When it comes to Earning money online, the most powerful effective tool isn’t social media or SEO or paid search ads . Email marketing has the highest conversion rates of any marketing technique . In fact, 66% 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 3x times more profitable than those made on social media, reports the global management consulting firm McKinsey & Company.
Want to start earning money in on the emails you’re sending out? Then follow these seven best ways to monetize your email marketing.
Way to monetize email marketing
1. Sell something
Already have a product or service to sell ? Awesome! Skip this section.
If not, this is your very first step. You have to Find a physical or digital product or service to sell to your targeted public . Without a product to promote, it’ll be extremely difficult or impossible to earn money with your email marketing skill.
Not sure what to sell ? Here are some Good ideas to get you started:
- Training guides
- Online courses
- Private virtual coaching sessions
- Classes or workshops
2. Sell affiliate products
You don’t always have to sell your products or services to monetize email marketing for making money . Instead, you can be an affiliate for other businesses’ products or services. As an affiliate, you get some 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 her clients. To help them turn her advice into reality, she recommends affiliate tools — like website hosting services and landing page providers — to serve her clients’ marketing and sales needs.
Many companies have affiliate programs that you can join
One important note: Make sure you have a good and strong relationship with your subscribers and that you recommend products and services that clearly align with their interests. Otherwise, they may unsubscribe you .
3. Upsell premium or exclusive products
In my opinion, one of the greatest opportunities for increasing the amount of making money with email marketing is increasing your average transaction amount at the time of purchase a.k.a. upselling.
Say if you’re a life coach. Your main product is an online monthly membership that includes access to a community of users, webinars and a database of resources and virtual guide .
A potential upsell: 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 A lot of dollar to get this individualized attention.
Or it could be much simpler than that. If you are 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.
Each purchase a customer makes gives you insight into their likes and interests. You can use their 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 also.” That is because online shoppers who get targeted messages based on their last shopping decisions may be more likely to purchase again.
Here’s an example of a great cross-sell: A digital marketer offers a paid online course called “Learn How to Become a Master at Email marketing.” Once a person completes the course, they’re automatically sent an email that cross-sells another course — this time about Facebook video marketing.
I recommend sending an automated email with additional recommendations approximately one to three weeks after a customer’s first purchase.
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 an effective way to keep bringing in a steady stream of sales.
This method to monetize 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.
Another tip: Throw in a coupon offer . Offering a person 20 percent off their next cleaning may give them the boost they need to book another session.
7. Ask people to spread the love!
The last trick I will write about is also one of the oldest marketing strategies: word of mouth .
According to a Nielsen report, 85 percent of consumers say they either completely or somewhat trust recommendations from family, relative , colleagues, and friends about product 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 regarding encouraging them to recommend your products and services to their friends and relative. You can also go a bit further by asking them to give you positive online reviews and to “like” and comment , share your 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, free product or redeemable points.