How To Build A $200k/Year Paid Newsletter
Nicolas Cole • 11.4k views • 00:49
The Journey to Building a Successful Paid Newsletter
In the video titled "How to Build a Paid Newsletter," the speaker, Cole, shares his insights on creating a lucrative paid newsletter, drawing from his personal experiences of developing two successful newsletters: Category Pirates and Right with AI. Both have achieved multiple six-figure recurring revenues, with Category Pirates becoming a top five business newsletter on Substack in under a year.
The Concept of Paid Newsletters
Cole begins by addressing the essential differences between free and paid newsletters. He explains that free newsletters typically monetize through ads or digital products, where the main goal is to build trust with the audience. In contrast, a paid newsletter is positioned as a product itself, akin to an evergreen book. The objective is to offer readers a continuous flow of valuable insights, engaging them in a way that feels like an ongoing book rather than a one-time read.
Key Insights on Paid Newsletters
Cole emphasizes that not every topic is suitable for a paid newsletter. He outlines a personal checklist he has refined over time, which includes:
- Infinitely Repeatable Content: The topic should allow for endless exploration and writing.
- Tangible Benefits: Instead of promising vague outcomes, newsletters must provide tangible assets or benefits to subscribers, such as reports, templates, or actionable insights.
- Objective Outcomes: The results should be clearly defined and measurable, helping potential subscribers understand what they stand to gain.
- Price Anchored to Value: The pricing must relate to the value provided, whether it alleviates a problem or enhances the reader's life.
Common Misconceptions
Cole warns against the misconception that simply charging for writing will ensure success. He highlights the importance of creating a strong value exchange and understanding the audience's needs. He also points out that if you struggle to attract readers to your free material, transitioning to a paid model may not be the best strategy.
The Two Types of Successful Paid Newsletters
He categorizes successful paid newsletters into two types:
- Researched Curation: These newsletters provide well-researched insights and interpretation on specific topics, delivering value through curated information.
- Original Thinking: These newsletters offer unique insights and expertise from the creator, providing readers with behind-the-scenes knowledge and expert opinions.
Practical Steps and Considerations
Cole discusses practical steps for starting a paid newsletter, emphasizing that it should not be the first venture for new writers. Instead, he suggests starting with a free newsletter to build an audience and trust. After establishing a base, one can consider shifting to a paid model.
He also introduces an innovative approach he used with Category Pirates: taking the content from paid newsletters and compiling it into books. This strategy allowed him to monetize content in multiple ways and create a secondary revenue stream.
Conclusion
Cole concludes his session by encouraging aspiring newsletter creators to carefully consider their topics and strategies, giving each newsletter at least six months to gauge its potential for success. He invites viewers to ask questions and share feedback, emphasizing his commitment to providing valuable insights based on his experiences.
Through this narrative, Cole not only shares the intricacies of building a successful paid newsletter but also inspires viewers to rethink their approach to content creation and audience engagement.
