How Making Money From Email Marketing Can Generate A Stream Of Income
When it comes to generating money online, the most powerful tool in your business tool kit isn’t social media or SEO or paid search ads . . . It’s email. This article will reveal how making money from email marketing can generate a stream of income for your business, church, school or brand.
Everything You Need To Know About Email Marketing!
Email marketing is the art of creating an offer in exchange for an email address and or other attributes (name, country,etc) in exchange for something.
For example, someone may be willing to give you their email address and name in exchange for a course on “making money online“…or to sign-up to a newsletter with the list of the best in r&b soul music.
It is where you offer a free guide of something you authored that is unique to your niche or brand. Its all about building relationship and trust with your readers.
There are two things you must do before you can start making money with email marketing.
- You need to build a brand and traffic.
- You need to understand and comprehend your audience behavior.
Email marketing has the highest conversion rates of any marketing channel. In fact, sixty-six percent 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 three times more profitable than those made on social media, reports the global management consulting firm McKinsey & Company.
Many people think that email marketing has taken a backseat to the all powerful and popular social media marketing. Yet current statistics show that email marketing is not in decline as Epsilon Email Benchmark Reports for 2017 shows that Open and Clickthrough rates are stable, which is a good sign.
In this day and age, consumers are overwhelmed with marketing messages that work off of simple interruption. You watch your TV and then BAM…you are interrupted with commercials. You listen to the radio and BAM… you are getting the latest and greatest invention promoted to you. You open your newspaper, same thing.
Big Corporations can afford this method of marketing and can connect with millions of people with their big fat budgets. However, it is hard to measure the success of such campaigns, and you only have a single opportunity to make your impression felt!
Unlike traditional forms of advertising, email marketing gives you the ability to invest once to get the clients contact information, then gives you the ability to connect with this person again, and again, and again….potentially for a lifetime. Instead of paying for an ad over and over again, you only have to get the initial subscription and then you can contact the person for FREE!
Email marketing consists of 2 main parts.
- You need to develop an email list as an online marketer trying to make money from email marketing, the email list is a very powerful tool. A well developed list tells sellers or companies who to reach. The list gives demographic information such as:
- Buying Behaviors
Working with an existing email list is preferable, as developing an email list can take considerable amount of time, effort and money through website development, PPC campaigns and surveys to gain the valuable information necessary. There is a saying in the online marketplace “the money is in the list”.
- You need to provide an engaging, provocative, entertaining and eye-catching content to get potential customers to open the email. This is the first impression as the saying goes “You’ll never have another chance to make a first impression”. With a good list and the right message you will be making money from email marketing in no time.
Making money online isn’t always easy and nothing is for certain in business; however when you have a good email list, it can be like printing money! Today I want to share with you how you can make money from email marketing and teach you how to generate a stream of income from it!
How To Earn Money With Email Marketing
1. Create a product and sell it.
Already have a product or service to sell? Awesome! Use what you have already created to get started.
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 (dare I say, impossible) to make money with your email marketing efforts.
Not sure what to sell? Here are some ideas to get you started:
- Training guides
- Online courses (Click here to Learn How to Create an Online Course.)
- Private virtual coaching sessions
- Classes or workshops
2. Use other peoples products and sell them.
You don’t always have to sell your products or services to monetize email marketing. Instead, you can be an affiliate for other businesses’ products or services. As an affiliate, you get commissions from a business to send traffic to their site and generate sales.
Here’s an example of a great affiliate connection: As an online business liaison I want to offer online business and internet marketing advice to my readers. To help them turn my advice into reality, I recommend affiliate tools — like Wealthy Affiliate, website hosting services and landing page providers— to serve my readers’ internet marketing and online business needs.
Don’t forget: Make sure you have a strong relationship with your subscribers and that you recommend products and services that clearly align with their interests. Otherwise, they may unsubscribe.
3. Create and sell premium and exclusive products.
In my humble opinion, one of the greatest opportunities for increasing revenue with email marketing is increasing your average transaction amount at the time of purchase by upselling.
Say you’re a business coach. Your main product is an online yearly membership that includes access to a community of users, webinars and a database of resources.
A potential up-sell: 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 up-sell to a comprehensive 12-week program that guarantees them results.
4. Cross-sell similar products based on customers previous purchase.
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 messages based on previous shopping decisions may be more likely to purchase again.
I recommend sending an automated email with additional recommendations approximately one to three weeks after a customer’s initial purchase. It’s super easy to set up targeted, automated email sequences like these in AWeber. Give it a try! Create your FREE account today.
5. Set up recurring purchases for customers.
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 car service may email a client at the end of every season to remind them to schedule their next appointment.
Another tip: Offer a coupon. Offering a person 15 percent off their next servicing may give them the boost they need to book another service.
6. Set up a cart abandonment system.
We’re all a bit forgetful, so it’s no surprise that cusstomers often get distracted or step away from a purchase because they weren’t ready to buy at that moment. But if you’re using an e-commerce platform like WooCommerce, you know what they left behind.
Now, you can automatically send reminder emails encouraging them to buy the product or service they were considering. Customers who received multiple abandoned shopping cart emails are 2.4 times more likely to complete the purchase than those who receive only one followup email, according to Experian.
Keep cart abandonment emails short. It doesn’t hurt if you inject some humor or personality to catch the reader’s eye.
7. Ask people to share the email!
The last tactic is also one of the oldest marketing strategies in existence: 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.
While all of these strategy are excellent ways to make money using email marketing, they’ll most likely fall flat without some skillful email copy or content to win over your potential customers.
The body of the message should wow, impress and grab consumers’ attention. In this space make sure to use current tools as much as possible such as links, share and like buttons to current social media profiles to offer cross-platform marketing. These social media sharing options increase click through rates up to 55% more than without them.
However, do not use too many different fonts or colors as these can distract from the actual message. As always be careful in the number of emails in the campaign. DON’T SPAM! and tell people the benefits for them instead of being general. The reader should feel that the product or idea is tailor-made for him or her.
Want to begin generating income on the emails you’re sending out? Then follow these proven ways to generate money from your email marketing.
Now for a little reciprocity, How are you using email marketing to sell your products or services? Leave your comments in the forum below. To learn more about online business and internet marketing please sign up for Wealthy Affiliate for a FREE membership!
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