Looking to start a 7-figure newsletter business? Look no further! In this video by Leveling Up with Eric Siu, Alex Lieberman, the founder of Morning Brew, shares the 3 steps to launching a successful newsletter business. Alex discusses the importance of good content, the power of a referral program, and the advantages of early paid acquisition. With these valuable insights, you’ll be well-equipped to kickstart your own thriving newsletter business and navigate the ever-evolving world of digital media. If you’re ready to take your entrepreneurial journey to new heights, this video is a must-watch!
Paid acquisition or growth marketing plays a pivotal role in the success of a newsletter business, allowing you to stay ahead of the curve. Alex emphasizes the significance of creating compelling content that serves a need for modern businesses. Additionally, he unveils the impact of a well-designed referral program, revealing that 10% of their audience has gained at least one referral. Furthermore, Alex shares the advantage of being an early adopter in paid acquisition on newsletters, emphasizing the importance of rotating through creative and platforms to keep costs manageable. If you’re eager to learn more about these game-changing strategies and unlock the potential of your newsletter business, this video is a goldmine of valuable insights.
Step 1: Creating Compelling Content
Understanding the importance of good content
When starting a 7-figure newsletter business, one of the most crucial steps is creating compelling content. Good content is the foundation of any successful newsletter, and it’s what sets you apart from the competition. Your content should be engaging, informative, and valuable to your target audience. It’s important to understand the importance of good content and how it can attract and retain subscribers.
Serving a need for modern businesses
In order to create compelling content, you need to identify a need in the market and serve it with your newsletter. Modern businesses are looking for valuable information and insights to help them navigate the ever-changing landscape. By providing content that addresses their pain points and offers solutions, you can position your newsletter as a valuable resource. understanding the needs of modern businesses is key to creating content that resonates with your target audience.
Making business approachable and witty
Another important aspect of creating compelling content is making it approachable and witty. Many newsletters fail to engage their audience because they come across as too formal or boring. By injecting humor and personality into your content, you can make your newsletter more relatable and enjoyable to read. This will help you build a loyal subscriber base and increase the chances of your newsletter being shared with others.
Step 2: Implementing a Referral Program
The massive impact of a referral program
One of the most effective ways to grow your newsletter business is by implementing a referral program. Referrals have a massive impact on the growth and success of a business. When satisfied subscribers refer your newsletter to others, it not only increases your subscriber base but also improves your credibility and trustworthiness. A referral program incentivizes your existing subscribers to share your newsletter with their network, resulting in exponential growth.
Learning from successful examples like Harry’s razors
To create a successful referral program, it’s important to learn from successful examples like Harry’s razors. Harry’s razors implemented a referral program that incentivized their customers to refer their friends in exchange for discounts or rewards. By studying successful referral programs, you can get ideas on how to structure and promote your own program to maximize its impact on your newsletter business.
Using a platform like Kickoff Labs
When implementing a referral program, it’s helpful to use a platform like Kickoff Labs. Kickoff Labs allows you to create referral-based landing pages and track the success of your program. It provides you with the tools and analytics you need to optimize your program and make it as effective as possible. Using a platform like Kickoff Labs can streamline the process of implementing and managing your referral program.
Building a scalable referral program
As your newsletter business grows, it’s important to build a referral program that can scale with your success. A scalable referral program allows you to accommodate an increasing number of referrals without sacrificing the quality of your program. This means ensuring that your program is structured in a way that is manageable and sustainable in the long term. By building a scalable referral program, you can continue to grow your newsletter business while maintaining the effectiveness of your referral program.
This image is property of i.ytimg.com.
Step 3: Leveraging Paid Acquisition
Being early in paid acquisition on newsletters
Paid acquisition is a powerful strategy for growing your newsletter business, especially when you are early in the game. Being an early adopter of paid acquisition on newsletters gives you a competitive advantage, as you can take advantage of low-cost advertising opportunities before they become saturated. This allows you to reach a larger audience and attract more subscribers at a lower cost.
Utilizing platform relationships for advantages
To maximize the effectiveness of paid acquisition, it’s important to utilize your relationships with platform providers. Building good relationships with people who work on the platform side can give you access to insider information, beta features, and preferential treatment. By staying in the loop and taking advantage of new features and algorithm preferences, you can optimize your paid acquisition efforts and achieve better results.
Taking advantage of new features and algorithm preferences
Paid acquisition is not a one-size-fits-all strategy. It requires continuous experimentation and adaptation to stay ahead of the game. By taking advantage of new features and algorithm preferences on different platforms, you can target your audience more effectively and achieve higher conversion rates. This may involve rotating through different creative approaches and platforms to find the most successful combination for your newsletter business.
Rotating through creative and platforms
As the advertising landscape evolves, it’s important to be adaptable and proactive in rotating through creative approaches and platforms. What works today may not work tomorrow, so it’s crucial to stay abreast of industry trends and continuously experiment with different strategies. By staying agile and responsive to changes in the advertising platforms, you can ensure the long-term success of your newsletter business.
Adapting to Changing Advertising Platforms
Shifting from Facebook and Instagram to other platforms
With the rise of copycat creatives and increasing costs on platforms like Facebook and Instagram, it’s important to adapt and explore alternative advertising platforms. Copycat creatives can dilute the impact of your ads, making it harder to stand out in a crowded market. By shifting your focus to other platforms that may offer more visibility and lower costs, you can reach a wider audience and maximize the return on your advertising investment.
Dealing with the rise of copycat creatives
Copycat creatives are becoming more prevalent, making it challenging to create ads that capture attention and drive conversions. To deal with this, it’s important to continuously innovate and come up with fresh, original creative ideas. Avoid copying what others are doing and strive to create unique, engaging content that resonates with your target audience. By maintaining your creativity and originality, you can stay ahead of the copycat trend and maintain a competitive edge.
Exploring alternatives like YouTube influencers and email newsletters
When adapting to changing advertising platforms, it’s important to explore alternative strategies like leveraging YouTube influencers and email newsletters. YouTube influencers can provide a more authentic and engaging way to reach your target audience, especially if they align with your niche or industry. Email newsletters continue to be a valuable marketing tool, allowing you to establish a direct and personal connection with your subscribers. By diversifying your advertising efforts and exploring alternative platforms, you can increase your reach and attract new subscribers.
This image is property of images.unsplash.com.
The Evolution of Morning Brew’s Referral Program
Discovering Harry’s razors’ referral program
Morning Brew’s referral program was inspired by Harry’s razors’ successful referral program. By studying Harry’s razors’ approach to referrals, Morning Brew was able to develop their own program that incentivized subscribers to refer their friends. Learning from successful examples like Harry’s razors can provide valuable insights into how to structure and promote a referral program for maximum impact.
Using Kickoff Labs but finding limitations
When Morning Brew first implemented their referral program, they used a platform called Kickoff Labs. While Kickoff Labs allowed them to create referral-based landing pages and track the success of their program, they found limitations in terms of flexibility and integrating the program with their website. This prompted Morning Brew to explore other options and eventually build their own custom referral program.
Building a custom referral program with a developer
To overcome the limitations of Kickoff Labs, Morning Brew decided to build their own custom referral program. They hired a developer who had experience building referral programs for other companies and worked closely with them to create a scalable and effective program. This custom-built program allowed Morning Brew to have more control over the structure and functionality of their referral program, ensuring it met their specific needs and goals.
Improving scalability and launching a competitor service
The evolution of Morning Brew’s referral program didn’t stop with building a custom solution. Tyler Dank, Morning Brew’s first engineering and growth hire, took the knowledge and experience gained from building the program and launched his own company called Beehive. Beehive offers a referral program service that can be used by newsletter creators and providers, further demonstrating Morning Brew’s commitment to innovation and scalability.
Lessons in Scrappiness and Forward Thinking
Embracing a scrappy mindset for success
Morning Brew’s success can be attributed, in part, to their scrappy mindset. Being scrappy means being resourceful, adaptable, and willing to take risks. Morning Brew didn’t have technical skills in-house when they first started their referral program, but they didn’t let that stop them. They found a solution with Kickoff Labs, and when they outgrew its limitations, they took matters into their own hands and built a custom referral program. Embracing a scrappy mindset can help overcome challenges and drive success in any business endeavor.
Staying ahead of industry developments
Morning Brew’s success can also be attributed to their forward-thinking approach. They recognized the importance of being early in paid acquisition on newsletters and took advantage of platform relationships and new features and algorithm preferences. By staying ahead of industry developments, Morning Brew was able to optimize their advertising efforts, reach a larger audience, and achieve better results. Being proactive and keeping a finger on the pulse of industry trends is essential for long-term success in the newsletter business.
Capitalizing on future trends and opportunities
Morning Brew’s success is not just about adapting to current trends but also capitalizing on future trends and opportunities. For example, they shifted their advertising focus from Facebook and Instagram to platforms like YouTube influencers, TikTok influencers, and email newsletters. By recognizing the potential of these platforms and being willing to explore new avenues, Morning Brew was able to stay ahead of the curve and continue growing their subscriber base. Being open to new possibilities and willing to take calculated risks can lead to innovative strategies and long-term success.
This image is property of images.unsplash.com.
Starting a 7-figure newsletter business requires careful planning and execution. By following the key steps outlined in this article, including creating compelling content, implementing a referral program, and leveraging paid acquisition, you can set yourself up for success. It’s important to adapt to changing advertising platforms and continuously improve your strategies to stay ahead of the competition. Morning Brew’s evolution of their referral program and their lessons in scrappiness and forward thinking provide valuable insights and inspiration for anyone looking to build a successful newsletter business. Embracing these principles will help you navigate the evolving digital media landscape and position your newsletter as a trusted and valuable resource for your audience.