Since I started running a newsletter, Morning Brew stands as an unlimited source of inspiration. I frankly can’t imagine a better source of motivation than two college students, like myself, being daring enough to build a business giant from scratch.
In the ever-evolving landscape of media, these two undergraduates managed to break through the noise and capture an enormous and dedicated audience.
This newsletter-turned-media company has had a growth spurt that any entrepreneur (including myself) would dream of, regardless of industry, size, or funding.
Therefore, it's worth taking a closer look at the key factors that have contributed to this achievement.
Since its inception in 2015, Morning Brew has amassed more than 3 million subscribers, a remarkable number for a newsletter that initially targeted only college students.
As of 2020, it has a valuation of around $75 million, thanks to its unique and quirky approach to delivering news, combined with a relentless, masterminded growth strategy; if there’s any place to learn about growth, this is it.
As we discover what made the Brew great, I’ll provide a few espresso shots — short lessons you can take from their success to energize your own venture, whatever it may be.
A Fresh Take on News Consumption
Morning Brew's founders, Alex Lieberman and Austin Rief, realized that traditional news outlets weren't catering to the needs of the millennial generation. They envisioned a platform that would deliver news in an easily digestible and entertaining manner.
The result? A daily newsletter that condenses the top stories into a 5-minute read, infused with humor, wit, and a trademark conversational tone.
By focusing on the millennial demographic, Morning Brew tapped into a market that had long been ignored by traditional news providers such as the Wall Street Journal.
This made the newsletter an instant hit among young professionals seeking a more engaging and less time-consuming way to consume the news.
A free summary of the activity from Wall Street to Silicon Valley, straight to your inbox. And it’s fun to read. How can you turn down an offer like that?
LESSON 1: Pick a niche target demographic, and strive to over-deliver for them. If so, you’ll create a band of evangelists ready to take your product to unforeseen heights.
An Effective Referral Program
Building a referral program is a drag. As we currently attempt to piece one together for our newsletter, Discovery Dose, my partner and I have been banging our heads together trying to think of a way to make it sufficient.
I’ve quickly found out, if you want people to share your content, you’ve got to give them a just reward for doing so.
Word-of-mouth advertising has always been a powerful marketing tool, and Morning Brew capitalized on this by creating an extremely effective referral program. The company offered valuable incentives, such as exclusive merchandise and access to premium content, to subscribers who brought in new members.
Combined with custom and witty landing pages, Morning Brew had a formula for booming growth.
The newsletter saw exponential growth, with a 10% month-over-month increase in subscribers at its peak. The newsletter's user base expanded organically, as loyal subscribers couldn’t stop spreading the word to their friends, family, and colleagues.
LESSON 2: Make your readers WANT to share your product. If you can combine great content with a few valuable rewards, you’ll be shocked to see just how far your message can spread.
Utilizing Social Media to Reach a Wider Audience
It’s hard to use social media for a newsletter. I mean, whole teams can be deployed for this alone, and us solopreneurs are trying to juggle a unique strategy for 3 different platforms, whilst pushing out content that may convert followers to subscribers.
However, Morning Brew got their strategy just right. The company leveraged Twitter, Instagram, and LinkedIn to share snippets of its content, making it accessible to a wider audience.
This strategy not only increased brand visibility but also allowed Morning Brew to engage with its target demographic in a more interactive and personal way.
Their conversational tone translated across platforms and allowed Morning Brew managed to build a strong online presence with a significant following, which naturally contributed to its growing user base.
LESSON 3: Even if it’s a hassle, post on social media; I found it useful to just spend a day batching posts for a month. Getting noticed is hard, and if you’re on running a bootstrapped venture, it’s a great place to start.
Diversification of Content
In response to its growing audience and demand for more content, the team expanded its offerings beyond the daily newsletter.
The company now produces various industry-specific newsletters, such as Retail Brew and Emerging Tech Brew, catering to the interests of different segments of its audience.
Moreover, Morning Brew ventured into the world of podcasts, launching Business Casual in 2019. The podcast features interviews with industry leaders, entrepreneurs, and experts, providing listeners with valuable insights and perspectives into the world of business.
This diversification allowed Morning Brew to strengthen its brand and retain subscribers by offering them a wide array of content, truly leveraging the power of diversification.
Lesson 4: Once you’ve built up enough of an audience, diversify. You’ll be able to satisfy niche communities in a way your competitors can’t.
Partnerships
As Morning Brew's audience grew, it began to attract the attention of larger media companies. In October 2020, Business Insider's parent company, Insider Inc., acquired a majority stake in Morning Brew, valued at around $75 million.
This partnership has enabled Morning Brew to leverage the resources and expertise of an established media organization, further fueling its growth.
The acquisition has also opened up new opportunities for collaboration, such as the launch of a joint newsletter, Insider Daily. This partnership is a testament to Morning Brew's success and the value it brings to the media landscape, as well as displaying how businesses can utilize synergies in order to improve their existing offerings.
Lesson 5: There’s strength in numbers. Even if it’s short-term, I’ve found it useful to partner with other newsletters for advice, cross-promotion, and valuable contacts. Even if there is no money changing hands, collaboration is a surefire way to boost growth.
Morning Brew's meteoric rise to success offers valuable insights for us all. If you’re a newsletter creator, a start-up founder, or even running a fully-fledged business, it’s worth taking note of when a company shoots to the top of its industry.
Pick a niche market. Make them share your product. Reach out on social media. Diversify your offerings. Collaborate with partners.
These are the ingredients to the Brew’s unique appeal. What’s stopping you from applying this exact formula to your next venture? They’ve shown us it works.
These principles can be applied to any business looking to grow and succeed in today's fast-paced media landscape. Even if you’re just two college students with a dream.