Just as you may have heard that blogging is dead, you may have heard that email marketing is dead. True, the average open rate is around 18%, but email remains the best way to grow an engaged audience, share value and eventually sell to your prospects. Giving your email address is highly personal. As a rough guideline, you can earn 1$ per email subscriber per month. Before we get started with this post, I recommend you read this great article about Making Money with an Email List. Not only it is filled with useful info, but it is a good reminder that although the goal of making money in itself isn’t wrong, it is the wrong perspective. As an entrepreneur, your goal is to solve a problem.
How to Make Money with Email Marketing
Becoming an affiliate for your favorite products is an excellent way to earn an income from your email list. The first thing people think about is becoming an Amazon affiliate. While becoming an Amazon affiliate can generate a few hundred dollars a month, it won’t make your rich. It’s a good idea to find other affiliate products to promote on Clickbank for example or even online courses that have helped you.
Your own products
Some recommend starting with selling affiliate products to learn where the demand is and what kind of products are most popular with your audience. Then, you can decide what kind of digital products to create. It’s a great idea, but if you don’t want to sell affiliate products, you can also consult your audience and find out what needs you can help fulfill.
Selling something small like an ebook can be a great way to start making money with email marketing. Not only you will see what kind of demand their is for the specific topic you are covering, but also, did you know that someone who purchases something from you is 10 times more likely to purchase again in the future?
Digital course creating is becoming so popular, that I do wonder how much longer it will effectively help people create a life changing residual income. It is a huge time investment at first, but once it’s done, you can set up an evergreen system to sell your course on autopilot. What more could you want?
A membership site allows you to ensure a more steady monthly income. Of course, you need to provide enough value each month to justify the cost your members are paying. Usually this comes in the form of weekly or monthly live coaching sessions and added training.
Network marketing is an industry that allows you to be compensated in various ways for sharing products you use and love. You would similarly promote a network marketing company as you would promote affiliate products, but the financial reward is more significant in the long run as you can build residual income when your happy customers decided to do what you are doing and share the products as well. Find a company that you can stand behind and that sells products that would mesh well with your audience. There is a network marketing company for every niche.
How do you promote these products using email marketing?
Thank you page
Now that you have decided what you want to promote. How do you actually go about it? The best way is to start right way with your first lead magnet offer (the freebie you use to grow your mailing list). After your new subscriber opts-in, you can promote a congruent paid offer on your thank you page.
Selling a congruent product in your free lead magnet tends to work well. For example, if you lead magnet is a free training video, you can talk about a paid product that will help your prospect reach the goals they had by watching the free video. The paid product takes it one step further and helps them implement all the strategies step-by step.
A tripwire offer, as it is commonly called, is a product in the $10-$30 range. Once your prospects have given their credit card information and have done business with you, they are more likely to buy again. That’s why an
A subscriber is most interested in what you are offering right after signing up to your mailing list. You need to introduce you new subscribers to your work right away through an onboarding sequence. It is an automated email sequence during which you send one email a day for about 7 days. you share your most popular resources, you introduce your work and talk how your subscriber can benefit from your paid product. At the end of the onboarding sequence, you give a time sensitive offer to increase your chance of selling.
Sales relevant to your email list segments
When your subscribers sign up to your mailing list, you can segment them according to how they signed up. That allows you to know what they are most interested in and to customize your promotions in a way that will speak to their needs.
In the end, the way to make money using email marketing is to always keep the needs of your subscribers in mind. When you write an email, think about the angle that will present the benefits of whatever you are offering. It’s very important to remember that are not selling products, you are selling benefits.