Email is still one of the most effective methods of reaching a targeted audience, whether you’re trying to sell products and services, build relationships, deliver info products, and more. Regardless of the direction that online media takes us and with the birth of a new, younger generation, email is always relevant and we will always need it for the near future. Our relationship with email is quite peculiar, in that it’s a possession that is guarded as private and personal space. There’s a lot of trust placed on messages we permit there. That’s why email conversion rates are several times higher than those of other marketing channels. Through navigating this circle of trust, consumers are driven to spend billions yearly on businesses that offer value.
It is estimated that at the end of 2016, there will be 4.3 Billion email accounts in existence (Source – Radicati) and for marketers effectively using the medium; they experience an average of 4,300% return on investment (Source – Experian). There are not many investments providing such healthy yields. Mastering email monetization and building a highly targeted list can be the boost you need to grow your business, providing a stable and predictable income base; whether you’re running a large corporation or small marketing firm.
Let’s discuss and simplify a few methods for generating income from your growing list.
Native Banner Advertising
Think of your email marketing campaign as being delivered in a similar manner to selling and using prime real estate space. Investors are willing to spend big bucks on locations that offer great ROI value through the perfect proximity and value to business. So it is also with your email list of thousands of targeted subscribers.
Your email subscribers, if acquired ethically, is an appealing audience to advertisers searching for specific groups to market to. Banners ads can be placed strategically within emails sent in your campaigns that appeal to your list and in return marketers pay a fee. CEO of NetHosting – Lane Livingston, indicates that in addition to sending messages native to subscribers, an important thing to remember when sending email campaigns is to have fresh and clean IP’s. If your IP isn’t clean or is blacklisted, none of your emails will reach the subscriber’s inbox. If no emails get into your customers’ inbox, you won’t convert anything.
A vital technique to take note of here is to ensure ad content is as native to your email audiences’ needs and desires as possible. Instead of using a plain and obvious advertisement, collaborate with your ad client to coin entertaining and useful content tailored for your audience. This will ensure a higher click-through rate and value to both your advertisers and subscribers. Ad content should not be random but as personalized as possible.
Screenshot taken from an email campaign run by Contently.com
Leverage the Power of Established Merchants with VigLink & Affiliate Marketing
Affiliate marketing is a very profitable way to earn without actually having a product of your own to sell. There are many companies willing to pay you a commission on sales generated from links you promote via your website or email list.
The most appealing affiliate opportunity provider right now is VigLink. VigLink is a platform for content-driven commerce that helps content creators monetize their work while driving sales and reach through a strong online network for advertisers. The VigLink Anywhere service allows you to earn revenue on affiliate links placed within your email copy, social media content and basically wherever your links end up. Get paid when clicks turn into purchases. It doesn’t get easier than that.
With the affiliate marketing industry set to reach a market cap of $4.5 Billion by 2016, partnering with a company like VigLink makes sense.
Retarget Abandoned Shopping Carts
If you’re running any type of ecommerce site, you’ll at some point experience shopping cart abandonment by your site’s users. Potential customers miss checking out for a multitude of reasons and oftentimes all they need is a friendly reminder to complete the transaction. With the right email retargeting campaign strategy, shopping cart abandonment can become a part of the purchase funnel, instead of a lost opportunity.
Essentially, through retargeting, users are emailed options for making their purchase experience simpler whether by offering additional discounts and perks, customer care assistance or the simple reminder. All geared towards making the final sale.
Retargeting is a valid strategy that actually performs well. According to SaleCycle, the average shopping cart, basket and booking abandonment rate reached 73.6% in Q1 2013. Looking at basket abandonment emails, 48.1% of basket abandonment emails were opened (up from 45.9% in Q4) and 33.3% of these clickers went on to purchase a product (up from 30.1% in Q4). That’s 33% of sales that would’ve been otherwise lost without retargeting.
Establish a Paid Subscription Model for Premium Content
Are you an established authority and expert in your field? Do you have a vast and unique library or knowledgebase to share with the world? It’s quite likely that people will pay you a fee for that content.
Create an email series geared towards delivering tutorials, guides and even classes via a paid subscription program. Charging users a monthly, yearly or one-time fee to access content and expertise they cannot find anywhere else on the web.
You’d be surprised how a small $9 access fee can accumulate to hundreds of thousands of dollars as your premium content changes lives and goes viral.
Respect Your List with the Correct Approach
It’s important to not get over-zealous as your creative juices begin flowing with ideas to monetize. While your list’s earning potential is valid you should try to not be in ‘selling mode’ continuously. Instead of, “sell, sell, sell, sell,” try “give, give, give and then sell.” Meaning that every email sent to your audience should not be a sales pitch. It’s a surefire way to be ignored, unsubscribed or marked as spam. Spend time getting to know what your audience want and need and provide tailored value.
This not only builds trust, but also makes selling via email easier and more successful. Customers spend and take action on content and service providers they trust.