Unless you’ve been under a rock for the past decade, you’ll know that email marketing is one of the most profitable ways to grow your business in both traffic and revenue. Still, making money from your email list can seem scary. It’s easy to get caught up with analysis paralysis excuses like, “I need to have more subscribers before I can sell to them,” “I don’t want to,” or my personal favourite, “I don’t want to turn them off and have them unsubscribe.”
What if I told you that monetizing your email list is easier than you think? And what if you could start making money from your existing list right now with the products or services you already have? Keep reading to find out when is the best time to monetize your email list, as well as one of the best ways to do it.
Juicy Email Marketing Statistics
Let’s take a deep dive into some juicy email marketing stats. Knowing more about the current state of the industry will help you see things more clearly, specifically how you and your brand fit into the big picture. I’ve pulled some of my favourite 2018 email marketing statistics from Wordstream to explain just how critical email marketing is for a brand.
If you market primarily to individuals, here are a few things you should know:
- Customers who purchase through email spend 138% more than those who don’t.
- Welcome emails create 320% more revenue than promotional emails.
- Consumers who receive your emails are 3x more likely to share your content on social media (if it’s good, of course).
If you market primarily to businesses, these stats will excite you the most:
- Email is the third most influential source of information, beat only by word-of-mouth and industry-specific thought leaders.
- 86% of business professionals prefer to communicate through email about business matters.
- The majority of B2B marketers say email is their best revenue generation tool.
And whether you market to individuals, the following statistics are important to your email marketing campaigns, especially when it comes to deciding on the best time to monetize.
- 73% of millenials prefer to communicate via email about business matters. (This one is very important, since millenials are on track to outnumber baby boomers by 2019.)
- Segmented email campaigns have a 100% higher click through rate than ones that aren’t.
- In the United States, every dollar spent on email marketing has a return on investment of $44.
- Video emails see click through rates that are 96% higher than non-video emails.
With all of these deets in mind, do you see how important email marketing is to your brand? And as time progresses, it’s only going to get more important. That’s why monetizing your email list is better done now, than later. In fact, you can start with less than 100 people on your list. What do I mean?
The Secrets To Monetizing A Small Email List
Now, before we get into this uber important lesson, I want you to promise me something. Promise that you’ll leave all your previous beliefs about email monetization at the door, including everything you’ve told yourself about why you can’t do it. Once you’ve done that, we can get to the fun part.
One of the biggest reasons why I fell in love with email marketing years ago, was the unique opportunity it gave business owners. In a world where everyone is glued to their screens, and consuming content from dozens of sources every hour, email marketing gives us the chance to connect one-on-one with the people who we serve. From personalized greetings, to uber specific messaging — email marketing is one of the few mediums that allows to market without losing our humanity.
That very reason is why I’ve never believed that you need thousands of email subscribers to monetize your email list. I’ve had a client gross $15,000 after an email sequence to a list of just 83 subscribers, with an almost 50% conversion rate. What makes the difference?
Where and how you acquire your subscribers is crucial
Having high quality subscribers is the first component to good monetizing of your list, even if it’s small. By this, I mean potential clients or customers who are most interested in what you have to offer. But, how can you ensure that you’ve got the best possible subscribers on your list?
There are a few ways that you can do this, like:
- Producing immersive content, including killer lead magnets. (Click here to read an in-depth post on how to create lead magnets that attract your ideal client.)
- Guest posting on sites that your audience reads. The best way to do this is to use one very good lead magnet, and write on topics related to your lead magnet.
- Doing podcast interviews on core topics related to your niche. Bonus points if it directly relates to your lead magnet.
Once you’ve put work into where and how you acquire your subscribers, the quality of your email list has already improved dramatically. If this is already how you’ve been doing things, plus one for you.
What you offer is way more important than how many people you offer it to
This is one of the most profound principles of email marketing that many people find hard to wrap their minds around. You don’t need thousands of people on your list to make thousands from an email launch of your product. Instead, the product or service needs to be tailored to what the people on your list need. (Do you see why getting high quality subscribers is important?)
The best service or product will still tank if you try to sell it to the wrong people. However, an engaged list of even 50 can help you create record sales if you provide them with exactly what they need. Understanding this concept is key.
Maintaining an open line of communication with your subscribers creates unprecedented results for your email marketing.
Every email address you have on your list belongs to an individual — someone who is just as complex as you are, with goals, dreams, wants, needs, likes and dislikes. Understanding that will help you to write emails that actually make an impact on them. By maintaining an open line of communication with your subscribers (i.e. sending them informative and fun emails even when you aren’t selling them something) you’ll be able to supercharge your email marketing results.
These three secrets are what will help you to supercharge your email marketing, regardless of how many subscribers on your list. Once you’ve implemented them, you’re ready to start monetizing your email list.
Better Emails, Better Results
The art of writing good email sequences to sell your product or your service to your list can seem tricky (especially if you don’t consider yourself a good writer.) But, it’s undeniable that writing better emails means better results when you take the leap of monetizing your list. But, how can you write better emails?
In 6 Day Email Mastery, I peel back the curtain on my mad hatter’s workshop, and show you exactly how I create email sequences that make BANK! We’ll touch on a little bit of everything, from how to do fly-on-the-wall research on your prospects, to my very own hybrid email sequence template that’s worth its weight in gold. In less than a week, you’ll be damn near an email sequence master. Each lesson is delivered to you every morning by email.
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