Emails are a great bridge of communication between sellers and buyers. In fact, emails are considered as the most effective way of building trust and relationships with customers.
Monetizing products and services on email can be highly profitable compared to any other platforms like Facebook or Twitter. Also, email marketing has the highest conversion and click through rates.
With all that monetizing benefits of email marketing, anyone with a good email database can profit from it. In this article, you’ll learn about some proven ways to make money from email lists.
- 12 Proven Ways To Make Money With Email Lists
- 1. Promote Affiliate Products
- 2. Grab Email Sponsorships
- 3. Win With Webinars
- 4. Offer Coaching And Consulting
- 5. Use Paid Subscription Model
- 6. Pitch Your Own Services
- 7. Target Facebook Ads Using Emails
- 8. Maximize UpSelling
- 9. Utilize Down Selling
- 10. Promote Cross-Selling
- 11. Use Email Retargeting
- 12. Rent Or Sell Your Email Database
12 Proven Ways To Make Money With Email Lists
Before we discuss the strategies to make money out of emails, let’s find out is it even possible to monetize an email database?
Email is an essential part of life, and everyone uses it to manage their professional and personal work. According to Hubspot, there are 4 billion daily email users, with 64% of small businesses using email marketing to reach customers.
This stat alone shows how much people are relying on emails to make their businesses more profitable.
With experts also claiming the quotation Money Is In The (Email) List, let’s quickly dive into some ways to make money with emails.
1. Promote Affiliate Products
If you have an active and engaged email list, then affiliate marketing can be very beneficial for you.
Affiliate marketing, in simple terms, is promoting someone else’s product in exchange for commissions. These commissions can be in the form of money, gift vouchers, physical rewards, etc.
The best part about selling affiliate products is that you don’t have to worry about anything. From managing inventories to shipping, everything is taken care of by the sellers.
You can try promoting affiliate links to your subscribers with the help of your newsletters. Anyone who buys the product using your link will earn you a commission. The more purchases your subscribers will make using your affiliate links, the more commissions you’ll earn.
There are hundreds of affiliate platforms that offer their product as an affiliate, and some of the most popular are Amazon, Clickbank and eBay.
2. Grab Email Sponsorships
Email Sponsorships are a great way to make money using an email list. Many outside organizations offer email sponsorships in which you have to promote their brand, products, offers, etc.
The bigger your email database is, the more you can charge for sponsorships. The common way to promote offers is using newsletters and classifieds.
So, how does this work?
You have to tie up with the websites which offer newsletter sponsorships. Then, you have to promote their brand or product to your email subscribers. The sponsorships can be divided into B2C or B2B networks, and you need to choose what suits your email list.
3. Win With Webinars
Webinars are a great way to pitch your products to your audiences. Whether the audience is cold or warm, webinars help strike a connection between the seller and the buyer.
You can promote your or someone else’s products with your email list by giving all the product-related information on webinars.
To prepare for a webinar, follow the below three steps:
- First, send a registration email to your subscribers list. Pitch them a unique and rewarding offer to help them register for your webinar
- Second, register yourself on a webinar platform and schedule webinars according to your comfortable time zones
- Third, offer all the product details, benefits to the joined audiences in your webinar
This way, you can market a product to your email list by leveraging the power of webinars. Don’t forget to send constant joining reminders so that all the audience can join in.
4. Offer Coaching And Consulting
Another effective way to monetize your email list is to offer paid coaching and consulting services to your subscribers. This can be achieved by offering one-on-one coaching sessions.
If you have a niche email list, it will be a much easier task for you. For example, if you’re a fitness trainer and have an email list related to diet and fitness, you can offer a weight loss/gain session consultation.
You can charge anywhere around $50-$200 for a single one-on-one session and build a great side-hustle for yourself.
5. Use Paid Subscription Model
Have you ever encountered premium news websites that work on a subscription basis? You can only access articles if you’re a premium subscriber of those platforms, and that’s an example of a paid subscription model.
You can also start a paid newsletter and share that with your email subscribers. Below are the steps on how you can create a premium subscription model:
- Create a newsletter full of insights and tips related to your niche
- Share that newsletter with all your subscribers as a trial
- Tell everyone that you’re starting paid newsletters with $X fee
- Decide newsletter frequency
- Use email autoresponders for scheduling
Using this way, you can create a recurring income model for yourself. The more your subscribers will join your paid newsletter, the more you will earn.
6. Pitch Your Own Services
In this method, you offer your own services to the email subscribers. This one is different from promoting affiliate products or offering coaching/consulting.
For example, suppose you are a freelance writer.
You email your database by showcasing your writing portfolio and asking them for work/clients. So, if your work is of high quality and someone from your email list likes your work, they might offer you some freelancing work.
This way, you can also leverage your email list by pitching your own freelance services.
7. Target Facebook Ads Using Emails
Facebook Ads are a great way to advertise products and services to billions of people around the world. You can target almost anybody using Facebook and show them your products.
And, do you know, you can use your email list to advertise on Facebook Ads? Let’s find out how this works:
You add your email list to Facebook Ads Manager, and Facebook scrubs that list as per their protocols. Then, FB compiles that list and targets specifically to those customers using your ads. The whole process can take up to 24 hours to set up ads.
This is a unique and awesome way to pitch products specifically to your own email subscribers.
8. Maximize UpSelling
Upselling is encouraging a customer to buy a more expensive or upgraded version of the product. If you use your email list to sell products, you can easily benefit from using an up-selling strategy.
There are many ways to target your customers using upselling:
- Whenever they add a product to their cart, offer them an upgraded version of that product
- Offer them an extended warranty, service period upon their purchasing of the product
- When a user hits a progress milestone, you can offer them a discounted product
You can easily automate all these emails using an automated email responder. This way, it will be easier for you to manage all your other emails.
A quick upselling example:
If your customer has added an iPhone 11 64GB variant to their cart, you can email them for an iPhone 11 128GB variant. You need to describe to them the benefits of choosing a superior variant to make your upselling successful.
9. Utilize Down Selling
Like upselling, down selling is another way that helps you make money.
In simple terms, Down selling is offering a less expensive and compromised product to the customers if they’ve not made their purchase. You offer them some budget-friendly alternatives or other convenient options to help them purchase the product.
Let’s discuss a few benefits of down selling strategy:
- Higher chances of winning more sales by using down selling
- Down selling results in higher conversions
- Down selling builds trust and long relationships
So, if your subscribers are taking time to purchase your product or abandoning their carts, offer them a lower version of that product using a down selling strategy.
A quick down selling example:
If your customer has added an iPhone 11 64GB variant to their cart but has not completed the purchase for a few days, you can offer them a lower variant like iPhone X to make the purchase budget-friendly for them.
10. Promote Cross-Selling
Cross-Selling, as the name suggests, is offering cross products after successful purchase of a product. Almost all businesses use a cross-sell strategy in order to make more sales from their recent customers.
For example, if your email subscribers have recently purchased a marketing course suggested by you, then you can offer them a cross-product like management or financial course. The chances are high that many of them will buy that 2nd course as well.
Cross-Selling works very well with a list of alternatives. So, whenever you’re offering your customers a cross-selling alternative, make sure to offer them at least 3-5 options to choose from.
11. Use Email Retargeting
Email retargeting is an advanced way to boost product sales and conversions.
In simple words, email retargeting is using existing customers’ data to offer them customized products as per their needs. You collect customers’ information using cookies on your website or landing pages.
The benefits of using Email Retargeting:
- Make offers to people who have previously purchased some products from your website
- Target up-selling/down-selling/cross-selling products to the interested people
- Send personalized emails to the people as per their browsing interests
To try email retargeting with your email list, offer your subscribers a product on your landing page and retarget them again using their preferences.
12. Rent Or Sell Your Email Database
If you want to make quick money, then you can rent or sell your email database. However, this is not the most preferred way to earn money using email lists.
There are many online platforms on which you can sell or rent your email database.
If you’re renting your email list to someone else, then the buyer will use your list to send emails of their preference. If you’re frequently renting your email list, there is a possibility that your email database will turn into spam.
Make sure to thoroughly read all the legal email compliances before selling your email database.
I hope you’ve enjoyed the above ways that will help you make some spare money out of your email list.
Making money with an email list is not a daunting task, and you can try different strategies to fetch some dollars out of your email database. Just stick to one method and give it an ample amount of time to see if it works for you or not.
Let us know in the comments how you’re using your email list to make money and if you’re facing any problems in doing so.