5 Ways To Monetize Your Newsletter
There’s no question that newsletters have the potential to become powerful income streams. Swapstack (which provides a service that pairs newsletter creators and sponsors) published an article about 5 ways you can monetize including:
Doing any of these? I’d love to know what’s working for you.
Have You Considered Multiple Revenue Streams?
Louis Nicholls took to Twitter to explain why profitable newsletters typically have multiple revenue streams. It comes down to this: growing total subscriber base is harder than growing revenue. Thoughts?
Discovered via Publisher Weekly.
Where Are You Building Your Content House?
The truth is, platforms change their rules and it affects creators. OnlyFans recently announced it would ban “sexually explicit content” and the fallout was huge. So huge, in fact, that they recently dropped the ban.
In the midst of the first announcement, Joe Pulizzi’s of Content Inc. reminded creators of this age-old advice (updated for today’s content economy):
“Do not build your content house on rented land.”
Or, leverage your audience on social platforms and work to move them to platforms you can control (read: newsletters on platforms that can’t cripple you with a decision. I know of one of those 😉).
Check out his full take here.
Advice For Content Entrepreneurs
Joe Pulizzi from The Tilt reflects on the findings in The Unconventionals: 2021 Benchmark Study of Content Entrepreneurs.
Check out his advice for achieving success as a content entrepreneur.
Related: Learn how some big-name content experts have made money sharing their ideas online. Discovered via For the Interested.
How Much Content Should You Give Away For Free?
Stuck trying to figure out what to offer as a paid newsletter vs. free content? This article should help. Nicolas Cole advocates for giving away 99% of your content and monetizing 1%. Essentially, give people answers and they’ll want more.
“When people pay for the last 1%, what they’re really buying is the organization, implementation, and community surrounding all your ideas.”
Discovered via For the Interested.
Principles Designed To Help Publishers Formulate The Right Pricing
What’s New in Publishing writer Faisal Kalim tackles a big question in this piece:
How can publishers formulate pricing strategies to both acquire new customers and retain existing ones?
He writes that there aren’t straightforward answers, but there are some straightforward principles to implement:
Pick the Right Competitors
Don’t use Netflix as a benchmark if you’re a local news product. Know who your competitors are and benchmark accordingly.
Use the Right Messaging
Do your research and discover what your subscribers care about. Then, adjust the way you talk about (and offer) pricing.
Read on for more principles.
Does Anyone Know What The “Creator Economy” Actually Is?
If you’re asking what exactly the creator economy is, you’re not alone.
“Even proponents of the so-called ‘creator economy,’ the lattice of new platforms and tools meant to serve creators, can’t quite agree on what the term means or whom it includes.”
Even if we can’t pin-point the definition, Kyle Chayka thinks we should admit that the creator economy is still highly reliant on big-tech:
“Participants are still precarious workers, relying on the whims of corporations for their livelihoods.”
This New Yorker article is worth a read.
Discovered via Raisin Bread.
Related: Check out these paid newsletter tips. Discovered via Publisher Weekly.
The Financial Influence of Newsletters
Byrne Hobart writes to convince readers of this (new) truth: “newsletters are increasingly able to move stocks.”
From examples involving Facebook advertising to hard data and economic models, he makes a persuasive case for the financial impact of newsletters.
Don’t miss the Twitter conversation that ensued.
Spencer Bokat-Lindell’s opinion piece on the potential impact of paid newsletter subscriptions on traditional media captures the events that prompted many journalists to become independent newsletter publishers and breaks down the arguments for and against the movement’s ability to influence democracy.
My favorite line:
“But perhaps the most valuable function of the paid newsletter is to remind people that journalism costs money.”
Could These Newsletters’ Monetization Strategies Work For You?
You know those articles that you have to really spend some time with to fully absorb their value? This is one of them.
Glen Allsopp examines over 15 different newsletters, explains why their business models work, and breaks down how he’d monetize in different situations.
Bookmark this link for when you’re ready to spend time discovering if these models could work for you.
Related: Hoping to go pro as a creator? John Gannon is sharing tips. Discovered via Publisher Weekly.
