How to use email marketing to make money for your business in Nigeria
Email is an indispensable part of our life. It is where all forms of communications take place; personal and work life, both. Everyone is increasingly using emails and you need to learn how to make money with email marketing, to bring more income for your business. When experts say, ‘ money is in the (email) list‘, they’re absolutely correct. But how? Is it really possible to make money through an email list?
The size of your list doesn’t matter: When it comes to making money with email marketing, the size of your list doesn’t matter. Even if you have less than a hundred people on your email list, you can still make money. The amount of money you can make from your email list vary depending on a lot of factors including the number of subscribers, how engaged your subscribers are and what industry you are in. If you take just one thing from this article, it should be this: When it comes to making money with email marketing, the size of your email list doesn’t matter.
Offer Value First: We buy from people we trust. If the people on your email list don’t trust you, they won’t buy whatever it is you are trying to sell. The best way to build trust with the people on your email list is to offer value first. There are a lot of ways to offer value to your subscribers. The best way is to offer them content that they want for free . Yes, for free. When you do this, you will build trust with your audience. What can you offer your subscribers? Your free content could be a webinar, an eBook or a white paper. And if you can’t offer them any of that, just offer them a simple blog post. Whatever you offer needs to answer your audience’s questions and actually help them. The easiest way to increase the unsubscribe rate of your email list is to hard sell your subscribers.
Prepare great webinars: An important difference between promoting something on your website or social media and doing so via email is the fact that with email you’re certain it will reach your customers. People check their email regularly, several times during the day, while they may not visit your blog or social media at the exact time you publish (or in time for your offer). This is particularly important when it comes to time-sensitive offers such as webinars, which can present a great opportunity to monetize your email list. How? Whenever you’re preparing a new webinar, the first thing you should do is email the registration page to your contact list. This way, you’ll get more sign-ups (in some cases 80+% comes from email list subscribers) for your webinar, where you can pitch and sell your product/service.
Affiliate marketing: Several brands and companies will happily pay you commissions on any sales you generate for their brand. This is affiliate marketing. Instead of selling your own products and services to your email list, you sell someone else’s products that are a great match for your audience and get a commission. Using affiliate marketing to generate revenue from your email list is a fairly simple process. You find brands or advertisers in your niche who have affiliate program and sign up for them. The key is choosing brands that your audience will likely buy. Promoting makeup products to digital marketers may not work that great. So, choose wisely.
Here are 6 of the best affiliate networks you can look into.
- Amazon Associates
- CJ Affiliate
Sell ads in your email newsletter: If you have a big email list, with 2,500 subscribers or above, you can sell advertising space in your newsletter and charge big bucks for it. In your emails, add a couple of lines reviewing a brand’s product or service with a link to their page and get paid. This is how much Practical Ecommerce charges brands wanting to advertise in their newsletter. Starting out, you may not get this much or even close to this much. But, if you build your list and keep them engaged, you can earn a decent amount of money through this process.
Give Them The Product They Want: The best way to make money with your email list is to sell your subscribers something they want. Unlike affiliate marketing, you get to keep all the profit from every sale you make. But it is harder and much more resource intensive to build a product of your own. You will first need to find a product that your audience wants and then build it. This can take up a lot of time. While this method comes with a lot more benefits than Affiliate Marketing, it also comes with a risk: You might end up building a product that no one needs. That’s why it is important that you first do some research and find out what your audience wants. Although building your own product may sound like a daunting task that will take hundreds of years, believe me, it’s not that big of a deal. If you do the research and have the resources, you can easily build a product with minimal efforts.
Here is a simple 2-step process you can follow to build and sell your own products:
Step #1: Find What Your Audience Wants. The best way to do this? Ask your subscribers. This way you don’t have worry whether or not your audience will like your product. If a significant amount of people in your target audience say they want a problem solved, then you can be sure they will buy your product. Now, I am not saying you should send a “What product do you want me to sell you?” email. Instead, ask your subscribers what problems they face in their daily lives. These problems need to be related to your industry. If you own a blog about Weight Loss, you might receive answers similar to these:
- “Not eating anything out of my diet.”
- “Getting myself to exercise every day.”
- “Getting rid of all the post-workout cravings.”
You can turn all of these into an eBook and then sell it to your email list. If you ask your subscribers what problems they face every day, you will get a more than a dozen answers. Compile a list of all of these answers and create a product around the most burning problems your audience is facing every day. These will be the problems your audience will pay anything to solve.
Step #2: Creating Your Product You have to spend either your time or your money to build a product. In most cases, you will have to spend both of these. But you still have to decide which one you want to spend more of. If you don’t have the money, you will have to spend a lot of time and build a product yourself. It will take you at least a few months to create a product yourself as you will need to learn new skills and do a lot of research all by yourself. If you want to spend your time on other parts of your business, you can pay someone to create the product for you. You can hire someone to do all the work from research to creation of the product for you. This way, in most cases, you will be able to get the first version of your product out in the market in less than a month. So you see, making money via your email list is not hard.
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Serial Entrepreneur - International Business Planning Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional.
- 2018 SME Business Trainer and Coaching Advisor at GIZ for SME Loop.
- 2018 YALI RLC Online Cohort 9
- 2017 Fellow, Inspire Africa Train-the-Trainer Entrepreneurship programme sponsored by US Consulate Lagos and the Dickey Center, U.S.A.
- 2016 Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- 2015 Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank and EDC, PAU.
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
- He is a Certified Trainer in Design Thinking by the U.S Consulate, Lagos and the inspire Africa Entrepreneurship Institute.