About this episode: This week we have Caroline Porter & Joseph Lichterman, two successful newsletter creators and journalists who, with their friend Emily Roseman, are running a course called Newsletter Strategies for Journalists: How to Create, Grow & Monetize Newsletters. In this episode we're going to discuss how to find the right monetization strategy for your newsletter, growth tips, and their thoughts on Substack.
We’re also onboarding newsletters for the newsletter referral program software we’re building. If interested in putting your newsletter on the best growth engine, then send an email to firstname.lastname@example.org.
Show Notes & Insights:
- Newsletter monetization can be broken down into 3 areas. Readers, businesses, and community.
- One of the best ways to look at newsletter monetization is through a lens of small bets. What's something you can try that's low stakes, then take it from there.
- You can monetize your newsletter itself, or use your newsletter to help monetize another product.
- Newsletters are a great way to drive habit for your audience.
- Paid subscriptions can have tiers. A month, a year. One a week free newsletter, but people can pay for extra newsletters.
- Classified ads are one of the best ways to monetize a newsletter. It can serve the reader by showing them related products or services they'd be interested in.
- If you're running a paid newsletter, you can use it as a base for content. Then provide community as the paid aspect to your newsletter.
- Focus on audience engagement rather than subscriber count.
- What does loyalty and engagement look like in your newsletter?
- Newsletter monetization all comes down to your audience, how they view your newsletter, and how they use your newsletter. These answers come from subscriber feedback and quantitative metrics.
- Paid B2B newsletters are great since most readers can expense the cost of it.
- Subscribe pop ups are a great and proven way to convert more visitors into subscribers. Low effort, high reward.
- Guest hosting is a fun and unique way to reach an audience you may have never reached. It'll help you grow your newsletter through the exposure to that new audience.
- Your own email list is the most important piece of digital real estate you own.
- Great content is important, but consistency is key. Every newsletter you skip is one less chance for your audience to share or forward that newsletter to potential subscribers.
- Less frequent but more consistent is better than less consistent but more frequent.
Newsletter + Guest Info:
- Joseph Lichterman: https://twitter.com/ylichterman
- Solution Set: http://solutionset.org/
- Caroline Porter: https://carolineporter.org/
- Unpacking: https://unpacking.substack.com/
Newsletter Strategies for Journalists: How to Create, Grow & Monetize Newsletters: https://journalismcourses.org/course/newsletter-strategies-for-journalists-how-to-create-grow-monetize-newsletters/
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