It’s that time again, Part 3 of our ‘Making More Money’ series is here, and in this article, we’re here to explore the method of Email Marketing, which is extensive, and a little time consuming, but well worth the effort.
Don’t forget that the best way to ensure a stable passive income is to have more than one platform going at one time (see Making More Money: Part 1 for more info)
What even is email marketing?
It’s a form of communication between seller and buyer via email. The seller targets a specific audience that is interested in their product and uses this interest to increase sales. Businesses include exclusive offers, sales, ‘promo codes’ and other offers to entice their audience to click through the email to their online store (website) and buy their stock.
Most think of this platform as a dying market, but it’s quite the opposite. Email marketing has a higher rate of conversion from the mailbox to the website compared to something like social media advertising because it has a more direct approach and is more intimate for the receiver.
For example: If you sign up as a member of a clothing brand (like CottonOn), you generally get emails to inform you of new stock, sales and other exclusive offers, if you’re interested in any of those products, you’re able to click on the photo, or the link to take you to the appropriate site to buy your item. This purchase is how you make your money.
How do you do it?
To start with, you need an audience. The best way to do this is to build up your clientele through creating a website with your product on it and working on increasing the traffic through that website. Once your website is established, offer your followers a newsletter for signing up, a promo code for 10% off their next purchase, or offer an hour private chat in regards to the content on your site (e.g. you’re a financial advisor). What you offer is completely determined by the content of your website. From here, you have an email address for every person that signs up and taadaa, you’ve started your target audience.
You can now begin to sell your own product or you can look into affiliate marketing where either you approach a company, or they may approach you, to assist them with sales or the promotion of new products. Once you have your stock, work hard to increase your sign-ups, which in turn, increases your target audience. You can then look into expanding your product range, which will again increase your email list. This snowball effect is what you want to get rolling, once you have an extensive email list, you need to ensure that your emails increase in quality, which will increase your overall success.