Building an email list is still considered to be an essential part of a successful business. It is expected that email users globally will reach around 4.3 billion by the year 2023. Let’s look at the below article to analyze the various ways through which you can monetize your email list.
Consulting is one of the most effective ways to monetize your email list. Through consulting, you will be selling the knowledge you possess in the best way possible. It is mainly done through one-to-one contact with your customer or subscriber.
Since consultation is provided as a personalized service, you can charge your customers accordingly since it takes your time and effort. There are certain limitations as well since you are selling your time for money, there are limits for you to scale your business since there will be a shortage of time.
Consulting is considered to be the best way to monetize your email list when you are in the beginning stage. You will be able to gather a deeper understanding and knowledge about your email subscribers and your target audience and this will help you in improving your skills and building testimonials on the way.
There are lots of companies that make millions of dollars selling their paid newsletters. Once you have a personal relationship with your audience you can start providing them with a newsletter on a regular basis such as weekly, daily or on a monthly basis.
Paid newsletters are one of the best sources to monetize your email list especially if you are in a niche category. You can provide your audience with the most frequent and fresh information. A newsletter can be an excellent and the best way to monetize your email list.
In the recent years, Affiliate marketing has gained a lot of popularity. It is said that nearly 81% of the businesses are relying on affiliate marketing for selling their products and services.
The only problem you would face is to find the ideal affiliate product which will be useful for your subscribers according to their interests and activities.
It works on a simple principle you will have to help your audience find the accurate product that will help them improve their quality of life and makes it easy and in return, you will receive a small commission.
There are certain websites or businesses you can tie up with for selling affiliate products. For physical products, you can tie up with popular companies such as Amazon, Walmart, Chewy, etc. and for Info Products you can tie up with ClickBank, Cj Affiliate, JVZoo, etc.
Webinars are also considered an effective way to monetize your email lists. It is kind of similar to consulting the only difference is instead of one-to-one consultation you will be delivering it to a larger set of people.
You can conduct webinars or masterclass programmes for your email list by providing personalized information and training for in demand skills or information and training required by your audience.
The challenge will be to find out the need of your subscriber list and providing an accurate service. When compared to consulting, conducting webinars has its own benefits such as you can reach a large number of audiences at the same time but you wouldn’t be able to charge a lot for your webinars as much as you can charge for personalized consultations.
Webinars can be a starting step for you to monetize your email lists and later on you can upsell by providing affiliate products or personal consultations to interested audiences who require one to one consultation.
Solo Ads or Display Ads
Solo Ads is a method through which individual brand or businesses pay you for sending promotional emails to your email lists for them. There is a different way through which you can earn through Solo Ads or Display Ads.
The number of clicks your emails get and through the number of emails subscribers who receive the promotional emails. One major thing to keep in mind before you promote your solo emails is that you will have to find ethical brands and companies as it is a matter of your reputation.
If you promote the products and services of the people who don’t have an ethical code of conduct and work only for their interests this will spoil your reputation.
You can also monetize your email list through Display Ads. Display Ads have lost their popularity over the years but still, it is one of the ways through which you can monetize your email lists.
How do email lists make money?
Several brands and companies will happily pay you commissions on any sales you generate for their brand. Instead of selling your own products and services to your email list, you can sell someone else's products that are a great match for your audience and get a commission.
What is a good email list size?
You're first going to need the list size of about 1,000 people, as it's a good sample size that you can extract some data from.
What is open rate marketing?
Open Rate is an email marketing metrics that measures the percentage rate at which emails are opened. Though it is a general indicator of subject line effectiveness, it can be a misleading metric for online marketers.
These are some of the most effective ways to monetize your email list. If you are at the beginning stage you can choose one of the methods mentioned above.