Ep. 36: Making big bucks with a small audience ft. Lex Roman
Nov 21, 2024
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Joining the discussion is Lex Roman, a freelance growth marketer and creative entrepreneur known for his newsletters, Journalists Pay Themselves and Revenue Rulebreaker. Lex delves into innovative monetization strategies, highlighting how to thrive with a small audience. He examines the significance of niche communities and the evolving role of newsletters for income. Lex also tackles subscription fatigue and the understated yet crucial business acumen of journalists, revealing fresh insights on ethical practices and community engagement in the creator economy.
Lex Roman discusses the evolving roles of creators versus creative entrepreneurs, emphasizing that financial sustenance from content creation defines their identities.
The podcast highlights effective monetization strategies for creators, advocating for meaningful relationships with smaller audiences over chasing larger, disengaged followings.
Subscription fatigue is a pressing issue for creators, who must balance valuable content with fostering sustainable, recurring revenue from their subscribers.
Deep dives
Diverse Career Pathways
The speaker reflects on their varied career trajectory, transitioning from TV and film production to UX design and growth marketing before moving into the creator space. This shift began after the 2007 writer's strike when they were encouraged to pivot into tech due to the impending changes in the entertainment industry. Over the years, they successfully carved a niche in growth design, eventually evolving into a growth marketer who champions creative entrepreneurship. This diverse background underlines the adaptability required in today’s rapidly changing job landscape.
Defining Creators and Creative Entrepreneurs
A distinction is made between 'creators' and 'creative entrepreneurs', wherein creators primarily generate content as their main income source, while creative entrepreneurs typically offer services like web design or copywriting. The speaker emphasizes that anyone who makes money from content can identify as a creator, regardless of their service provider role. The conversation also suggests that the term 'creator' has evolved, highlighting the importance of financial sustenance from content creation. This nuanced understanding aids in re-framing how individuals view their roles within the digital landscape.
Key Insights on Audience Monetization
An exploration into the monetization strategies reveals a strong focus on converting existing audiences rather than solely growing their size. The speaker emphasizes that successful monetization hinges on establishing meaningful relationships with a relatively smaller audience, citing their experience growing a newsletter from 500 to 1,500 subscribers with a significant conversion rate. They advise that understanding audience needs and preferences is essential for effective monetization. This approach highlights the importance of nurturing loyal communities over pursuing vast but disengaged audiences.
The Evolution of Newsletter Platforms
A comparison of different newsletter platforms such as Substack, Beehive, and Ghost presents varying strengths in audience engagement and monetization capabilities. The speaker critiques Substack for its perceived shortcomings in supporting diverse monetization strategies and facilitating effective audience outreach. In contrast, they praise Beehive for integrating growth strategies with robust monetization tools. This discussion sheds light on the necessity for creators to choose platforms that align with their business goals and audience engagement strategies.
Handling Subscription Fatigue
Subscription fatigue is acknowledged as a growing concern across digital content platforms, with the speaker illustrating the balancing act of providing valuable content while encouraging financial contributions. They argue that while consumers might feel overwhelmed by multiple subscriptions, creators must focus on establishing recurring revenue relationships for sustainability. The importance of tailoring offers, such as annual subscriptions, is highlighted as a tactic to alleviate subscriber hesitance. Moreover, the speaker underscores that transparency and quality content can help counterbalance fatigue and ensure continued support from audiences.
This week Francis is joined by creative entrepreneur, Lex Roman. Lex is a freelance growth marketer with two newsletters, Journalists Pay Themselves and Revenue Rulebreaker.