In the olden days, conveying a message to someone through hand-written letters or notes was a hassle as it required one to write, and then post it via mail services. Similarly bringing attention or promoting something was also difficult as large groups of people could not be addressed. People resorted to physically handing out flyers or putting up banners to sell their products. With advancements in technology, sales and marketing have never been easier. This is when e-mail marketing comes in; the act of sending out advertisements or promotions of a product through e-mails to multiple people at a time. In spite of the fact that e-mail marketing has one of the greatest ‘return on investment’ (ROI – the amount of money which a company gains in return for one dollar spent) for a company, it is so often underestimated and sidelined as a form of spam. There are also many ways in which the art of e-mail marketing can be monetized.
Although the term ‘e-mail marketing’ may not sound so familiar, it is a marketing strategy widely used by many known companies such as Uber, Marriott International, BuzzFeed Courses, and many more. In fact, the high amount of ROI resulting from e-mail marketing ensures that almost 70% of companies employ it in their businesses. These e-mails are found in our inbox on a regular basis in the form of promotional e-mails which are characterized by personalized information, designs, offers, or personal history.
Prior to monetizing your e-mail list, it is important to make sure that you have obtained permission in order to send out these e-mails. Ultimately, we should not overstay our welcome in their inboxes. Sending e-mails everyday which is of no use to the recipients will only result in the mailer being defined as spam. Luring the readers in is then based on how enticing the content or product of your e-mails are. To prevent individuals from unsubscribing, ensure that you are not sending out e-mails too frequently. Having only promised a weekly e-mail in their inbox, stick to it, rather than sending out a daily e-mail.
Furthermore, the type of e-mail being sent should be known. When it comes to e-mail marketing, there are two main forms: direct and transactional e-mails. Direct e-mails are exclusively aimed at communicating a message regarding the advert. Transactional e-mails on the other hand are sent only upon initiation of some form of action from the user. For example, when making an online payment, a receipt is sent as a form of confirmation. As transactional e-mails are user specific, they in turn have a high open rate (emails opened / (emails sent-emails bounced)) which increases the likelihood of further engaging the customer in upcoming e-mails (to sell or advocate other related services offered). A better relationship with e-mail subscribers can be built once you have an understanding of the type of e-mail being sent. Read on to discover how you could also turn your e-mail into something which reels in cash.
Eye-catching e-mails with a call to action are the ones most likely to be given a read. After an initial read grabs a reader’s attention, they are prone to reading the follow up e-mails which are sent. An exponential rise in the number of open rates can also be noticed once alluring content is conveyed. Once e-mail standards have been defined, it is important that they are continuously being met so that the readers are engaged. E-mail newsletters are a channel by which updates, offers, and information corresponding to your product/services can be passed on to your viewers. When presenting your content in the format of a newsletter, you have the advantage of placing adverts about multiple products a time.
Prior to promoting a product through e-mail marketing, it is crucial that a good amount of people have subscribed to your frequent e-mails. Content which hooks the viewer is vital. Your e-mail subscriptions can be commercialized through the help of social media. Making links regarding the product available within the content of the e-mail will help readers share it with others. Also, there are many commercial companies which pay you to send traffic to their sites and once a referral of yours downloads or buys into their e-mail campaign, you get paid your commission.
We have all come across a free subscription to a magazine or some product which is later turned into a paid subscription based on the individuals liking to the sample. This is one way in which a product can be sold. Once the customer is engrossed during the trial period, they are inclined to signing up for the paid version. Illustrating your product on your e-mail, alongside basic details about it, will also draws attention from the readers. If you are yet to develop a product but find yourself being expertized in a certain area, then you may be interested in offering one-on-one coaching.
After forming a solid list of e-mail subscribers, offering one-on-one paid coaching to their needs is a constructive way in which money can be earned. Information and figures about your service can be communicated via your e-mail campaign. A few free sessions can be agreed to, prior to transforming it into a paid service. By doing this, the individual also has the advantage of asking questions and getting their doubts cleared without having to worry about other participants, which may be the case in a webinar. Attention to your coaching services may be achieved through e-mail newsletters to keep readers updated on what is being offered.
Not everyone shares the same interests nor are they willing to receive repetitive e-mails which are of no benefit to them. Eventually, people will start unsubscribing and mark it as spam – automatically leading to a fall in open rate. E-mail segmentation brings about the solution to this problem. Divide up your e-mail list by the recipients into segments which are constructed by their personal preferences, location, or past orders. This caters to the personalized needs of individuals. For example, if there are a group of individuals only looking for ads on body fitness, they should not be sent e-mails about parenthood as this is not what they signed up for. Rather, the e-mail campaign’s list on body fitness can be segmented into men and women as the information may be gender specific.
Don’t have a product that you can personally sell? No issues. This is when affiliate marketing comes into action. There are many companies or agencies which will hire you to sell their product or to promote it on their behalf. The company will pay you to send out e-mails with their product’s details. Often times, a personal referral link is given for each affiliate ad, if someone signs up via your link, you gain commission. Signing up for affiliate programs is another way to get companies to send you their details which are then channeled to your e-mail subscribers list.
Similar to affiliate marketing is sponsoring other ads in your e-mail newsletters. You will not be required to dedicate the entire e-mail to their product (as is the case in affiliate marketing) however you will be placing a small ad along with the essence of your e-mail. This proves fruitful once your e-mails have secured a high open rate from your e-mail campaign subscribers. Again, the pay will be based off of the number of buys/sign ups brought in by means of your e-mail, or through the amount of people that you send out the e-mail featuring the sponsored content to.
‘After purchase of the main subscription, you can upgrade for just $10 a month.’
The art of up selling stems from the low-balling technique, a compliance method used in the world of marketing, to increase sales by letting the customer commit to the purchase for a lesser price initially and further raising the price prior to payment. The factor of commitment instills a form of obligation which increases their willingness to agree for the greater price. For instance, coaching classes cost $100 per annum and the buyer is willing to pay, they are then told that it is exclusive of the material supporting the lessons, which comes with a $50 price tag. At this point, the individual is ready to pay the full $150 as they have initially given their word and have been reeled in by the content. A profit is gained and the deal is closed.
Associated with the low-balling technique is the door-in-the-face technique, also known as down selling. To begin with, customers are presented with a high cost which they decline, at which point, the cost is then reduced in the name of a discount or offer. After comparing the first and second price, customers settle for the second price which is less. To illustrate, a health drink initially costing $200 does not sell out as fast as it does when it goes on sale for $150. Buyers note the price reduction and quickly jump to claim the offer.
Before checking out to make your payment while shopping online, most sites place a ‘frequently bought together’ or ‘you may also be interested in…’ column featuring similar products to those in your cart – this is cross selling. It is not always necessary to sell one product at a time. For example, if you are promoting a weekend getaway, you can simultaneously sell a taxi service to aid their stay. Although it may be viewed as a package, the taxi and weekend getaway are two different sales. This is what you call “killing two birds with one stone”. Sources such as Amazon and eCommerce are commonly known to utilize cross-selling as one of their marketing tactics. Your e-mails may therefore contain multiple ads of things which fall under similar categories.
Creating awareness for your services through other resources will not only boost its ranking in search engines, but also increase the number of buys/sign ups. Since you can’t ‘index’ an e-mail on the world-wide-web, the e-mail and it’s content are limited to the depth of your e-mail subscribers list. But what if you integrated SEO and e-mail marketing to gain more traffic? People are more likely to revisit an e-mail if there is a link provided along with the emails content posted in other locations such as blogs or a website! Adding share buttons at the end of your e-mail also enables readers to place it on their social media sites for their followers to see. If you are an active blogger or manage your own site, place links of your product and e-mail newsletter on the side, this aids in increasing exposure.
And there you have it, ten ways in which you could earn money from the comfort of your home by means of e-mail marketing. Following these ten techniques and implementing them in your e-mail list will have subscribers flowing in. But don’t forget to assemble a strong email list so that you are marketing your concepts to a vast variety of people. Now that you have understood the crux of e-mail marketing, you can use the above mentioned techniques to flourish in your career as an e-mail marketer.