4 easy ways to make money on your newsletter in 2023 (we took from the Pros!)
Making money from your newsletters is easier than you think.
Emails are the most powerful marketing tool in the world. Successful businesses can impact 30% of their revenue with email marketing.
Article: Why is email marketing important in 2023? Look at these 5 facts & statistics
From research of Campaign Monitor, the average ROI of a newsletter is 38. For every 1$ spent, you take back 38$. And while everyone says that people only look at their Whatsapp, a Hubspot survey reveals that 91% of consumers still check their email daily.
Article: How does email marketing work? 3 simple steps to build your strategy in 2023
But how to make money on a newsletter? Here are the 4 key strategies pros use:
- Paid newsletter: successful email marketers give away value for free. This way, people are attracted like a magnet and upgrade to the paid version. Some examples are Category Pirates (free and 20$ / month paid newsletter) and Chase Dimond (free and $40 / month paid newsletter).
- Advertising space: once you’ve created a niche audience, you can sell some advertising spaces even if you’re running a fee-free newsletter. Your paying customers will be external companies and people interested in bringing their products in front of your audience. Let’s say your newsletter talks about food and travel. You can sell advertising space (e.g., sponsored banners) to recipe websites.
- Selling your product: it can be a physical product or an eBook/guide. For example, your email talks about ‘How to improve your email marketing,’ and you sell a guide: ‘The 123 proven practices to earn 6-figures as an email marketer’. In short, apply an upselling strategy to your loyal audience.
- Affiliate program: many influencers make revenue this way. You ‘promote’ some external product or service you’re passionate about and earn money for the people you bring to that program. For example, you make reviews of pc and mobile phones, and you get paid to make a sponsored review of a new, little-known product.
If you want to move from theory to practice, here are some Quora answers you might be interested in:
- Want to impact 30% of your revenues with email marketing? Apply these 11 strategies
- What are the most important elements of a newsletter?
- The 11 most effective newsletter strategies to make money
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