Contrary to popular belief, paid search ads, SEO, or social media aren’t the best way to make money online in 2023. Its email. McKinsey’s research reveals that email marketing has one of the highest sales rates among various marketing channels. In fact, email transactions are three times more profitable than those made using social media.
Before we jump into ways to make money with email marketing, let’s look at some background on email marketing.
What is Email Marketing?
If you’re looking for a way to earn extra income, email marketing can be an incredible option. It refers to a strategy where you use the medium to reach out to a large group of audience to promote any products or services.
The emails could be about a new launch, upcoming sale, promotional offers, or anything related to your business. The basic idea is to use email to create brand awareness and built trust and loyalty by reaching out to the relevant people.
How to Make Money with Email Marketing?
#1- Offer Exclusive Paid Content
Paid content in the form of blogs, podcasts, or newsletters is a great way to monetize your email marketing efforts. You can charge a subscription fee for access to additional features or exclusive content.
For instance, if you’re a blogger who creates content about productivity and personal development, you can use the paid newsletter to offer exclusive email content to subscribers. You can include exclusive content on time management or host Q&A sessions to discuss strategies and challenges related to personal development.
You can also give exclusive access to templates, checklists, worksheets or an online forum. You’ll need to create a landing page with information on the features that add value to the newsletter. Add some testimonials from loyal subscribers. Remember, promoting on social media is great for maximum exposure.
#2- Sell Other People’s Products
If selling your own products sounds like too much of a hassle, make money with email marketing by becoming an affiliate for products offered by another business. You’ll get commissions as an affiliate from the revenue you help generate for the business.
But before you begin affiliate marketing, build a strong relationship with your subscribers. This way they trust your recommendations. Knowing who your audience is will help you talk about products that make sense for them. This could result in more people subscribing to your blog.
#3- Create a Cart Abandonment Plan
Remember, buyers often step away from purchases if they feel unprepared to make a decision. Using the right e-commerce tools will help you see what they left behind.
Also, make sure to send emails automatically to encourage buying the product they viewed. People who receive multiple emails for abandoned shopping carts are 3 times more likely to make the purchase compared to those who get one or no follow-up emails.
It’s a good idea to send the first message after 24 hours, another one after 48 hours, and possibly a third email within four to five days of cart abandonment. Keep the emails short and crisp and inject some personality and humor that catches the reader’s attention.
Also, you can use the same tactics for repeat purchases. A personal email is an effective way to keep bringing in a steady stream of sales. You can work out special discounts with the business. And consider sending email promotions.
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