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16 Comments

Ads experiment - $120 to get 46 newsletter subs. Here's what I learned -

So last week I ran ads on 2 platforms to gain subscribers for my newsletter.

Here are the results -

Twitter ads -

  • Spend - $60
  • Traffic - 117
  • CPC - $0.49
  • Subs - 17
  • Cost/sub - $3.52

Swapstack PPC campaign

  • Spend - $60
  • Traffic - 64
  • CPC - $1
  • Subs - 29
  • Cost/Sub - $2.06

Some quick lessons -


  1. Twitter ads were to cold traffic

Clearly I need to improve the landing page for cold traffic conversion

The Cost per link click was alright, but it's useless if the quality of traffic is low or the LP doesn't convert

Need to experiment more on the creative and the landing page

  1. Swapstack lets you setup pay per click campaigns.

Where other newsletters get paid a fixed amount for every click they bring in.

$1 a click is standard, anything less than that isn't enticing enough to other NLs

And anything more than that won't be worth it.

Now I'm experimenting with it for my other projects well.

  1. The quality of the traffic is better from other NLs

Better audience probably

So even if I pay $1 per click, I know I will convert 50% of all visitors

So effectively the cost per sub is way better

Now, my next goal is to figure out the quality of sub from each source.

And I plan to recoup this investment in 3 ways -

  • Upsell my products
  • Run ads in my newsletter
  • PPC and affiliate campaigns in my newsletter

Let's see how it goes in the long term.

You can checkout the NL from this link.


FWIW, this is the ad I ran on Twitter.

Tried to go with the "meme as the creative" strategy used by big players like MorningBrew and The Hustle.

The ads on Swapstack were just single line text with a link click.


Hope you found this useful, do you run ads for your newsletter? Which platforms perform the best?

posted to
Building in Public
on April 12, 2023
  1. 3

    Thanks for sharing the stats

  2. 2

    How do you choose the newsletters for your ads? Is there a catalog?

    1. 1

      Yea, there's a huge catalog from various niches and sizes

  3. 2

    Never heard of Swapstack, will look into. Thank you for mentioning in your post!

  4. 2

    Thanks for sharing! This is super interesting, as I also want to try some ads for my newsletter about startups: https://exponentialfounder.substack.com/

    One question – why didn't you try Facebook ads? Or do you think your audience is not there?

    1. 2

      Yea, most of audience so far has been from Twitter and other newsletters. So that's what I wanted to try out first. Definitely planning to try out FB as well in the future.

  5. 2

    Interesting post, thanks for sharing!

    Were you able to do any audience targeting or were the people that got shown the tweet and the newsletters with your link completely random?

    1. 2

      Yes on Twitter, you can set the accounts you want to target, so the ad gets shown to followers of those accounts.

      On Swapstack, you get to invite the newsletter who promote you. It's not random

    1. 1

      Cheers man, let me know if you have any questions.

  6. 1

    Upscribe+ FBads is golden for newsletter growth. You should definitely try it out.

    1. 1

      Yea, will do thanks

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