Effective Monetization Strategies for Young Businesses

2min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

Young businesses can effectively monetize by excelling in sales or offering information products to convert a percentage of their audience, leading to increased revenue. Developing strong sales tactics like the ones used by successful companies can help in achieving higher CPMs and attracting larger businesses. Additionally, having information products to sell can significantly boost revenue by converting a small portion of the audience. Lead generation services can also be a valuable monetization strategy, especially for B2B businesses looking to target decision-makers in specific industries.

Matt McGarry, a newsletter expert and the founder of GrowLetter, joins Erik to discuss his newsletter and media insights from his work with The Hustle, Sahil Bloom, The Milk Road, and more clients through his specialized agency. This is a masterclass in newsletter growth, email acquisition, and monetization models. Matt highlights opportunities in B2B and niche markets, stresses the importance of diverse newsletters, and advocates for a multimedia strategy including podcasts.

🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj

—

SPONSORS: BEEHIIV

Head to https://Beehiiv.com and use code “EMPIRES” for 20% off your first three months.

RECOMMENDED PODCAST:

🎙️ECON 102 W/ NOAH SMITH - Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week.

Apple: https://podcasts.apple.com/podcast/id1696419056

Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs

—

LINKS:

GrowLetter: https://growletter.co/

Subscribe to the Media Empires Newsletter: https://media-empires.beehiiv.com/

—

X / TWITTER:

@eriktorenberg (Erik)

@JMatthewMcGarry (Matt)

—

TIMESTAMPS:

(00:00) Intro

(00:48) Matt's journey into newsletters

(02:36) Agora model explained

(07:14) Leveraging paid marketing for newsletter growth

(16:40) Sponsor: Beehiiv and Turpentine

(18:28) Podcasts vs. newsletters

(19:56) Monetization and growth tactics

(25:28) Choosing the right niches and monetization models

(31:14) Exploring B2B newsletter success

(33:20) Challenges and opportunities in media niches

(35:51) Local media and hyper-niche opportunities

(43:41) Creating a master brand vs. niche newsletters

(50:53) Monetization tactics and lead generation

(54:28) More about Matt’s GrowLetter

(58:21) Wrap

—

This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.