[DAY 4] Create your irresistible offer
Today I’m looking at what sells on Substack.
A good product strategy starts with good research.
I've done my homework analyzing 20 of the bestsellers and I have some interesting findings to share today.
The five types of offers on Substack:
I’ve identified five major groups, plus one that I won’t put in a dedicated group.
Those are:
Writing - analyses, deep dives, strategies, case studies, research, expert opinions, market insights, etc.
Content - workshops, podcasts, webinars, masterclasses, expert interviews, etc.
Product - courses, books, tools, templates, handouts, cheatsheets, etc.
Service - coaching, teaching, audits, done-for-you services, etc.
Community - chats, challenges, threads, collaborations, etc.
Here's a breakdown of each group based on:
effort needed
growth potential
revenue potential
This will help you sort out what type of content best fits your daily schedule.
But there's also one that stays out of a group: you’re just….well, writing.
Confused?
What’s the difference between “just writing” and “writing” as an offer?!? Big! Mainly in the quality of writing. You’ll see in a bit. Let’s start with it first:
0. No specific offer
What is it?
You just write. No, really. You don’t have a strategy, no specific niche, you write about whatever you want. Maybe you write about yourself.
Or…
You have a niche, you write for an audience, you solve problems (and all that), but you’re not sure what to put behind the paywall. Because who would pay you for that?
Or…
You post the same content on Substack and Medium. It’s a good strategy to add more “meat” to your Substack, but it won’t make you a bestseller if you only stay with it. Because why would someone pay you on Substack, when they can pay $5/mo to Medium and read you and tons of other writers?
I’ve seen a lot of such newsletters. None of them are bestsellers. That’s why I won’t put it in a group.
I’ve said this many times: on Substack, you need a solid content strategy. Don’t listen to people telling you “Just start”!
Don’t start!
Do your homework. Think it over. Do your own research. Make a strategy. Then start. Or you risk getting overwhelmed pretty fast.
Imagine this:
you “just start”…
you gain a few hundred subscribers, but no one wants to pay…
so you decide to change the newsletter, and suddenly: oh wow! people are unsubscribing! Because they signed up for something else.
That’s where most people quit. So don’t do that!
Look, this is not about good or bad writing, or being a good or a bad writer. Anyone can become a bestseller on Substack with the right approach. It’s all about gaining clarity.
If you consider yourself at this level right now, it’s absolutely fine. I’ve been there too. All of us have. That's how we learn.
But...
Substack (and any paid newsletter) is about exclusive content.
Writing as an offer delivers a lot of value. You're not "sharing" anything. You're solving painful problems with unique solutions. You're providing tangible assets.
What makes your offer irresistible?
An irresistible offer is an offer you can't refuse.
It feels stupid not to buy it.
It has tons of perceived value for low perceived cost.
It's all about how you "package" your content and what price you put on it.
Pro tip: add as much as possible from the above 5 types of offers for an annual price lower than the emotional threshold for online purchases - $50. Make your monthly price much higher, so that the annual price looks with more than 50% discount. This feels stupid not to buy ;)
This is what I used to become a bestseller in just 3 months.
You can do that too.
It's that simple!
What’s Next?
Tomorrow, we’ll talk about how to set-up your Substack for a high conversion rate — it's about how you present your irresistible offer.
See you then, Yana
P.S. If you still need help crafting your offer, here's a checklist that will help you out. It's part of my flagship Write2Sell column, where I talk about growing your Substack.
P.S.S. I still haven't announced this yet, so you're the first to know: I'm deep-diving into these (and some more topics) about Substack, compiling them into a flagship course, called Substack Quest - where you'll have everything in one place. All my strategies, case studies and tools I use to achieve these results. Once I complete it, I'll increase the price (currently just $5/month (paid annually)). Upgrade now and secure your spot at this low price forever!