With over 2 million paid subscribers and 20 million active users, Substack is an incredible untapped resource for small businesses. Not only is Substack a valuable platform for connecting and engaging with customers, but it's also a great source of revenue. The top 10 authors on Substack collectively make $25 million per year, according to data from Backlinko.
Building an audience and finding success on this platform takes time and dedication. If you're exploring Substack's potential as a marketing channel or alternative revenue stream, here's where to start.
[Read more: Should You Write a Substack for Your Business?]
Define your goals
As with any new marketing channel, the first step is to figure out what you hope to achieve by launching a Substack. This goal will guide your strategy for gaining an audience. For instance, Substack can help you position yourself as an authority, bring in new revenue, and/or meet other business owners in your field. Prioritizing one goal to start will help you figure out what content works, whether you should offer free or paid subscriptions, and how this platform fits in with your other marketing efforts.
Define your audience
Along with setting a goal, define who makes up your ideal readership. "Ask yourself: Who are your most important readers? What are they like? And of those, who brings the energy now?" wrote Substack's editorial team.
Some of this data can be found in your existing content marketing data. Take a look at your social media followers to build a profile of your most active followers. You may also dive into your loyalty program data to see if there are commonalities between your best customers and your active followers.
Consider what this group might get out of your Substack. Answering these questions can help you further narrow in on how you will use this channel:
- What do my best customers need more of?
- What's the change they desire?
- What's the problem they could solve together?
Substack allows text-based posts, discussion threads, podcasts, and videos. Test each format to see what gets the most engagement, and regularly mix up your media to keep things interesting.
Start networking
Even before you start building a library of content, let others know that you'll be launching a Substack channel. Some content creators advertise their Substack on other social media channels, like TikTok or YouTube. Others start from scratch, using cold emails or in-store QR codes to spread the word about their Substack channel.
Some people find it easier to ask people they know to be their first followers. "Starting a publication is a big lift, and you don't have to do it alone," wrote Substack's editorial team. "Think of three friends, peers, supporters, or mentors who have encouraged your writing in the past. Reach out to them today, and tell them that you're launching a Substack publication."
Build an editorial calendar
While you spread the word far and wide about your Substack, develop an editorial calendar that allows you to build momentum when you start posting. "We've found that writing regularly and consistently is the biggest predictor of success for new Substack writers," wrote the Substack team.
Data from the platform shows that posting at least once a week is necessary for writers looking to build income from Substack. Try to differentiate the types of content you share: Substack allows text-based posts, discussion threads, podcasts, and videos. Test each format to see what gets the most engagement, and regularly mix up your media to keep things interesting.
[Read more: How to Create a Newsletter for Your Business]
Engage with the platform
Substack operates like a community. Creators support other creators, and readers expect to interact with the writers they follow. Building an audience requires putting in the time and effort to engage with the platform. Here are a few actions you can do consistently to increase your followers:
- Comment on other publications. Substack shows your reader and writer profile when you comment on other Substacks, helping readers with similar interests find your page.
- Reply to reader emails and comments. The same rules for any other social media channel apply here. Whether you host discussion threads or send a newsletter, respond promptly when someone engages with your post.
- Conduct reader surveys. Substack includes polling features that help you understand what readers are finding most interesting and encourage engagement.
- Partner with other creators. Publish guest posts. Ask creators with large followings to share your posts. Promote your channel with influencers on other platforms. The more you can tap into other people's networks, the better chance you'll recruit their followers too.
If your goal is to increase revenue, start with free content before charging paid subscriptions. Free content demonstrates the value of your subscription; once your audience is hooked, they'll be happy to pay for more of your insights.
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