12 Clever Ways to Make More Money From Your Email List
Every morning's the same. You wake up, take a big yawn, look around for your phone\open up your laptop and check your emails.
And thus, begins your day.
Email is an indispensable part of our life. It is where all forms of communications take place; personal and work life, both. The number of e-mail users in the US is projected to grow to 244.5 million by the end of 2017.
Everyone is increasingly using emails and you need to learn how to make money with email marketing.
When experts say, 'money is in the (email) list', they're absolutely correct. But how? Is it really possible to make money through an email list?
Neil Patel, Derek Halpern, Rand Fishkin and the likes are all using email lists to take their businesses to crazy, dizzying heights of success and make 6 figures to 7 figures, consequently.
How can you make money with an email list, you ask? Let's discuss 12 way.
Sell your own product
Unbounce’s email list is the biggest asset we have for driving new acquisitions. Why? Email marketing consistently generates 80-90% of our landing page traffic when we launch a new campaign, piece of content or product feature. Email allows us to engage our audience in a creative, personalized way that blog posts or tweets can’t.
- Corey Dilly, Unbounce
Listed below are 9 different ways you can sell your products via an email list.
1. Sell a product on the thank you page of your optin
The very first place to monetize your email list is on the Thank You page of your opt-in.
Add snippets of your product and add links to the 'Buy\Shop\Products' page. To sweeten the deal and convince subscribers to purchase right away, you can even add testimonials and raving reviews. This is exactly what Fizzle does.
2. Replay Promotions
Was one of your previous email campaigns wildly popular? Did you offer a 2 hour flash sale on your products and people went crazy?
Well then, do it again.
Monitor all your previous campaigns and replay promotions that did really well before. People perk up at the sight of special promotions and discounts anyways. So leverage that and make money instantly.
However, don't overdo promotions as that gives a bad vibe. Limit them to a couple of times a year.
As Campaign Monitor reported, 'There was a 760% increase in revenue from segmented campaigns.'
When you segment your list, you get a clear idea of who your potential customers are and who're mere lurkers. You can segment your list according to their demographics, their open rates, their interest in your different products, past purchases, and so on. This way you can focus on selling different products to buyers who're truly interested in purchasing them.
Here's a great article to get you started with segmentation.
According to MailChimp, this strategy increases open rates, click-throughs, and boosts engagement with your subscribers.
Emarketer also reported, “39% of email marketers who segment their email lists see better open rates and 28% saw better email deliverability and earned more revenue.”
So, segmenting your list pays off big time.
'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.
When a potential customer is trying to back out of purchasing your product, you offer them a lower priced product with similar features or discounts. This is downselling.
Source: Marketing Profs
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.
Since your customers are already in a buying frame of mind, you can use that to sell them more and increase your revenue.
7. Email abandoned shopping cart
Cart abandonment is a real problem for online retailers and businesses. Your potential client is on the verge of buying your product and at the last possible second they decide not to. It could be any of the following reasons why they abandoned their cart and didn't buy from you.
So what do you do?
You re-target them through a series of emails and convince them to complete their checkout process and buy from you. And don't delay this process. Have an email autoresponder ready to target users who abandon their shopping carts.
SmartPak Equine earns an average of $4.80 revenue per email and earns a 50% conversion rate among readers who click through in their abandon cart email campaign. How? By starting a 'Recover abandoned shopping carts' email campaign.
8. Create a Paid Subscription Model for Premium Content
If you're an expert in your field and have tons of hands-on knowledge, you can create premium content for your subscribers. Create a monthly\yearly\one time fee membership club with content your audience would happily pay to access.
Even a small fee like $7 or $15 will help you make a lot of revenue in the long term. Offer your membership free or at a heavily discounted rate for the first month and at regular price from the next month. Here's a great example from CooksIllustrated.com
9. Start Coaching
Another great way to monetize your email list is to offer paid coaching\consulting to your email subscribers.
Nagina Abdullah, 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?
Now, we've discussed 9 ways you can make money via your email list by selling your own products. But what if you don't have your own products to sell? How do you make money then?
Below are 3 additional ways to make money through your email list even if you have no products.
10. Affiliate marketing
Several brands and companies will happily pay you commissions on any sales you generate for their brand. This is affiliate marketing. Instead of selling your own products and services to your email list, you sell someone else's products that are a great match for your audience and get a commission.
LeadQuizzes offers a great affiliate program, too. You can earn 25% recurring commission for all customers that signup through your referral link. It's simple and a great way to make some extra cash.
Using affiliate marketing to generate revenue from your email list is a fairly simple process. You find brands or advertisers in your niche who have affiliate program and sign up for them. The key is choosing brands that your audience will likely buy. Promoting makeup products to digital marketers may not work that great. So, choose wisely.
Here are 5 of the best affiliate networks you can look into.
3. Amazon Associates
Neil Patel has written an amazing guide that covers all aspects of Affiliate Marketing thoroughly.
11. 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.
12. 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. So get started!