Holy crap! I can't *believe* someone figured it out so early!
I was home during the holidays, trying to figure out a good name for the newsletter. I asked my dad about our ancestry and he thinks we're French, so that was top of mind. Apparently "growth" in French is croissance, which immediately made me think of croissants, which I think most people enjoy. Thus, Growth Croissant.
one of the nice things about some of the recent substack growth initiatives is getting so many new subscribers from recommendations, with no acquisition cost.
many thousands of free prospects...now just have to figure out how to better convert to paid. definitely lower conversion rate so far than those who signed up after first interacting with my newsletter
you're spot on - CLV is not scripture, it is a concept that you have to understand in order to be able to build your business. Also, knowing your CAC certainly helps as well, and there should be a delta... :)
and what is still shocking to me: so many startup founders don't have a clue about this. and then when you explain this, it looks like a firework in their head lights up and then they get a whole new understanding of what the company is supposed to be doing. :)
It's crazy how reducing churn is actually so much about first-impression optimization and community management. If Substack could make community development a unique value proposition, starting a Newsletter would feel like a no-brainer.
In theory Substack "knows" what the CLV of my Customers are, or can pull the data from Stripe for me. So if I raised my paid sub price from 8.00 to $12 it could tell me how much more I could expect from my readers if I am thinking paid subs is how I want to maximize my ROI.
If 30% of my potential readers churn in the first three months, then Substack Boost needs to address that window the most. I actually think it's a segmentation problem.
Great insights on metrics.
Thank you for sharing, Tinashe!
This is exactly the type of content I was looking for. Thanks, Reid!
P.S. The name "Growth Croissant" is genius. (If anyone's wondering, look up what "croissance" means in french)
Holy crap! I can't *believe* someone figured it out so early!
I was home during the holidays, trying to figure out a good name for the newsletter. I asked my dad about our ancestry and he thinks we're French, so that was top of mind. Apparently "growth" in French is croissance, which immediately made me think of croissants, which I think most people enjoy. Thus, Growth Croissant.
Anyway, thanks for the kind note, Fawzi! :)
*Inserts the Norman Osborne "I'm something of a scientist myself" gif*
Merci beaucoup, Reid 😉
one of the nice things about some of the recent substack growth initiatives is getting so many new subscribers from recommendations, with no acquisition cost.
many thousands of free prospects...now just have to figure out how to better convert to paid. definitely lower conversion rate so far than those who signed up after first interacting with my newsletter
Very useful, Reid. Thank you very much.
This was very helpful. Thank you!
you're spot on - CLV is not scripture, it is a concept that you have to understand in order to be able to build your business. Also, knowing your CAC certainly helps as well, and there should be a delta... :)
and what is still shocking to me: so many startup founders don't have a clue about this. and then when you explain this, it looks like a firework in their head lights up and then they get a whole new understanding of what the company is supposed to be doing. :)
It's crazy how reducing churn is actually so much about first-impression optimization and community management. If Substack could make community development a unique value proposition, starting a Newsletter would feel like a no-brainer.
In theory Substack "knows" what the CLV of my Customers are, or can pull the data from Stripe for me. So if I raised my paid sub price from 8.00 to $12 it could tell me how much more I could expect from my readers if I am thinking paid subs is how I want to maximize my ROI.
If 30% of my potential readers churn in the first three months, then Substack Boost needs to address that window the most. I actually think it's a segmentation problem.