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How to Make More Money from Your Email List
The money is in the list is a term you may have heard. That's because email remains one of the most lucrative channels available, with a 3800% ROI per subscriber. Read this article to find out how to make more money from your email list with these 7 proven to work ideas.
The post How to Make More Money from Your Email List appeared first on mailfloss.
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How to Make More Money from Your Email List
Email may not be a glamorous channel, but you can’t deny it’s lucrative.
Marketers who use segmented email campaigns note as much as a 760% increase in revenue. And for every dollar you spend on email marketing, you’ll get $38 in return.
That’s a 3800% ROI!
So yes, email marketing may be the coolest thing since PB&J. But if you’ve got an email list, it’s not always easy to know how to monetize it without driving your subscribers away.
In this post, we’ll take a look at seven ways you can make more money from your email list immediately. Let’s dive in!
1. Charge for Emails with Membership-Exclusive Resources
You’ve heard of membership sites. Now get ready for:
Membership mailing lists!
Paid membership mailing lists are a great way to monetize an email list in which you provide exclusive resources that can’t be (easily) found anywhere else for free.
This is a great option for experts at something. Yes, the internet is full of content but most of it isn’t that comprehensive, and often lacks the expertise only professionals with field experience can have.
And it lacks the anecdotes, too.
Take a look at Hot Pod’s example.
Trends in the podcast industry are numerous and updates are almost as frequent as sunny days in July. People who are serious about this field just need a way to filter the most important information.
The owners of Hot Pod charge a $7/month subscription and in return the members can learn everything they need to know about podcasts in one simple newsletter.
Another great example is the Stratechery newsletter which’ll set back a tech whiz about $10/month.
This newsletter analyzes the sea of tech information and provides the takeaways so the subscribers know what’s happening, why it’s happening, and what they can expect to happen as a result.
The price people are willing to pay for information is high so paid newsletters prove themselves to be a great way to make more money from your email list.
2. Integrate Ads into Your Email List
Ads are the oldest trick in the book for monetization of pretty much anything.
However, not all ads were created equal. Some are just better than others and generate more revenue.
The main prerequisites for selling ad space in your email list are:
- Above-average open and CTR rates
- At least 2,000 segmented subscribers
- Quality content
When we say segmented subscribers, we mean that your best chance of selling ad space is having a highly-targeted audience.
Two thousand subscribers who are interested in baseball paraphernalia are better than ten thousand people whose only shared trait is the need to eat every day.
Advertisers are always willing to pay more (even if you have a small email list) for a niche audience.
This doesn’t just matter to advertisers. It should also matter to you.
If you advertise a product relevant to your subscribers, they won’t mind. In fact, they’ll be more willing to buy it and consequently, consider you as credible and trustworthy for keeping their needs in mind.
Otherwise, you could be considered a sellout and sent straight to the spam folder.
Types of Email Ads
There are a few ways you can add advertisements to your emails:
1. Sponsored emails
These are complete emails dedicated to a sponsored offer.
For example, Expedia offers access to tens of millions of their subscribers with sponsored email.
You can also use sponsored emails to feature exclusive offers and promotions.
However, you should work closely with the sponsor to create the best content for your subscribers. And as always – keep it relevant. Don’t advertise socks to zebras.
2. Programmatic ads
If you can use ad networks for your site, you can use them to make more money from your email list, as well.
You can feature full-blown carousels with multiple ads, or you can add a small ad or two to your usual emails.
However, make sure you keep it relevant because you could completely disrupt the flow and credibility of your newsletter.
While most people have become immune to seeing ads everywhere, sending a serious newsletter with clickbait-y ads can give off a bad vibe.
If you think this is a good choice for monetizing your email list, check out email ad networks like LiveIntent and BuySellAds.
3. Native ads
Finally, you can place ads within your content. You have to disclose that it’s a sponsored link, but it’s a good way to integrate ads that make sense with your original content.
In this example from Pocket, the email was sponsored by Monday.com.
However, the email is still contextually relevant and interesting, with the only advertising additions being a few sponsored posts.
3. Monetize Every Step of the Way
The way you’ll monetize your email list largely depends on what kind of email list you’re running.
However, a good rule of thumb if you’re selling your own product or offering a subscription is to monetize every step of the way.
This means:
- Monetize opt-in pages
- Monetize subscription preference pages
- Monetize the introductory email
Or, at least, hint towards monetization and advance the subscribers through the sales funnel.
For example, if you sell a product, you can mention it under a ‘P.S.’ on the opt-in page.
If you have an independent project like Maria Popova’s Brain Pickings, you can mention that you accept donations.
A lot of people don’t use these pages for anything more than confirming subscription, but they are micro-moments which ultimately lead to sales.
If you don’t have a product of your own, you can advertise your affiliate partnerships on these pages.
Again, the more relevant the product you’re pitching is, the more success you’ll have.
4. Make Better Offers If You Want to Make More Money from Your Email List
Contemporary advertising spoiled us rotten.
Every day, there are so many new and awesome offers that a regularly-priced product doesn’t stand a chance.
But add a “50% DISCOUNT, 24 HOURS ONLY” line to your email and you’ll see some real magic happen.
On average, if you use urgency when advertising your offers, you’ll get customers more excited to the tune of 59% higher transaction-to-click rates.
Other sales tactics that you can use to make more money from your email list are:
- Limited time offers. You can also use countdown timers to reinforce the urgency.
- FOMO (fear of missing out). Give them an offer they can’t refuse because they’ll lose something if they do. Humans are naturally prone to loss aversion, so phrasing things as “Don’t lose money” rather than “Earn money” drives better results.
- Reduce friction. Make it really easy to get started and give your subscribers follow-up instructions.
- Use the right words. Some words simply reinforce a sense of urgency so make sure you include them in the copy. For example, “one time only” and “before it’s gone.”
- Use numbers and colors. Because psychology. Warm colors create a sense of urgency, and using numbers conveys scarcity.
In addition to these tried and true tactics, you should also include a discount if you want to really motivate your subscribers.
Don’t forget to announce the offer and follow up with them, as well.
By the time you send the email with the offer your subscribers can’t miss, they should already be aware of what’s going to happen. Then, follow up with them a few times to remind them of all the benefits.
Don’t forget about introductory, tripwire offers.
These can be automatically triggered so the subscribers get a special offer as soon as they sign up. According to Digital Marketer, people who purchase the tripwire offer are 10x more likely to purchase the core offer.
Trigger-based offers are a great way of making more money from your email list in general. You can also set up triggers for events like cart abandonment and capture the lead while they’re still hot.
Finally, you can monetize your email list further with up-selling and cross-selling.
If they bought product A, they may be interested in product B which is complementary. Or, if they have the basic plan, they may enjoy a more advanced plan.
5. Create Additional Resources You Can Sell
In addition to the main product you’re selling, you can also create by-products to make even more money from your email list.
This is another great way to upsell and cross-sell, especially if you’ve got a highly-targeted audience.
For example, you can create webinars that educate your subscribers more on the niche you’re in. You can also create eBooks or paperbacks to provide even more value.
If you have a good base of subscribers who have also purchased from you before, they’re the ideal target audience for these byproducts.
For example, Cole of Honey Copy uses his email newsletter to sell a book on copywriting.
He’s pretty authoritative in the industry and his subscribers have enough trust in him to know that the book he’s recently written is worth the price.
This is where thought leadership is really beneficial. It positions you as the expert and creates even more demand for your materials.
And while you should use valuable resources as lead magnets, consider monetizing the in-depth resources that your subscribers will surely be interested in.
6. Spice Up Ordinary Emails
The real key to successfully making more money from your email list is having great content that people love reading.
Yes, you could have the best product that has ever been made, but it wouldn’t stand a chance unless the content around it is equally excellent.
So when you’re thinking about monetizing your email list, you should first think about sending great emails consistently.
The first thing your emails should be is inspirational.
You shouldn’t just understand the basic demographic facts about your audience. Instead, branch out into psychographics and understand what their goals are and what motivates them.
By understanding this, you’ll understand how to phrase your offers.
The second thing your emails should be is useful.
In addition to telling your subscribers that they’ll achieve their goals with something you’re selling them, show them a clear roadmap of how they’ll get there.
Make sure you personalize your emails and segment your audience to tailor the messaging. This is especially important for email lists with thousands of subscribers. You can’t reach anyone with a generic message.
But you can reach and motivate the right people with a personalized message.
Send the emails consistently so your subscribers know when to expect them. Sporadic emails don’t build the trust you need to make money from your email list.
And speaking of building trust, include social proof.
You can use reviews or feature your customers’ success. If you don’t sell a specific product, you can simply highlight the story of an active subscriber.
7. Focus on What Works
Finally, once you’ve gotten the hang of things and built up your email list, make sure you analyze the preferences of your subscribers.
The majority of email marketing tools offer built-in analytics that will show you when your emails are opened, how many people open them, and the click-through rate.
What you have to do is put it into context:
- Why do people open your emails when they do? Are they traveling to and from work?
- What sort of headspace are they in at the moment?
- What content works best?
- Is there a way to integrate monetization into it, or use it to better craft the copy for promotional emails?
Learn everything there is to know about your audience. It’ll help you encourage repeat buyers and referrals.
And finally, just ask them what they like.
There’s nothing like seeing that a brand cares to make you buy everything on the shelf.
Monday, April 22, 2019
10 Email Blast Tips & Techniques for Success
Most email blasts stink. They're generic, irrelevant, and come at the worst possible time. Who needs to read about a sale for flights when you just came back from vacation and have a mountain of work to catch up on? Hint: nobody. Follow our 10 best email blast tips for success in your email marketing.
The post 10 Email Blast Tips & Techniques for Success appeared first on mailfloss.
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10 Email Blast Tips & Techniques for Success
“Damn, I wish I received more email blasts.”
Said no one ever.
The truth is: email blasts are usually boring. Of the million and one emails you get per day, how many are actually useful, relevant, and timely?
All you want to do is change your name and move to Mexico.
While email marketing’s ROI is extremely tantalizing (3,800% on average), it’s hard to see those returns if your email blasts are as interesting as a can of sea cucumbers.
That’s why we’ll show you 10 email blast tips you can use to turn those cucumbers into a real party for your customers. While blastin’ loud music.
Let’s take a look!
1. Personalize and Segment for Success
No two subscribers are alike, and neither should your emails be.
It’s true that most of us think about email blasts as promotional emails sent to all of our subscribers at once, but it’s a bad way of thinking if we want to convert them to customers.
Instead, you should segment your audience according to their interests in your product.
When a subscriber gets your email, they should never ask: “Why am I getting this?”
Instead, they should feel like the universe aligned to present them with the unique benefits of your product.
A great example of putting email segmentation to practice comes from HubSpot:
HubSpot knows what topics you may be interested in based on your previous activity data, and they use it well!
They keep it simple and specific by describing exactly what the course is going to cover, and who will benefit from it the most.
How To Use This Email Marketing Tip:
You can use the personalization and segmentation tip by dividing subscribers according to other factors.
For example, if some subscribers came from your Facebook ads where you’re advertising one feature, add them to a list that’s explicitly interested in that feature.
And when it’s time to send the email blast, your subscribers will feel like you know them better than anyone.
2. Mixing Things Up
We read all the time. From blog posts and texts to emails.
And while you may be making a great offer in your email blast, double-check that the email itself isn’t boring and unremarkable.
When you show that your offer is truly one of the kind, your subscribers will get the same feeling.
And if it looks just like any other email, there’ll be nothing to take notice of and seriously consider (which is kinda what you want your subscribers to do).
This tip goes for headlines and content, as well. Not just the format.
For example, Trendy Minds uses interactivity to learn more about their subscribers and direct them to personalized offers based on their responses:
Penguin Random House, on the other hand, promotes great reads by dividing them according to different states:
Both of these were very effective as they stood out from the rest of the emails. And sometimes, that’s exactly what your reluctant leads need to convert.
How To Use These Email Blast Tips:
Some of the things you can try to make your email blasts interactive are:
- Visual storytelling
- Carousel images
- Gifs, animations and cinemagraphs
- In-email surveys and polls
- Drop-down menus
- Gamification (spin to win)
3. Encourage Referrals
If you sell to your customers and attract new ones with the same email blast, it’s like killing two birds with one stone.
And it’s completely possible.
The best two routes to take here are: offering great value (typically, with a discount that applies to both the existing customers and the person they attract), or delighting your subscribers so much with the email that they can’t resist sharing it.
This is how a lot of companies got the viral traction they needed to grow, as well.
For example, take a look at DigitalOcean’s email:
The email itself is simple, but the animation is what got it on the list of the best emails ever. People couldn’t wait to share it with their friends.
The first reason was the fact that they’d be getting account credit for it. The second was definitely the interesting animation.
How To Use This Email Blast Tip:
Use your existing customers to reach new ones, simultaneously delighting both. Give them an incentive to share you with their friends.
And if you can’t offer a huge discount, at least offer something pretty.
4. Subscription Blasts: More than Filler Emails
So many businesses use subscription, verification and other logistical email blasts as perfunctory.
It’s a waste of perfectly good space that could be the key to turning subscribers into paying customers.
Greats, on the other hand, asks subscribers to confirm they’ve got shoe game and directs them to the brand’s social media, as well as telling them to refer a friend:
While it’s true that there should usually be just one CTA in email blasts, the only stage where this may not always be true is in the subscription/verification email.
In that stage, customers are dying to know more. Their enthusiasm and curiosity are fresh. It’s a waste of money and words not to use it by directing them to places that’ll get them hooked on your business.
How To Use This Email Blast Tip:
Integrate best articles, social media or special offers into subscription confirmation emails and other emails that usually bore.
You can also use the info you’ve got on your subscribers (like the channels they subscribed through signifying their intent) to serve them with relevant content.
5. Reactivate by Enticing
When you’ve got a serious case of inactive users, you have to ask yourself two questions:
- Is it me?
- Is it them?
Basically, the same thing you’d ask after a breakup.
Jokes aside, you should segment your reactivation according to possible reasons.
Someone may have just forgotten about your product (in which case – politely up your email game). They may have also stopped finding it useful and valuable.
We’ll start off this example with Fortnite. The marketing team behind the game knows it’s best when binged so when people stop playing, they draw them back in with all the benefits of their product:
AirBnB, on the other hand, shows travel aficionados what they’re missing out on if they don’t host:
How To Use This Email Blast Tip:
First, understand why your users stopped being active, and then find a relevant way to entice them into coming back.
A discount may not necessarily help. Instead, highlight your product features and/or play on the fear of missing out and loss aversion.
6. New Features Call for New Techniques
One of the best email blast tips we’ve got for you is:
If you’re giving subscribers something new, make it feel new.
It’s the difference between the new car smell that car dealerships literally spray everywhere. It raises the value and builds up the anticipation.
So when you’re sending an email blast that’s new to subscribers in any way (welcome emails, new product features, offers, referrals, etc.), make it feel like a whole new world for them.
No one conveys the feeling of discovery and excitement like Apple:
Let’s be real: every new iPhone is not that cutting edge compared to the previous model and compared to what’s on the market, but Apple sure makes it feel like it is.
How To Use This Email Blast Tip:
Use the atmosphere of discovery for more than just your welcome email. Constantly improve your email marketing, and highlight that when you’re reaching out to subscribers about something for the first time.
For example, if you usually send more long-drawn, personal statement emails, mix things up by going minimalist with the next very important email.
It’ll help keep things interesting, especially for subscribers who read your emails a lot.
7. Increase Email Engagement
Discounts, special offers and curated content are all well and good, but if you want your subscribers to be ready to hop on the next great thing you’ll show them, you have to increase their engagement.
Because of the way email newsletters work, it’s not exactly intuitive to reply to them or engage with them other than by clicking through.
However, there’s a workaround for that.
The first example is coming from AirBnB again (there’s a reason why a small startup made it this big):
While they are encouraging their subscribers to click through, this email blast is highly relevant and gives off the vibe of AirBnB truly caring about their users’ experience while on holiday.
Plus, it’s a good way to make people use their Experience feature.
The second example comes from Sweetgreen who sure know how to sweet talk their audience:
By rewarding participation and telling their subscribers what to do next, Sweetgreen makes it impossible not to engage.
How To Use This Email Marketing Tip:
If you want your subscribers to engage, go the extra mile to make their experience awesome.
Whether it’s through compliments or an appropriate tone of voice, or by offering tips on how to make the most out of their product, do something in your email blasts that delights.
8. Make Your Newsletters Highly Relevant
There comes a time every year when everyone on the planet is looking to show their goodwill through gifts for the important people in their lives.
Which event springs to mind when you read that?
Because there’s more than just one holiday and seasonal event. From Christmas to Black Friday, people are in the mood for getting great offers for their gifts.
And they buy – a lot. In fact, US shoppers were predicted to spend over $20 billion just for Valentine’s Day alone.
When you add the other milestones and festivities, you’ve got a lot of potential emails to send. Just think about what you’re going to send when a subscriber has been using your platform for a year.
Let’s take a look at how Spotify used the end of 2016 to make their users engage more in 2017:
How To Use This Newsletter Tip:
Incorporate seasonal happenings into your email blasts, and be consistent.
9. Provide Value – Always
Ideally, every email should bring value to the subscriber’s table. Whether you do it through educating them or telling them about similar products they might like is up to you.
However, you shouldn’t just focus on promotional emails. That may drive sales after you send the email, but it won’t keep them coming. And since we know that about 40% of revenue comes from repeat customers, it’s in your best interest to be as friendly as possible with them.
After all, that’s how a business turns into a brand that keeps working even as the market changes.
The first, short-term way to provide value is through educational content. Just take a look at what AdWeek is doing with their webinars:
The second way is by asking for value. How? Through surveys formatted as interactive experiences, just like Trulia does:
This is the one that can keep you running for a long time. If you stay in touch with your customers, they’ll alert you to changes your company should adapt to.
In the long run, it helps you make better decisions.
If you don’t have to try too many new things because you know what to target because of your customer insight, you’ll reduce costs and increase profits.
After all, it’s all about your customers, and they know themselves better than you do.
10. Don’t Overdo It
The best email blasts are the best because they appear only for extra special opportunities.
That is the point of calling them “blasts,” after all.
And while you should work hard to make sure your subscribers are opening and loving your emails regularly, keep an eye out for extra special ideas for your blasts.
After all, the goal is to make them stick around. Not skip town.
Happy blasting!
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