One of the keys to marketing your business is to make sure you stay in touch with your clients and potential clients. While social media is an excellent way to start, an email list is even better. An email list is one of the key pillars of any marketing strategy.
That’s because, through an email list, you have a direct connection to your customer.
But that direct connection doesn’t do your business any good unless you figure out how to capitalize on it. You need to find a way to use your email list to make a profit for your business.
Sell Your Own Products and Services
The absolute best way to monetize your email list is to sell something that belongs to you. Use your email list to sell your own products and services.
When you sell your own stuff, you receive 100% of the profit from the sale. You’re not shelling out a commission or, worse yet, receiving a commission on a sale that you made for someone else.
You can use your email list to generate buzz about the release of a new product or update customers on the latest services you’re offering. You can also make exclusive offers only to the members of your email list.
No matter what you choose to do, using your email list to sell your own products and services is the best way to monetize that list.
If you need another idea on how to sell your own products or services, consider a drip campaign. You can find more details on a drip campaign and how it works in this previous post.
Other Ways to Make Money Off Your Email List
But sometimes, you don’t have your own product to sell or promote. Or maybe you just want your email list to make a little more money for you.
If that’s the case, here are some of the best ways to make extra money from your email list.
Offer Premium Content
If you’re offering a lot of value with your emails in the form of blog posts, industry news, etc., why not step it up further and offer premium content?
I’ve seen a reasonably popular investment advisor do well with this strategy. The Meet Kevin YouTube channel has more than a million followers. Kevin offers free investing advice on the basics of what’s happening in the stock market through the channel.
However, he makes the real money off of the premium content he offers his subscribers. Premium subscribers receive access to unique content that identifies specific stocks to invest in and avoid.
People pay Kevin for this premium content because they’ve experienced the free content he offers. That free content has convinced them that he has good investing advice that they should follow.
Affiliate marketing is when you recommend another person’s products or services. Every time a sale is made because of your recommendation, you receive a small commission.
While affiliate marketing is a proven way to make money, it isn’t an ideal option because you’re only receiving a commission for selling other people’s products.
You do all the work and receive only a tiny portion of the profit.
You can also sell ads to generate revenue from your email marketing. The nice thing about selling ads is that you’re guaranteed to profit off of every email you send.
However, like affiliate marketing, be wary of using advertising in your email list. Advertising is a way for businesses to piggyback on connections that you’ve worked hard to cultivate.
You do the work, and they make the money.
If you’d like something a little more discrete than an advertisement, sponsorship may be a good choice. A sponsorship is when you say, “This newsletter was made possible by…” and you include the logo of the business that sponsored your newsletter.
The plus side of sponsorships is that it’s a little less blatant than an advertisement. It’s a great way to monetize your emails without worrying about an ad breaking up the important content you’re offering readers.
Promote Your Other Business
Another good way to monetize your email list is to use the list to generate buzz for another one of your businesses.
Let them know about services that you offer in adjacent industries. You may just cultivate a new customer for your other business.
Tips to Get the Most Out of Your Monetization Strategy
If you choose one of the above options to monetize your email list, you need to make sure that you do it correctly. (Yes, there is a right way and a wrong way.)
No matter which method you choose, stay relevant. You want whatever you’re promoting to be relevant to the people on your email list.
That means if you have an email list full of cat lovers, don’t send them advertisements for doggy daycare. Choose something that’s going to be more relevant to them, like odor-free cat litter.
I hate getting emails from businesses offering me products that I’m not interested in or don’t need. If I get too many useless emails from the same company, I unsubscribe or delete the emails without opening them.
Don’t turn off a good customer because you’re tone deaf to what they want or need.
Only Sell a Few Ads at a Time
Never overwhelm your readers with a page full of ads. Stick to the primary goal of your newsletter or email and make advertising secondary. A good way to do this is to limit the number of ads you sell per email. Maybe one or two at most.
Other Tips for Ads
When it comes to ads, don’t clump them together in your email. Spread them out. If the ads are spread out, readers won’t feel like they’re reading a giant advertisement.
You also want to mark your advertisements clearly. Use the words “sponsored” or “ad” so that customers know that this is a paid promotion.
Change Up Your Offers
No matter if you’re selling your own product or advertising for someone else, make sure that you change up your offers.
I learned a new term the other day. “Banner blind.”
For those of you that don’t know the term, banner blind is when you’ve seen the same advertisement so often that you tune it out or don’t even look at it. You go blind to it.
To prevent banner blindness, change up your offers. Maybe last month you offered a 10% discount to returning customers. This month, offer free shipping.
Monetizing your email list only works if your marketing emails are working at full power. So, here are a few previous posts to get you moving in the right direction.
To ensure that your email is hitting its mark, check out Tips to Boost Your Email Marketing.
You’ll want to look at 3 Tips to Make Your Email Stand Out if people aren’t opening your emails.
If you’re having trouble determining what to send your email list, then this previous post, Integrating RSS Feeds Into Your Marketing, may solve your content problems.
Written by Erika Towne