Newsletter archive · 18 May 2024
Do newsletters work?
|
Hi Reader, The other day, a writer I admire on X tweeted, “I’m sad the newsletter era is ending.” I was more than sad. I was worried. I’ve put dozens of hours and $$$ into growing my newsletter. Was it all for nothing? Are newsletters dying a slow and painful death? You see: For years, I got paid to write via ads on my blog posts and affiliate promotions. I earned well from both. But today, these revenue models for writers have a big problem. Your writing business can tank when Google changes its algorithm. Dozens of writers, bloggers and content publishers are going out of business. Google either doesn’t like their sites or is replacing their articles with AI-generated results. So, I changed my writing business to a newsletter-first model a while ago. After reading that Tweet, I logged into my ConvertKit stats. My email list sits around 23,000. I attract approximately 100 new subscribers weekly without spending money on paid ads. My email list was higher a few months ago. But I cleaned out people who weren’t opening my emails. Good list hygiene makes for better open rates! Vanity stats aside… Email is driving the bulk of revenue for my business. And it’s increasing. I could bore you with other newsletter stats, like the one that says email marketing drives up to $40 in revenue for every $1 you invest in it. But how about some tales from the front line? I’ve also met and interviewed dozens of writers who earn a full-time living from their newsletters. Author Elle Griffin is one example. She writes the Elysian on Substack. In our interview, Elle credited a personal newsletter with helping her earn a full-time living writing online… something she could have never done with just a book. I got on Zoom recently with a well-known direct-response copywriter. He’s built a small but highly engaged list of copywriters. He earns multiple six figures a year from his newsletter-first business. How? He writes and sends daily emails with offers to his list. The other day, that same writer from X sent his latest Substack post. You see, I subscribe to his personal newsletter. And he’s a new book out. It looks like a fun read. He’s offering “pre-order” bonuses to anyone on his email list who buys the book. He wants it to hit the best-seller lists. Engaging with your list is a great strategy. I pre-ordered his book. I also replied to his email, saying, “Good luck with your launch.” Something I would never have considered if he didn’t have a personal newsletter. Register for my premium workshop this Thursday if you want 1k email subscribers in 30 days. I've no plans to sell or publish the workshop after Thursday. Write on, |