How Can You Monetize Email Marketing?
Email marketing is a lucrative way to earn money. Whether you wish to earn passively by making money online or dedicate your entire efforts to building a brand, email marketing has become one of the most powerful tools for expanding your marketing efforts.
Although the results are exponentially rewarding, it can be confusing when you are just starting. In this article, we have listed some ways to earn money with email marketing.
There are numerous ways you can earn money online with email marketing. We have enumerated some of them below.
Promote Affiliate Products
Affiliate marketing is essentially when an online retailer pays you a commission for generating sales via referrals. It is the modern version of word-of-mouth, but this time you can earn money.
If you have a fair share of followers across various platforms, you can passively earn income. So, you must wonder how email and affiliate marketing are connected?
Here's how. Let's take an example of an affiliate product you want to share. You cannot directly send the affiliate link to thousands of people promoting a particular brand's product –that's spamming.
What you can do is send cold emails to drive traffic to your affiliate links. If a person is directed to your link and purchases the product from it, you will receive a commission.
The tricky part is driving traffic to your affiliate products. The best way you can gain traction in email marketing is by sending cold emails to only those people who might be interested in them. If you convince them to purchase the product, you can expect up to 40% commission. You are making more money with less effort.
Add An Affiliate Link To Your Email Replies
This is a small tweak that can increase your affiliate link click-through rate. You can add a ‘signature’ to your Gmail account that can include your affiliate link. Follow the steps below to create a signature.
Go to the settings on the top right corner of your email account.
Click on all settings and scroll down to the signature.
You can add your links to websites, services, and affiliate products.
Emails have become an indispensable part of our lives. You can reply to many of them every day. Now, with this simple trick, you can drive traffic to your affiliate products by simply replying.
Promote Your Product Or Service
If you have a product or service that you wish to promote, email marketing is your best choice. The easiest method to get started with email marketing is providing an opt-in feature on your landing page.
Email marketing will increase your customer conversion rates if you are an online business. The more email subscribers you have, the easier it is to implement your email campaigns.
It is incredibly tedious to gain opt-ins easily so you need to focus on a creative hook so that people sign up for the list. Three things to remember while creating a newsletter.
Start with a creative subject line: You need to convince people to sign up for your email list.
Add a free service or discount: People are more likely to subscribe to your email list if they see a free service or discount on the product they are contemplating buying. For example, if you have a blog, you can offer to send valuable content such as a blog post or an online course to email subscribers.
Share social proof: If you have numerous subscribers, you can add a snippet of how many people have tried out your product or service. If your readers see you have a lot of sign-ups, they are more likely to avail of the benefits too.
The next step is building your email list. You can use an email service platform with a plan that meets your budget. The email service provider will have many plans that include the number of contacts you want to send emails to, how many emails you can send per month, and other automation tools that add to the whole user experience.
Software like Constant Contact have powerful tools that help you track coupons and give them to only specific users. This method gives you access to their email addresses and allows you to convert them into buyers.
Cross Sell Related Products
This is another tried and tested method that allows buyers to view other similar products after they make a purchase. Every purchase a customer makes from your website gives you an insight into what they like or dislike.
You can use this information to recommend other similar products that they might be interested in too. Online shoppers who get targeted are sent personalized messages, as they are more likely to purchase from you again.
For instance, a customer purchases one of your products from your website. You can set an automated email where you thank them for making the purchase and recommend other similar products that might interested them. This is a great way to promote your products to new customers.
Create A Cart Abandonment Plan
In the world of social media, it is easy to get distracted. It is no surprise that buyers get distracted and step away from a purchase because they are not ready.
You can send highly relevant emails automatically encouraging them to purchase the product they were considering. Email marketers can take advantage of this campaign and turn website visitors into subscribers.
Ecommerce websites, like WooCommerce, give you insights into what they left behind. Hence, you can create a cart abandonment plan and send one message one day after, a second message after 48 hours, and the third one after four days of abandonment.
According to Experian, customers who receive shopping cart abandonment emails are 2.4 times more likely to complete a purchase than if they receive one follow-up email.
Conclusion
With all these tactics, you can seamlessly work through your email marketing campaigns and earn money online.
We hope that this article gave you an insight into making money through email marketing.
