How to Monetize Email Campaigns
In order to be great at email marketing, you need to understand the basics such as offering something valuable to the readers. Here's some great ideas to get started with one of the most powerful tools at your disposal.
While there are many channels available to digital marketers, email remains one of the most lucrative. Email marketing, on average, delivers a return on investment (ROI) of $44 for every dollar you spend.
Getting those kinds of results requires understanding certain best practices, like using an email validation API and tracking performance metrics. Email marketing can help your business make a lot of money. Just make sure you keep the following key points in mind.
Offer a Product
Contrary to popular belief, many customers aren’t that interested in having a relationship with your brand. They’d rather you just provide a quality product or service.
While it is important to cultivate relationships through email marketing, your main goal should involve selling something. You’ll maximize your ROI when every single campaign is designed to promote a specific service or product you offer. This will also help you to develop relevant content.
Keep in mind, if you don’t run a business that has products to offer, you can still make money via affiliate email marketing. This involves earning a commission by selling someone else’s goods or services. You can research companies online that seek help from affiliate marketers if this idea appeals to you.
Offer Premium Services or Products
If someone subscribes to your email list, odds are good they have at least some degree of interest in what your brand has to offer. They may have even bought a product already. Thus, you may not want to treat these customers the way you treat new customers who aren’t as familiar with your business. Instead of offering your basic products or services, use email marketing to offer premium options.
For example, maybe your business offers webinars, ebooks, along with other training materials dedicated to a specific topic. A premium service you might consider offering is one-on-one coaching. This type of product would likely be more appealing to a customer who has already engaged with your brand and purchased more general products or services.
Guard Against Cart Abandonment
According to studies, the cart abandonment rate among online shoppers ranges from 55% to 80%. That’s often because the internet provides many potential distractions.
Email marketing can help you reduce that rate. You can establish a system in which a customer who abandons a shopping cart on your website automatically receives a reminder email within an hour of doing so. According to one study, abandoned cart emails yield an average revenue of $5.64 per email; that’s much more than other types of messages yield.
Create Shareable Content
The people subscribing to your email list already know at least something about your business. They can definitely help you earn more revenue, but you still need to focus on growing your customer base in order to make as much money as possible.
Thus, some of your email marketing content should be shareable on social media platforms. Offer content that’s genuinely interesting or valuable, and your followers are more likely to post it on their Facebook or Twitter accounts. As a result, more people will know about your business, meaning you’ll reap the full rewards that email marketing offers.