Some things I've learned about the newsletter'ing life, so far π
1/ It's really easy to start a newsletter. It's very hard to keep it going.
The key to keeping it up, at least for me, is (1) being genuinly curious and energized about the topic, (2) having a broad enough topic to keep it novel, and (3) having consistent time to write.
2/ Optimize for a topic YOU'RE excited about, not what you think other people will be excited about.
This is so important. It's the reason I went against the classic advice of finding a single focused niche. I would have been so bored thinking all day about just one thing.
3/ Above all else, the one thing you have to get right is to *provide value to your readers*.
If your newsletter isn't clicking, it probably means it just isn't valuable enough. What's something you can do to increase the concrete value for a reader?
4/ What separates OK work from great work is simply the time to write.
I'm nowhere near the smartest or most experienced person in any of the topics I write about. But I have the luxury of time β to research, to refine, to think. If you have time, you have a big advantage.
5/ The single biggest lesson I've learned about better writing: cut, cut, cut.
Read through your work many times and find more things you can cut. Also, make it easy to skim. Imagine your readers drunk, stumbling through the post.
8/ Don't take positive feedback about your writing for granted.
Even if it wasnβt what you planned to be doing, if people seem to consistently find value in your writing, and you enjoy it, donβt take this for granted. Keep at it and see where it takes you.
9/ Also, don't take your own experience, knowledge, and insights, for granted.
Youβd be surprised by how much you know that other people donβt, and how much value you can provide by sharing what feels basic and obvious to you.
10/ Always strive to add something new to the conversation
It may seem like everything has been written about, but (1) that's not true, and (2) if it has, it's rarely great. What's a unique take, insight, or framing you can add?
11/ Writing isn't for everyone
If you're much more energized by speaking, you should do a podcast or video. I'm much more suited for writing (I need time to think, refine, crystalize). Find what energizes you.
12/ There are real downsides to doing newsletter'ing full-time
The self-employed life has a lot of downsides. It's tough to get good health insurance, no time off, no benefits of any kind. Also, turns out it's hard to get a mortgage.
Things you learn after the fact.
13/ But there are also tons of upsides
The flexibility, the excuse to learn, and most importantly the feeling that you're helping people become better at what they do. Hard to beat.
14/ There's never been an easier time to experiment
Never in a million years did I imagine I'd be writing a newsletter, especially as a source of income. This only happened because it was easy to try it out. Tell people you're tinkering, try it, and see where it takes you β¨
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Every week, @KiyaniBba pulls together the best conversations from our subscriber Slack community into a weekly "Community Wisdom" email, synthesizing the best advice from the community. This week's email was SO good. Some highlights in the thread below π lennyrachitsky.com/p/-community-wβ¦
Let's keep it going! Some suggestions: 1. If your team has a PM Slack channel, can you share the survey there? 2. If you're in Blind, consider posting a link 3. If you have PM friends at other companies, share the survey with them
10 nuggets of wisdom about pricing strategy pulled from @Patticus's epic guest post last week, including how much to discount, when to consider freemium, the impact of design on price, whether to end your price with a 9 vs. 0, value props, and much more
Read on π
1/ You should localize your pricing to the currency and willingness to pay of the prospect's region
βοΈ Revenue per customer is 30% higher when you just use the proper currency symbol
βοΈ Having different price points in different regions increases revenue per customer further
2/ Freemium is an acquisition model, not a part of pricing
βοΈ Think of freemium as a premium ebook driving leads, not another pricing tier
βοΈ Don't do freemium until you truly understand how to convert leads to customers
βοΈ Paid users who convert from free tend to be better
Inside:
βοΈ The 2 foundational elements of pricing strategy
βοΈ Determining what axis to price on
βοΈ Plug-and-play templates
βοΈ Tons of examples
βοΈ Bonus advice
2/ Many suggestions came though but one name came up again and again: @Patticus
With the slightest of prods, Patrick agreed to write a guest post answering a question I've received almost more than any other: How do I price my SaaS product?
Early-stage bottom-up SaaS founders β this thread is for you
Below π
π¬ Most important metrics to track
π Tools to track these metrics
π¨ How to best visualize and share these metrics
1/ π¬ What metrics should early-stage bottom-up SaaS founders focus on?
β¨ Pre-revenue β¨
1. Retention:
β User: % of new users who are still active 3-6 months later
β Logo: % of new companies who are still active 3-6 months later
β L7/L30: # of days that users are active
2/ Virality within an organization:
β Invite rate: % of new users who sent at least one invite in the first X days
β Invite conversion rate: % of users who receive an invite that sign-up in the next X days
β Virality factor: % of new users who have come from an invite