145. Monetizing a Local Newsletter: How Ryan Sneddon Generates $200k+ Per Year
Jul 22, 2024
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Founder of Naptown Scoop, Ryan Sneddon, shares insights on local newsletters, marketing strategies, referral programs, operational logistics, content sourcing, monetization, and challenges. Learn how he generates $200k+ per year in Annapolis.
Local newsletters can generate substantial revenue through advertising contracts with local businesses.
Effective content curation by monitoring local sources is crucial for engaging the community.
Monetization strategies should focus on advertising sales simplicity and potential diversification.
Deep dives
Local Newsletter Business Model
The main revenue stream for the local newsletter business is advertising, with initial sales made even with a limited subscriber base. By offering multi-month and even multi-year advertising contracts, the business has established steady income. The focus remains on selling ad space to local businesses targeting the engaged local audience.
Content Sourcing and Team Structure
Content for the newsletter is primarily sourced by monitoring around 50-60 local sources, curating news and events relevant to the community. The team, initially managed by the founder alone, has evolved to include remote writers and an editor, along with part-time and full-time staff handling operations, sales, and social media. The team thrives on local knowledge and relationships for content generation.
Monetization Strategies and Future Plans
Monetization primarily revolves around advertising in the newsletter, with plans for diversification including a potential boat brokerage, events, a physical publication, and a local marketing agency. While contemplating subscriber-based models, the simplicity and effectiveness of advertising sales have been key to the business model's success. Future endeavors include exploring advanced tracking systems for ad effectiveness and innovative marketing strategies.
Business Model and Pricing Strategy
The podcast episode delves into the business practices of a local newsletter focused on sharing positive news stories. The host explains how the newsletter offered a free promotional feature to a stretching facility, attracting a significant response and leading to a long-term advertising partnership. Moreover, the host elaborates on the newsletter's pricing strategy, revealing that the ad pricing structure was initially based on a $70 CPM model, gradually offering discounts for larger ad purchases.
Challenges of Running a Local Newsletter Business
The episode highlights the challenges faced by the host in maintaining a local newsletter business, emphasizing the daily content grind and the necessity of constant reactive coverage. The host reflects on the struggles of delegation and the journey towards hiring help to manage the demanding nature of the business. Additionally, the episode touches on legal considerations, advising against negative content and recounting a personal experience involving potential legal action over a real estate review.
What's happening in your home town today? That's exactly what Ryan Sneddon wanted to know after moving back to Annapolis, Maryland in 2020. Born of this desire for local news and updates, Ryan created the Naptown Scoop, a newsletter that features relevant stories, events, and businesses exclusive to the Annapolis area — delivered straight to subscribers, five days per week! In this episode hosted by Brien Gearin, Ryan shares his entire journey from his first 100 subscribers to how the Naptown Scoop generates over $200,000 per year. Listen in for Ryan's insight on operations, marketing, content sourcing, monetization strategies, and more!
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