Are you a writer who writes for a particular niche(s)? If yes, then this one is just for you.
Many writers skill up on one or more specialized areas and then they write blogs regularly to make money online. Well, if you happen to be one such writer, then today we are going to tell you how you can monetize this practice of yours. If you have not heard of Substack, then here’s what you need to know. Substack is a popular email newsletter platform, where you can not only publish your newsletters, but you can also make money with newsletters via Substack.
Here’s how.
1. Focus on your niche
Sign up on Substack and launch your newsletter. In the initial phase, you need to focus on driving value with your writing. Focus on your niche and write creatively to naturally increase your newsletter readership. To be able to make money online with your newsletter, you need to deliver great stuff.
2. Grow your followers
Once you have established a routine in publishing newsletters, your next step is to aim at getting followers to make money with newsletters via Substack. Well, begin with those closest to you – your family and friends. You could also share it with your coworkers. Remember to include a subscription link in your communication with them. Also, ask them to cascade within their circles to help you reach more people to make money online. Try to optimize where all you can circulate your Substack link – use it in your signatures for one. Don’t for social media, your most important tool to make money online. Keep making regular posts on your social accounts on Facebook, Instagram, LinkedIn. Tweet about it on Twitter when you are talking about trending topics or when you get an opportunity to comment with your Substack link on other people’s posts relevant to your newsletter niche. Remember, if you want to make money with newsletters via Substack, then, you need subscribers who will pay you; and your paid subscribers are a subset of your overall subscribers.
3. Evaluate your price point before setting one
Once you have reached a healthy volume of followers who read your newsletters for free, then you next want to evaluate how to make money with newsletters via Substack. One risk is, if you price your newsletters overnight, you will lose out on a lot of your free readers (typically, only a percentage converts). Now, if you want to make money online, you surely don’t want to lose out on all those subscribers you got after so many efforts. What is a comfortable price? You might want to some research before pricing your newsletter if you want to make money online.
4. Pricing Mechanisms
There are several ways in which you can make money with newsletters via Substack. Some of the popular ones, famous writer use are:
· Free Previews to Paid Posts
· Ratio of Free to Paid Newsletters
· Paid access to special/bonus material
· Flat prices (over some time) with annual discounts
There are several other types of pricing styles that you could read up on https://on.substack.com/p/your-guide-to-going-paid.
5. Launch your chosen pricing strategy
Once you have decided which pricing mechanism works best for you, it’s time to launch it. Of course, your readers will get to know of it when they read/try to read your newsletters. So, it makes sense to have a post announcing the launch of your asking price, where you tell your readers the story behind it. Let them know why you are doing it, how it helps you, and how it benefits them as well. To make money online, keep in mind to position a value proposition at all times.
6. Keep at it
Once you have launched a paid newsletter successfully, you need to religiously continue with the task of increasing your subscriber list. Remember that that’s where from you will get your paid subscribers if you want to make money with newsletters via Substack.
Once you are through with these phases, all you need to do is continue to focus on great and creative writing and watch your income grow with the revenue you make with newsletters via Substack.
