Substack Mastery Book: Chapter 8
Why Readers Pay for Substack Newsletters and What Type of Content Fails to Attract Subscribers
Non-members can read this important chapter for free here. Readers from Medium can find it via this link.
Dear beta readers,
Today, I published an important chapter that I want to share with you here so you don’t miss it. Thank you for your valuable feedback on the previous seven chapters, which is helping me refine this book and enhance it as a valuable resource for fellow writers. I have covered seven critical aspects that have helped many readers jumpstart their Substack journey. Receiving gratitude messages daily warms my heart and inspires me to make this book a valuable knowledge source for the community.
As I mentioned in the purpose of this new book, I am not here to tell you what to do and how you do it. Instead, I discuss what has worked for me, what successful people have done, and why some failed quickly. I hope you can draw inspiration from these examples to craft a strategy and plan that aligns with your goals, needs, and aspirations.
What follows is a summary of how I approach growing my audience, meeting their needs, and maintaining a sustainable writing business. We are all unique, and what works for me may not work for everyone. However, proven principles and values can be thoughtfully adapted to fit many situations.
Please remember to leave feedback on this post if possible, as the purpose of sharing this book on this platform is to refine the final version of the book to make it a relatable and valuable knowledge source.
Purpose of This Chapter
This chapter will address a critical question asked by many Substack newsletter creators: “What makes readers willing to pay for content?” and “What are the critical points to increase conversion rate?” After conducting extensive research by interviewing successful writers, as well as those struggling to attract paid subscribers, I have gathered valuable insights.
My expertise in this area comes from my privilege of reviewing comprehensive research conducted by a leading content subscription service. This research included both quantitative surveys and qualitative interviews, examining why some readers upgrade to paid services and why others cancel.
This topic is very comprehensive. Thus, in this chapter, I will distill key findings into two sections. First, I will outline eight reasons why readers are willing to pay for content, providing practical insights to help you shape your strategy. The second section will explore seven reasons why readers might be reluctant to pay, which you can address with straightforward questions.
Previous Chapters of Substack Mastery Book
Preface of “Substack Mastery” for Beta Readers
Substack Mastery Book: Chapter 1
Substack Mastery Book: Chapter 2
Substack Mastery Book: Chapter 3
Substack Mastery Book: Chapter 4
Substack Mastery Book: Chapter 5
Part 1: What Type of Newsletters Have Highest Conversion Rates
1. Exclusive and High-Quality Content
High-quality, exclusive content is valuable, but understanding what makes content high-quality and exclusive can be tricky because these terms can be subjective. Instead of just defining them, I want to give some concrete examples.
Some subscribers value content that delivers more than just basic information. They are willing to pay for reports, analyses, detailed examinations of complicated subjects, and insights that offer a deeper understanding and exclusive perspectives on topics that matter to them.
In my work, I have been hired to create detailed reports and analyses on specific topics within my area of expertise. For some of these reports, clients were willing to pay $10K for just one in-depth analysis. This shows that people are willing to invest in content that offers more than what’s freely available.
Now, if a subscriber knows that my report is valued at $10K, they will not hesitate to subscribe to my entire content for $5 a month. So, selling this business proposition is simple.
2. Technical and Subject Matter Expertise, Authority, Deep Dives, and In-Depth Reporting
Some readers want to consume first-hand information directly produced by subject matter experts, specialists, or researchers. So, on Substack, newsletters are an ideal platform for experts to share their unique perspectives on various topics, like technology, health, medicine, wellness, nutrition, law, leadership, journalism, or finance.
Long-form investigations are in demand. Subscribers appreciate the depth and detail that comes with long-form investigative journalism. These newsletters often delve into complex topics, providing thorough research and analysis that goes beyond surface-level coverage. Subscribers appreciate content from credible sources with deep knowledge and experience.
Like myself, I have also seen health professionals who share their expertise on wellness and medical trends through their newsletters. They offer practical advice and research-backed information that readers find valuable, especially when it comes to making informed decisions about their health.
One of my colleagues, a seasoned financial analyst, used his newsletter to provide exclusive market predictions and financial strategies. Subscribers were eager to pay for these insights because they offered a deeper understanding of market trends that couldn’t be easily found elsewhere.
Another example is a tech expert I know who writes about emerging technologies and their implications for businesses. His newsletter features detailed reviews and forecasts about the latest tech developments. Subscribers value this content because it helps them stay ahead in a fast-evolving field.
3. Personalized and Niche Content
For those with unique or specialized hobbies, Substack newsletters provide a way to access highly relevant and engaging information.
From my experience and observations, I know of a newsletter dedicated to rare coin collecting, a niche but passionate community. The newsletter offers detailed guides on rare finds, valuation tips, and market trends. Subscribers who are avid collectors are willing to pay for this content because it provides specialized knowledge and updates that are not readily available elsewhere.
I have seen newsletters covering niche hobbies like vintage typewriters or rare board games. These newsletters offer expert tips, historical insights, and community news. Subscribers are often dedicated hobbyists who appreciate content that is deeply focused on their interests, making it worth their investment.
Another example is a travel enthusiast who runs a Substack focused on off-the-beaten-path destinations. Their newsletter includes in-depth travel guides, local insights, and personal recommendations for unique experiences. Subscribers who crave unusual travel adventures find this highly valuable because it caters to their specific interests and provides insider knowledge.
4. Unique Perspectives with Valuable Life Lessons
One compelling reason readers subscribe to paid newsletters is the opportunity to gain unique perspectives with in-depth analysis that they can’t find elsewhere. These newsletters provide fresh insights that challenge conventional thinking and offer valuable counterpoints to mainstream narratives.
For example, a newsletter I follow regularly provides a distinctive view of global economic trends, offering analysis that diverges from typical media coverage. This type of content appeals to subscribers looking for nuanced discussions rather than standard discussions.
Some newsletters specialize in offering thorough examinations of emerging trends. I have seen newsletters that focus on tech innovation, providing detailed analysis of new technologies and their potential impact, which is often missing in broader tech coverage. Subscribers value these insights because they help them stay ahead of the curve.
A newsletter I enjoy critically examines widely accepted theories and practices and offers alternative viewpoints. For instance, a finance-focused newsletter might question traditional investment strategies and propose innovative methods based on recent research. This critical analysis can be especially valuable to subscribers looking for more than just mainstream opinions.
Some newsletters feature personal anecdotes and experiences that offer a unique perspective on various issues. I have seen newsletters where creators share their journeys through challenges or successes, providing personal and profound insights. Subscribers appreciate these authentic stories as they offer a more relatable and engaging viewpoint.
6. Early Access and Updates to Ongoing Projects
Some readers subscribe to paid newsletters to get early access to valuable content for them, keeping them ahead of trends and developments. Offering exclusive previews or updates can be a powerful draw for those eager to stay in the loop.
In one of my client projects, I have seen companies pay for early access to industry reports that will later become public. Being the first to receive these insights can give businesses a competitive edge, helping them make informed decisions before the rest of the market catches on.
Some creators share behind-the-scenes updates on their work with paying subscribers. For example, I have followed newsletters where fiction authors release sneak previews of chapters from their upcoming books. This gives readers a sense of involvement and excitement as they glimpse the creative process before anyone else.
Some newsletters offer early access to new product launches, from tech gadgets to lifestyle products. A friend runs a newsletter where she previews new designs for her handmade goods to paying subscribers before releasing them to the public. This creates buzz and makes her subscribers feel like VIPs, with the chance to purchase before the general public.
I have seen Substack writers provide subscribers with early access to tickets for live events, webinars, or workshops. This is especially valuable for readers who want to participate in limited-availability experiences, ensuring they don’t miss out.
Staying ahead of trends can be crucial in niche markets like cryptocurrency, NFTs, or fashion. Newsletters that offer early updates on emerging technologies or upcoming industry changes give subscribers an advantage, helping them make strategic moves or investments before the wider public is informed.
7. Curated and Educational Content
Some paid newsletters provide curated content, saving readers time by delivering the most relevant and valuable information directly to their inboxes. These roundups are perfect for subscribers who want to stay informed without sifting through countless sources.
Curated and educational content gives subscribers the best of both worlds — time-saving curation and actionable learning resources. Whether it’s a roundup of top news or hands-on tutorials, this type of content keeps readers informed and constantly growing, making it well worth paying for.
A colleague of mine subscribes to a paid newsletter in the tech industry that delivers a weekly roundup of the most important news, trends, and articles. I’ve worked on similar newsletters that offer subscribers condensed versions of in-depth research reports or global news in sectors like finance or healthcare.
By summarizing and curating only the most significant pieces, readers get the highlights without the overwhelm. This especially appeals to professionals who need to stay informed but don’t have the time for extensive reading.
Paid newsletters also serve as educational platforms, providing step-by-step guides, tutorials, or even mini-courses that help subscribers build new skills or deepen their knowledge. I have subscribed to newsletters that offer practical tutorials. Some offer bite-sized lessons on improving writing craft, with practical exercises in every issue. This turns the newsletter into an ongoing learning resource, offering immense value for those wanting to improve their skills.
One of my friends runs a paid newsletter that provides mini-courses in creative writing, broken down into weekly lessons. Subscribers love it because they are not just reading passive content. They are actively learning and growing over time. These newsletters are valuable for anyone looking to gain a new skill without committing to a formal class.
Some newsletters focus on providing detailed how-to guides in specific fields, from business to personal development. For instance, I’ve written educational pieces that teach professionals how to improve their content marketing strategy, making the newsletter a useful tool they can revisit regularly.
8. Support for Independent Creators & Community Engagement
Finally, some subscribers connect with independent creators on a personal level, appreciating the insights, challenges, and stories shared in newsletters. They are not just paying for content — they’re supporting a creator’s journey.
These types of subscribers love authentic, behind-the-scenes insights. For example, a friend’s newsletter shares her experiences as a freelance writer, and her readers value the transparency and the personal connection they build with her. Personal stories and reflections make the content more relatable and human. I have shared my own career transitions in newsletters, and subscribers feel more connected when I open up about my journey.
They subscribe to directly support independent creators. Unlike large media outlets, these creators rely on subscriber funding to produce valuable content. For instance, readers have told me they subscribe to help sustain my writing career.
Paid newsletters enable community through interactive features, making subscribers feel more involved and connected. Some newsletters engage readers by polling them on future content topics. This makes subscribers feel valued and gives creators a clear direction based on audience preferences. A colleague in the tech space regularly uses polls to tailor her content to her subscribers’ interests.
Hosting live Q&A sessions allows subscribers to engage directly with the creator and get personalized responses. This enhances the content’s value and strengthens the bond between the creator and the audience. Some newsletters offer private spaces, like Slack groups, where subscribers can interact with each other and the creator, creating a close-knit community around shared interests.
Part 2: Types of Content Readers Don’t Want to Pay For
In this section, I highlight common pitfalls to avoid based on my experience and observations. During my research, I examined the main reasons why readers don’t subscribe or cancel paid subscriptions. As they are self-explanatory, I will just list them.
1 — Generic, easily available content from the web
2 — Irrelevant or off-topic content
3 — Overly promotional or sales-focused content
4 — Newsletters with an unclear value proposition
5 — Overwhelming volume of content
6 — Unfinished or underdeveloped ideas
7 — Low-quality or rushed writing
8 — Paying for what was previously free
The last one is a bit tricky because people hesitate to spend money on something they used to get for free. It can feel like a sudden shift in value perception, leading to reluctance or frustration from potential subscribers.
Readers may feel entitled to continue accessing free content, especially if they have followed a creator for a long time. It can be difficult for them to see the added value in paying for something that was once free.
There is an abundance of free content online, making it harder to convince readers to pay when they can easily find other options. Subscribers must trust that the paid content will truly be worth their money and offer something new or superior.
To overcome this challenge, it is important to define the value clearly. Giving potential subscribers a taste of what they will get for their money through a free trial or sample can ease them into the idea of paying. We can emphasize the specific perks of subscribing, such as direct access to the creator, exclusive community features, or premium resources that aren’t available elsewhere.
To rule out the first seven points, you can ask these questions yourself:
1 — Is my content unique, or is it something readers can easily find elsewhere online?
2 — Is my content relevant and engaging for my target audience?
3 — Am I focusing too much on sales and self-promotion, or providing real value?
4 — Does my newsletter have a clear purpose and deliver meaningful value to readers?
5 — Is my content concise, or does it overwhelm my audience with unnecessary details?
6 — Are my ideas well-developed and valuable for my readers?
7 — Am I consistently producing high-quality content without rushing to publish?
Here is a reality check for beginners.
How Ted’s Return to 9-to-5 Made Him Happier After an Online Writing Business Failure
Discover why going back to corporate life made this person happier and wiser and the key lessons aspiring content…medium.com
Conclusions and Key Takeaways
Understanding why readers are willing to pay for Substack newsletters and why content fails to attract subscribers is essential for aspiring writers.
The insights I gathered from successful creators and extensive research reveal that subscribers are drawn to content that offers exclusivity, depth, and unique perspectives. High-quality, expert-driven, and niche content that provides real value and engages readers on a personal level can justify a subscription fee and encourage a loyal following. Interaction and community spirit are also key conversion factors.
Conversely, content that is generic, overly promotional, or lacks clear value can deter potential subscribers. Readers are reluctant to pay for material that they can easily find elsewhere for free, or that overwhelms them with irrelevant information. Ensuring that your content is well-developed, focused, and delivers on its promise is key to maintaining and growing your subscriber base.
One key point for subscriber satisfaction is regular publishing. It is important because readers get frustrated when they pay for an inconsistent newsletter. I once subscribed to a newsletter that promised weekly insights, but the creator often skipped weeks or sent content sporadically. This lack of consistency made me lose trust in the value of the subscription, and I eventually canceled. Subscribers want reliability; if the content isn’t delivered as promised, they may feel shortchanged.
By thoughtfully addressing these aspects, we can craft a newsletter that attracts paying subscribers and builds a meaningful connection with our audience. We need to emphasize the unique value of our content, avoid common pitfalls, and continuously refine our approach to offer something that truly stands out in a crowded market.
Related to this story from a conversion point of view, you may also check out my monthly progress on eight different platforms in August 2024 as a content developer and marketer, which might surprise you.
An In-Depth Performance Review of 8 Major Platforms I Contributed to This Month: Key Insights and…
Discover an independent and comprehensive analysis of my contributions and performance across multiple platforms…medium.com
About the Book for Review and Purchase
As I shared in a previous post, this book has already hit the top 100 bestseller list in multiple categories in various Amazon marketplaces. Thank you, my loyal readers, for making this book a success and a valuable knowledge source for the community.
Many thanks to beta readers who started leaving honest feedback on this evolving book on Goodreads today. If you enjoy and benefit from this book, I’d appreciate leaving honest feedback on Goodreads, as the Amazon version is not ready for review yet.
If you want to purchase the book at a reasonable price or gift it to someone you care about, you may preorder it via various Amazon markets. If the editing process is complete on time, I can get it published faster.
The funds generated from this book will be donated to the management of the Substack Mastery site for the ILLUMINATION community. This education site also amplifies the newsletters of freelance writers.
Substack Mastery: Insider Secrets from a Content Strategist & Seasoned Author: Learn the Basics…
Substack Mastery: Insider Secrets from a Content Strategist & Seasoned Author: Learn the Basics, Stay Motivated, Grow…www.amazon.com
Community Building on Substack Bridging with Other Platforms
Integrating Substack with Medium is a great idea. To this end, as a community builder, I created a philanthropic organization that will empower creators, freelance writers, and content entrepreneurs with a commercial arm. I documented the strategy and high-level plan in a story. Please feel free to ask questions and provide feedback. Refraining from perfection, I choose a progressive path.
Here are our draft service definitions for creators, freelance writers, and content entrepreneurs. We will explain the details in our upcoming newsletter.
If you are a writer on Medium and Substack, we have a new publication called Substack Mastery. You are welcome to join and share your Substack experience with your fellow writers and discerning readers. ILLUMINATION-Curators curate, feature, and promote newsletters of our contributors in collections like this one. Being part of a community can bring many benefits, such as a fast-growing audience.
For advanced writers, we also have a publication called Curated Newsletters, which replaced the former ILLUMINATION-Curated. As I resigned from the boost program, I now allocate more time to support writers in extending their services to Substack or other platforms.
If you are a writer, you are welcome to join my publications by sending a request via this link. I support 31K writers who contribute to my publications on this platform. You can contact me via my website. I also have another profile to write and curate tech stories. Friend Links to My Sample Boosted Stories for Non-Members of Medium.
New Submission Guidelines for ILLUMINATION and Curated Newsletters
You are welcome to join the ILLUMINATION Community on Medium and Substack and our education tool, Substack Mastery, curated by ILLUMINATION-Curators. Here is the Importance and Value of Medium Friendship for Writers and Readers
Join me on Substack, where I offer experience-based content on health, content strategy, and technology topics to inform and inspire my readers.
Health and Wellness by Dr Mehmet Yildiz
Get an email whenever Dr Mehmet Yildiz publishes. He is a top writer and editor on Medium. dr-mehmet-yildiz.medium.com
This story was initially published at DigitalMehmet.com. My blogs and website offer free access to inspiring and educational stories for freelancers and content entrepreneurs. Membership Tiers and Benefits of ILLUMINATION Substack Mastery Community. Please use this portal to contact me with inquiries and feedback.
Thank you for reading my perspectives. I wish you a healthy and happy life.
People can and do pay for content on Substack. A writer may wonder how they are going to attract a paying audience but you show the way here. Unlike Medium, where writers often got paid for producing worthless content that just happened to get a lot of reads by being boosted - through fair means or foul - here the writer has to provide value for money. Or build up some special relationship with the reader.
It is a new journey for many - including myself here - and the experience and advice you offer in these free chapters of what will be a book for sale is invaluable. Thank you.
This is one of my favourite chapters, Dr Yildiz. I was asking these questions but haven't found such satisfactory answers so far. You knowledge and experience shine in this chapter. Thank you for sharing it for free with such a large group of people. I admire your generosity.