Bitcoin is disrupting everything... if you think email marketing won't be disrupted then you can GTFO.
Time for some #reckless thoughts.
Traditional email marketing has a couple different key metrics. Open rate, click rate, lead gen, subscribe rate, unsubscribe rate, are some of the most important.
Influencers, brands, or anyone managing a big list are always trying to get something out of subscribers.
This is usually a click on a call to action!
Email marketers are constantly balancing ways to monetize newsletters.
They generally monetize through subscriptions, rev gen from sales, and lastly through ad placement.
In case you didn't know, EVERYTHING you do when you interact with an email is captured by marketers. Every click and every time you open the email is tracked.
Knowing all that, what is the reader getting out of this?
They are getting signal they (hopefully) signed up for.
But what if there was a way to build more brand loyalty with users?
#Bitcoin fixes this.
As a subscriber, ads are generally something you scroll by and don't think about? What if an advertiser could pay YOU for YOUR attention?
This would change the model.
Attention is the asset being monetized and subscribers have always gotten the short end of the stick.
But all that is about to change.
Here's the real world use case.
I run a monthly Bitcoin journal @_bitcoinwords. As part of that project, I offer a newsletter that sends the contents of the journal to the (500) subscribers.
My goals for the newsletter:
- Click Read Journal link
- Pay for the PDF
- Pay for the ePUB
- Click connect with me
The list has slowly grown and I really can't complain, but my inner marketer wanted more. How can I create more engagement? How could I create more engagement and reward readers?
Enter #reckless Joe.
LNPay is a Lightning Service Provider that specializes in paywall and faucets on Lightning Network.
I began testing content distribution with paywalls and automation with LNPay and Mailchimp and Zapier.
This was pretty cool and was the first time to my knowledge that a user could purchase something from a LNurl and have it automatically delivered to them via email.
Later on, @BootstrapBandit rolled out faucets. Think of faucets as a big bucket where you can distribute Bitcoin. He developed a concept called "hoses" which allowed email marketers to limit faucet withdrawals by email address. In other words, I could now include a faucet in my emails for readers.
The stack was growing and I now have more tools in the arsenal. I have analytics from my email service provider, paywalls, and faucets.
We began testing and the results were not super impressive. I only had a handful of users withdrawing from the faucet.
Some known factors limited faucet withdrawals:
- Not everyone has a LN wallet
- Not everyone knows what the QR code means
- Not everyone wants to take your money
- There are surely more factors, but these are some high level factors off the top of my head.
Like all things in life, consistency helped change behavior. After a couple months, more people began withdrawing.
@BootstrapBandit and I kept talking and thinking about the implications of faucets in email. I realize I do not have a huge list and I do not sell anything noteworthy, but this experiment with faucets has gotten our wheels spinning!
This was my personal aha moment. Using email service providers AND LNPay.co you could start to see who is opening emails and now you can see who is pulling from the faucet. IF you were selling items, THEN you could even see who is buying from you.
Email marketers could now reward readers for reading their emails
I began thinking about how to triangulate the value of each reader. If I could see who is opening, who is buying, and who is withdrawing, that would be very informative.
Advanced email marketers could begin to segment their lists off this additional data. You could target the people who are super-subscribers with exclusive content or offers.
Also, now that you have faucets, you could experiment with sponsored faucets.
Last month I partnered with CryptoCloaks to sponsor the newsletter faucet. I included a blurb, call to action and the LNurl faucet.
This is pretty neat for all parties. For one I don't have to sponsor the faucet out of my pocket, readers are getting rewarded for their attention, and the sponsor is getting to connect with a potential customer.
LNPay even allows you to include a custom memo, here you can see the note from CryptoCloaks.
Once the campaign was sent, more information began to flow in. I was beginning to see a clear picture of the impact the faucet was having on the email. From LNPay I could see all the pulls, attempts, sats withdrawn, and impressions.
Using hoses, LNPay allows you to see who made the withdrawals. This is pretty damn awesome. This month was one of the highest open rates and click rates. I can see who is opening, who is pulling, and impressions for my faucet sponsor. They can know with certainty how many clicks and impressions they are getting for their faucet investment.
At the moment, all the information is spread across platforms and I am not making any business decisions with this. I can, however, envision a very radical future where Lightning Network in email allows email marketers to engage with readers in very radical new ways. I can imagine clickless engagements, re-subscribe to services, donations, purchases, and more powered by Lightning Network.
As a marketer, you are always looking for more information about your customer and Lightning Network is going to be a game changer.
Final thoughts... we are so early that only 8% of subscribers to a BITCOIN-ONLY email newsletter are stacking the free sats in the faucet.