like website builders and email marketing providers — to serve her clients’ marketing and sales needs.
Before you begin affiliate marketing, make sure you have a strong relationship with your subscribers and that you only recommend products and services that make sense for them. Otherwise, they may unsubscribe.
Many companies have affiliate programs you can join — like TrafficWave.net. You can learn more here.
3. Upsell premium or exclusive products
One of the best opportunities to make money with email marketing is to offer additional products or services at the point of transaction — a.k.a. upselling.
Let’s say you’re a life coach, and your main product is an online monthly membership that includes access to a community of users, webinars, and a library of resources.
Once someone purchases your membership, you can offer them exclusive one-on-one coaching sessions. A participant can pick the topic they want you to focus on and ask questions they may not feel comfortable asking in a live webinar in a virtual room filled with other members. Many people will pay top dollar to get this individualized attention.
Or it can be much simpler than that. If you’re an online personal trainer, you could offer a free downloadable upper-body workout. When someone requests it, they receive an automated email with the download — plus an upsell to a comprehensive 12-week program that guarantees them results.
4. Cross-sell related products
Every purchase a customer makes gives you insight into their likes and interests. You can use this info to entice them with other products they may also enjoy.
In fact, you probably have an email in your inbox right now that reads, “Because you bought this, you might be interested in this.” That’s because online shoppers who get targeted, personalized messages are more likely to purchase from you again.
Example of a great cross-sell: A nutrition coach becomes certified through an online course. Once they complete the course, they’re automatically sent an email that cross-sells to other similar or related courses — this time about yoga certifications or strength and conditioning certifications.
5. Get repeat purchases
Along the same lines as cross-selling, you may have a product or service that calls for repeat purchases. Sometimes a friendly reminder email is all you need to keep bringing in a steady stream of sales.
This method to make money with email marketing works extremely well for businesses that rely on recurring, seasonal, or perishable goods. For instance, a window cleaning service may email a client at the end of every season to remind them to schedule their next appointment.
Offering a discount or coupon can also go a long way. Offering a person a discount off their next cleaning may give them the boost they need to book another session.
Or, simply remind your customers that they may want to book their next appointment, and give them the option to set up reminders if they’re not ready to purchase with you.
6. Ask current subscribers to spread the word
The is one of the oldest marketing strategies: word of mouth!
According to a Nielsen report, 84 percent of consumers say they either completely or somewhat trust recommendations from family, colleagues, and friends about goods and services. That makes personal recommendations the highest ranked source for trustworthiness when it comes to making a purchase.
So if you have an engaged, loyal customer base, send them emails encouraging them to recommend your products and services to their friends and acquaintances. You can also go a bit further by asking them to give you positive online reviews and to “like” and share your various social feeds.
Think about implementing referral links to incentivize your subscribers to spread awareness about your brand, too. Referral links allow your current customers to promote trackable links for your business. In exchange for sending new paying customers your way, you can give them incentives like discounts, coupons, vouchers, cash, prizes or redeemable points.
7. Automate your email followup
With a partner like TrafficWave, you can set up automated email campaigns to make money with email marketing simply and quickly.
Automated email campaigns — often called autoresponders — are a series of emails that are automatically sent to your new subscribers after they subscribe, saving you time and effort so you can keep your focus on your main passion.
The first email in your autoresponder series is your welcome which should set the tone for the types of emails your subscribers can expect from you. It’s also a great time to make a sale since welcome emails often see higher engagement rates than other types of emails.
Then, expand upon your welcome email with a series of pre-written messages to provide ongoing value to your readers. For example, if you’re a podcaster, your welcome series could share top blog posts, more about you and your business, a survey of your subscribers to learn more about them and their interests, and more.