Email newsletters remain a powerful tool to share insights and stay top-of-mind with your audience. In fact, the average open rate for newsletters last year was an impressive 40%, according to email marketing platform GetResponse.
And they’re easy to produce, right? You just write some content and send out an email to your clients and prospects.
Not so fast.
With the continued rise of influencer marketing and the demand for brands to offer authentic, relatable content, newsletter platforms have emerged as the next must-have in your tech stack, offering a more intimate space to share exclusive content and personalized recommendations with subscribers.
Platforms like Substack and Beehiiv (currently the most popular platforms) aren’t just tools to engage with existing followers; they can serve as powerful vehicles for audience expansion and reach. By leveraging a platform’s full range of features, you can attract new subscribers through targeted marketing campaigns, referral programs and even cross-promotion.
Considering making the switch? Here’s a quick summary.
The buzz on Beehiiv and how Substack stacks up
Beehiiv and Substack have gained popularity in recent years as alternatives to traditional email newsletters.
Beehiiv primarily focuses on community and engagement, allowing marketers to create interactive newsletters, host live events and foster discussions among their readers. This emphasis on community-building sets Beehiiv apart from traditional newsletters by making communication a two-way street.
On the other hand, Substack has become the go-to platform for writers, marketers and other content creators looking to monetize their efforts, offering both free and paid subscriptions to build a sustainable business model.
Both platforms include built-in tools for promoting content and reaching new audiences to grow readership. And by leveraging these features, creators can turn their newsletters into full-fledged online publications with dedicated subscribers.
What’s a marketer to do?
Some companies simply like idea of writing and sharing content primarily in newsletter form. But if you’re considering transitioning your traditional newsletter to a platform like Substack or Beehiiv, here are some points to keep in mind:
- Assess your current audience and content. Does the move make sense for your brand? Consider the benefits of the platform and explore the news ways you can engage with your audience. Consider if premium content and fostering community discussions are a priority for your company.
- Familiarize yourself with the tools and features. Will you take advantage of all the new features at your disposal, monetization options, community-building features or the option to add a podcast to your newsletter? Do these additions align with your time, resources and broader business goals?
- Decide what you’re willing to pay for. Substack is free, unless you opt for paid subscribers for a 10% cut. Beehiiv offers up to 2,500 subscribers for free, but the options of the free package are limited. On the flip side, if you’re trying to monetize your newsletter with the help of a platform, think about who’s going to pay for your content. If you’re already offering a free newsletter, will your audience want to start shelling out for even more news and insights?
Overall, platforms like Substack and Beehiiv can pave new ways to reach audiences and generate revenue. But as long as you’re producing quality content that’s relevant to your audience, adding new subscribers regularly and achieving the metrics you’ve set, your traditional email newsletter may be doing its job just fine.