How to Make Millions with Newsletters from the "Newsletter Growth Guy" | Matt McGarry (#119)
Mar 13, 2023
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Matt McGarry, The newsletter guy who has helped grow newsletters like Milk Road, The Hustle, and Ben's Bytes, shares tactical info on growing subscriber numbers and making money from newsletters. Topics include charging for a meeting, pricing frameworks, content market fit, newsletter frameworks, getting your first 1k subscribers, and monetizing.
Newsletters have become a lucrative business model with the potential for significant financial success through leveraging email lists, sponsorships, and targeting B2B audiences.
To build a successful newsletter, it is crucial to identify a niche, create content that resonates with the target audience, consistently publish original and curated content, engage with social media platforms, and establish a clear call-to-action.
Once initial traction is gained, leveraging cross promotions and referral programs can effectively expand the subscriber base, with strategies including collaborating with similar newsletters, featuring ads swaps, and implementing milestone-based referral rewards.
Deep dives
The Power of Newsletters: Lucrative Business Model and Successful Exits
Newsletters have emerged as a powerful business model with the potential for significant financial success. Industry Dive, a B2B newsletter company, sold for over $500 million, making it one of the biggest media company sales ever. Other notable acquisitions include Morning Brew, sold for $75 million, and The Milk Road, which sold for seven figures. Newsletters offer a profitable revenue stream by leveraging email lists, gaining sponsorships, and targeting B2B audiences with high-value products. This business model has proven successful in generating substantial outcomes and creating opportunities for independent entrepreneurs.
Content Market Fit: Selecting the Right Niche and Developing Engaging Content
To build a successful newsletter, it is crucial to identify a specific niche and develop content that resonates with the target audience. Deep expertise in a particular industry, unique life experiences, or exceptional writing skills can all contribute to content market fit. Starting niche and gradually expanding audience appeal is recommended. Finding the right content format, such as analytic insights, curation, expertise sharing, reporting, or creative writing, is essential. It's important to consistently publish original and curated content, engage with social media platforms, and establish a clear call-to-action for subscribers.
Growing Newsletter Subscribers: Leveraging Cross Promotions and Referral Programs
Once initial traction is gained, leveraging cross promotions and referral programs becomes crucial for expanding the subscriber base. Cross promotions involve collaborating with similar newsletters to promote each other's content to their respective audiences. This can be achieved through recommendations or ad swaps. Recommendations are set and forget, while ad swaps require featuring other newsletters' ads in one's own newsletter. Another effective strategy is establishing a milestone-based referral program, rewarding existing subscribers who refer new subscribers with exclusive access to additional content or resources. These strategies have proven successful in enhancing newsletter growth, leading to significant increases in subscribers.
Using referral programs to incentivize newsletter sign-ups
Referral programs can be an effective strategy to increase newsletter sign-ups. By offering rewards or incentives, such as a PDF guide or an online course, for every referral, you can encourage readers to refer others and drive growth. Examples like Morning Brew offering physical swag at certain referral milestones show that customized rewards can be effective. Considering your brand and target audience is crucial in determining the best approach for your referral program.
Monetizing newsletters and using paid ads for growth
Once you have a significant number of subscribers, typically around 5,000 to 10,000, you can start monetizing your newsletter through sponsorships and advertisements. Paid ads, particularly on platforms like Facebook, Instagram, TikTok, and Twitter, can be highly scalable for newsletter growth. A well-crafted landing page, proper campaign types, effective targeting, and engaging ad creatives are key components of successful paid ads. While the cost per email sign-up can vary, aiming for a range of $1 to $2 is a reasonable target.
This week, Jim is joined by the the newsletter guy Matt McGarry, who's helped grow newsletters like Milk Road, The Hustle, and Ben's Bytes. Matt shares amazing tactical info on how to grow subscriber numbers and make money from a newsletter.
TOPICS DISCUSSED IN TODAY’S EPISODE
Charging for a meeting
Making money from a newsletter
Pricing Frameworks
Content market fit
Newsletter frameworks
Getting your first 1k
Monetizing
Working with The Hustle, Milk Road, and Ben’s Bytes
