Track Your Email List
“If you can’t measure it, you can’t improve it,” as management legend Peter Drucker is quoted as saying.
There’s no point in thinking about how to make money with your email list if you have no idea how your email list is doing.
Do you know your average open rate? What about your click rate? Do you know which product offers to convert the best with your subscribers? If not, it’s time to change that.
Any email marketing service you use should show you analytics such as open and click rate. But if you want to gather meaningful data, connect your Google Analytics with your email marketing software.
Get the Right Products in Front of the Right People
Just because you have an email list of 2,000 people does not mean the same emails should always go out to all 2,000. Why? Because not everyone has the same interests or is in the same stage in the sales funnel.
Amazon is a master of getting users to buy more through recommended products. Based on your browsing history or previous purchases, it sends emails suggesting other products you might like. Even something as bland as an order confirmation email can help your business make more money. For example, when I ordered curtains on Amazon, the confirmation email suggested curtain clips to me.
But what if you don’t sell products? If you’re a service provider, email marketing can work for you too. Things like follow-up emails and invitations for free consultations can keep your subscribers moving through the sales funnel until they purchase your service.
It’s a fantastic way to build a relationship with a new user who’s clearly shown interest in the service by signing up for a free trial.
Cart Abandonment Emails
Another way you can implement segmentation and get the right products in front of the right people is to use cart abandonment emails. If you’re an eCommerce business and you don’t send abandoned cart emails—you’re leaving money on the table.
When someone has shown enough interest to add an item to their shopping cart, they’re probably pretty far down the sales funnel. They just need that extra push to get them across the finish line.
That’s where the abandoned cart email comes in. Using your email software, Shopify, or another eCommerce platform, you can set up an automatic email to send out within 24 hours (or another set period) of someone adding a product to their cart without purchasing.
Sometimes it’s enough to simply remind the shopper that they forgot to check out, but if you want to boost conversions, you’ll want to add special offers or discount codes. You can even put a time limit on the discount code, so it expires by a certain date, to increase urgency and boost conversions.
And if you want to take it to the next level, you can even send customers emails based on items they looked at but never even added to their cart!
Here’s an example from Target, which sent me an email after I browsed certain products on their site and then left.
Have a Specific Call to Action at the End
It’s not enough to track your list and send them the right emails. What do you want your subscribers to do? Have you asked them to do it? This may seem obvious, but it’s one of the most common copywriting mistakes entrepreneurs make—they forget to ask for the sale!
Depending on which part of the sales funnel the subscriber is in (which you should know if you’re using segmentation)
Send Emails at the Right Time
“What’s the best day of the week to send marketing emails?” is an age-old debate in the digital marketing world. “The best time” varies by industry and individual business. So the wisest thing here is to A/B test your email list to determine what works best for your subscribers.
Press Send. Make Money. Repeat.
“Making money from your email list isn’t going to happen straight away,”
To recap, here are the top tips on how to make money with your email list:
- Track your email list.
- Get the right products in front of the right people.
- Have a specific call to action at the end.
- Send emails at the right time.
This week, choose one of those tips, study it, and implement it in your email marketing. Then, let us know how it goes!
What’s worked best for you in making money from your email list? Tell us in the comments!