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9 Ways Make Money With Email Marketing In 2023


Email marketing has a typical ROI of $36 for every $1 spent. 

Furthermore, data from Statista suggests the global revenue from email marketing will reach $17.9 billion by 2027, up from $10.8 billion in 2023. 

Whether you’re just starting out with email marketing or are looking to grow your existing success, now is the time to jump on the email marketing train. That’s because with so many incredible ways to generate revenue for your business through the humble email, email marketing remains as profitable as ever. 

Ready to get that revenue soaring? Here are 9 simple methods you can try with your email marketing strategy to do just that today. 

Advertise Your Products Or Services

email marketing that sells

We’ll start with the basics here, and that’s using email marketing as a form of direct promotion. 

Whatever it is you sell, offer or do, telling people through email can be extremely effective. The key to making money though is sending the right message, to the right person at the right time, which you can achieve with segmentation

Keep things snazzy looking and that copy to the point. If you’re not sure how to create an engaging looking email campaign, you can use our free HTML Email Template Builder tool. 

From there, making money through email marketing is all about consistency. By no means should you send too many emails, but make sure you are communicating regularly with your subscribers. Make sure each campaign offers something of interest to encourage higher open and click-through rates. 

Send A Welcome Email That Sells

welcome email make money with email marketing

Welcome emails have a typical open rate of 91%. They are the gold dust of any email marketing strategy, since 9 out of 10 people you send them to will open them.

After all, that user has just agreed to hear from you. They are freshly engaged with your brand and they are at peak interest in all that you do. So make sure you capitalise on this unmissable opportunity by sending a welcome email that does more than just say hello.

On the blog, we recently covered ‘12 Welcome Email Examples For New Customers’ to show you how it’s done. From giving product demonstrations to adding a great call-to-action (CTA), make sure you make best use of the attention a welcome email commands to generate sales and encourage loyalty to your brand. 

Pssst: If you missed that post, make sure you never miss another by signing up for the GoSquared newsletter

Re-Engage Those At Risk Of Churn

users at risk of churn

What you’re looking at: EcoSend by GoSquared ‘Churn Risk’ feature, which helps you to retain your paying customers by identifying those likely to unsubscribe or stop using you soon.

Did you know it costs 3x more to acquire new customers, compared to retaining existing ones?

Your customers don’t just go poof like your friendly neighbourhood ghost. Often there are warning signs it’s about to happen. For instance, a lack of recent engagement with your brand, downgrading a subscription or even poor survey feedback. 

You can re-engage users at risk of churn through email marketing. Effective re-engagement campaigns will retain that customer and therefore also retain the revenue they bring you at the same time. 

The exact approach to take will depend on the issue they are having. But, you could take the opportunity to email them about any promotions. Or, invite them to a personal demo to ensure they are getting the most out of your product if they are dissatisfied. 

Follow Up On Form Or Cart Abandonments

cart abandonment emails

Email marketing software such as GoSquared Engage will trigger an alert when someone has abandoned filling out a form or completing a checkout sequence. 

Cart abandonment emails offer a typical open rate of 45%. Businesses with an average order value (AOV) of between $100 and $500 recover 5% of all abandoned carts on average through email marketing. 

Even if you only secure one extra sale per day, that’s still more money in your company’s pocket rather than your competitors. Cart or form abandonments are just the ticket here, seen as there’s pretty much no other way to bring the prospect directly back to the page.

P.S: If you have a high number of form or cart abandonments, make sure you know what the issues are so they can be resolved. Abandonment campaigns act as a safety net but aren’t a complete cure for the likes of uncompetitive pricing or even technical glitches on your site. 

Use Affiliate Links In Your Email Copy

affiliate marketing schemes 2023

Affiliate links are a fantastic way to generate more profit through email marketing. 

They can placed in email copy, just as they can in blogs, video descriptions or on social media links. 

How it works is that if someone clicks on your affiliate link, you’ll earn a commission from the sale generated for that company. In fact, we even have our own affiliate program here at GoSquared for our new tool EcoSend

Just be aware it’s good practice to state somewhere in the small print that affiliate links are used. But other than that, rock on and cash in.

You may also be interested in: 17 Best Affiliate Marketing Programs To Try In 2023

Perform Market Research To Create A Stronger Business Offering 

Customer Feedback: How To Get It And Why You Need It

Most companies don’t realise just how valuable their email marketing lists actually are. 

Think about it. You have all these contacts who signed up to your mailing list. They did this because they were interested in hearing from you. They want to be involved with your brand – so now it’s time to find out what they really think of you.

Email marketing software such as GoSquared Engage will allow you to send out net promoter score (NPS) surveys. These give a set of questions and ask users to rate their opinion good or bad. In the end, you’ll get a score ranging from between -100 to 100 to see how your company is doing in the eyes of your customers.

Use the feedback to keep what’s working for your brand, and fix what’s not. Creating just the right balance from customer feedback is yet another way email marketing can make your business more profitable. 

Indulge In Some Customer Engagement

customer engagement emails

Customer engagement goes beyond basic customer service. Instead, it offers a concierge-like experience. 

So how can customer engagement make your company more money, you ask?

Done right, customer engagement can set your brand apart from the rest, so that your customers continue to spend with you rather than your competitors

It’s perfectly possible to perform customer engagement through email marketing. For instance, you could check in with a customer to see how they getting on with a recent purchase. Maybe send a greeting on their birthday. 

Remember, customer engagement is all about building that human connection which shows you value their custom. When your users feel valued, they are more likely to remain loyal to your brand and this will be reflected in the amount they spend with you. 

In contrast, none of us like it when companies treat us like just another number. Customer engagement means that will never be the case.

Acting As A Buffer For Product Issues Or Customer Complaints

ooops email

Sometimes stuff hits the fan. 

Maybe your website went down at a critical moment. Or something just wasn’t up to the standard that your users expect from you. 

The complaints are flooding in and you need to act. 

While you could address any issues through social media, you’ll inevitably invite plenty of public criticism that way. Plus, it doesn’t speak to your users personally. Unlike with email marketing, with a social post, you also have no way of seeing who saw the message and who didn’t.

Anything that goes ‘wrong’ with your business is a threat to your business, both in the short and longer term. It is the response which determines which of these options will become reality, so do things the right way through email marketing. 

Play your cards right, and you could even recover the situation to a level better than before the issue even happened. All of which will bring money into your business, instead of losing that customer for good. 

Offering Deeper Insights Into Your Products

Have you ever cancelled a subscription because you can’t work out how to get it to do what you need?

Take SEO software as an example. Most platforms are geared towards SEO specialists. If you’re a regular business owner wanting to make a couple of tweaks to your website, most of the terminology is likely going to baffle you. Even though the software might contain really valuable information, if you don’t personally ‘get’ that value, it’s unlikely you’ll go beyond the free trial, or keep paying for an existing subscription.

Now take that analogy and apply it to your own products or services. 

Don’t underestimate how costly a complicated customer journey can be for business. As well as working on your website and product itself, email marketing can be used to join the dots. 

Use email marketing to address any common customer queries and highlight product demos or features.  

The simple fact is the easier it is for people to spend money with you and keep doing so, the more money your business will make. Email marketing is an essential piece of the puzzle here. 

Top Tips For Email Marketing Success 💡✉️

  • Don’t add people to your email list unless they have agreed to hear from you. Unsolicited emails will likely be filtered as spam, which will definitely harm your open rates both now and going forward.
  • Segment your audiences, so that you send the right message to the right person at the right time, rather than using a ‘send to all’ approach hoping for the best.
  • Never send emails from a no-reply account. You can read about why that’s bad here.
  • Monitor your campaigns so that you learn what strategies encourage high open and click-through rates, while also watching out for sudden spikes in unsubscribes.
  • Remember to clean your email lists every 6 months or so to ensure your open rates remain high. 

Yet to switch to professional email marketing software? We’ve put together this handy guide called How To Choose The Best Email Marketing Platform In 2023. You’re welcome! 😄

Master Your Email Marketing With GoSquared

Alternatives to activecampaign

Now you know our top 9 ways to make money through email marketing, all you need is the leading email marketing software at your side.

You’re in exactly the right place for that, as here at GoSquared we’ve been in the email marketing space for almost two decades. 

✉️ ➡️ All you have to do is sign up to GoSquared Engage to get started. In addition to three different packages depending on your usage needs, we have free trials and product demos available to welcome you aboard. 

Alternatively, if you’re in search of a greener edge to your email marketing, we’ve just launched our new tool EcoSend by GoSquared

Want to speak to us personally about how GoSquared can help your business generate more revenue through email marketing? Reach out to us at any time and we’ll be right with you. 

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