How I Used a Lead Magnet to Grow My Email List By 22%

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Two years ago, I launched Newsletter Circle, where I dive deep into the world of newsletter publishing through in-depth Q&As with newsletter operators. These one-on-one interviews uncover what it takes to build a successful newsletter business. But while individual stories are valuable, I believe it’s just as important to step back and look at the bigger picture.

With that in mind, I decided to create a resource about the newsletter ecosystem that had never been done before.

I knew that publicly available Substack data could be accessed through web scraping, but I’m not a technical person. So I partnered with a data scraper who successfully extracted data from 75,000 newsletters on the platform — a number that closely reflects the actual size of the Substack ecosystem.

To ensure data accuracy and extract meaningful insights, I also collaborated with a data analyst. She helped refine the dataset, run statistical calculations where needed, and structure the raw data into usable tables, which I then used to create the graphs and insights in the final report.

All of my findings ended up in a report called the “2024 Understanding Substack Landscape Report,” in which I tried to help newsletter creators make sense of the evolving ecosystem on Substack.

But this wasn’t just about the research. 

By offering the report as a free lead magnet — something that a reader could download in exchange for an email address — I also aimed to grow my own newsletter subscriber base. I wanted to see if an original, data-driven resource could effectively attract engaged readers and drive long-term growth. It did, and exceeded my own expectations in the process.

After I launched the report in November 2024:

• I drove 1,100 total downloads of the report.
• 850 of those email addresses were brand new to me.
• 700 of them opted to subscribe to my newsletter.
• 80 unsubscribed, but 89% stuck around. In the end, the report helped me add 620 net new subscribers — pretty good for a newsletter that only had 2,800 subscribers before I published the report. 

Gathering the data and creating the report took almost two months. It was not an easy job. However, the real challenge came afterward — getting the report in front of the right people. I experimented with various distribution strategies, starting even before the report was launched. Here is what worked, what didn’t, and what I’d do differently next time.

Six key strategies that drove sign-ups

1.) Choose a unique topic relevant to your target audience 

A lead magnet’s success starts with picking the right content for your ideal audience. It should have product and market fit — someone needs to see the lead magnet and think, “This was made just for me!” Otherwise, you’ll attract the wrong people and they won’t stick around for long.

The right content generally is at the sweet spot of what is missing in the market, what your audience needs, and what aligns with your expertise.

This particular lead magnet worked because:

• Newsletter creators and industry people need to understand the broader ecosystem.
• No other analysis of Substack had been conducted at this scale.
• Based on two years of writing about the newsletter space, I had the expertise to analyze it.

2.) Build anticipation and a waitlist before launch

One month before launch, I entered the pre-launch phase to create buzz and build a waitlist. I gathered 200 emails before the launch by:

• Creating a way for readers to pre-register for access to the report — This served as a waitlist for those interested in receiving the report. Importantly, I kept the newsletter subscription optional — subscribers had to tick a box confirming they wanted to receive Newsletter Circle issues.

• Setting up landing pages in key places — I created one on my website and another on my newsletter homepage, both emphasizing that the report analyzed 75,000 newsletters and was completely free. These landing pages made it easy for potential readers to understand the value of the report and sign up quickly.
• Reaching out to high-value partners — I compiled a list of active newsletters on Substack — with an emphasis on ones that had a paid offering — and found the LinkedIn profiles connected to those newsletter operators. I used a tool called HeyReach to automate LinkedIn connection requests. This helped me build relationships, grow my LinkedIn following, and drive sign-ups. I also took advantage of Substack’s own direct message feature. I manually sent 1,000 personalized DMs to others on the platform. By tailoring each message to their niche and work, I was able to add 100 subscribers to my list.

• Compiling a comprehensive email outreach list — I created a detailed Google Sheet with names of content creators, journalists, and industry professionals writing about newsletters, as well as founders and growth teams at newsletter-related platforms. This list ensured my outreach efforts were well-targeted and effective.

I also teased key insights from the report in social media posts, gradually building curiosity and positioning the report as a must-read resource.

3.) Maximize visibility at launch

When the report went live, I ensured I was promoting it on every channel I use. I emailed the readers on my waitlist, and I sent a dedicated email to my existing subscribers, highlighting the report’s key findings and emphasizing its value. (I continued promoting the report in new issues of Newsletter Circle for weeks after.) I updated all of my landing pages — the call to action changed from “Join the Waitlist” to “Sign up to get the free report.” I also announced the launch on multiple platforms, including LinkedIn, Twitter, Substack Notes, and Reddit, with custom messages for each audience. I even updated my profile banners to drive readers to download the report.

4.) Collaborating with other creators to reach a wider audience

Collaborating with other creators was the biggest acquisition channel, driving over 300 sign-ups. There were two main reasons why this strategy worked:

1. I collaborated with creators who have a strong audience overlap with mine.
2. In each guest post, I shared the most relevant insights for their audience and tailored the format to match what they’re accustomed to.

An article for Kristina God’s newsletter received 270+ likes, 60+ comments, and 38 reshares on Substack, which was a fantastic response for a report about newsletters. Since that worked, Kristina and I created a video for Kristina’s YouTube channel, further boosting visibility and engagement.

I partnered with Write • Build • Scale for a free joint webinar, where we discussed key insights from the report. We also featured each other’s work in our newsletters through interviews and guest posts, making it a true win-win.

I also appeared in a few other newsletters, guest posting in places like Revenews and The Author Stack. These collaborations not only brought in new subscribers but also established my credibility within the newsletter community.

It helped that I timed the launch of the report to coincide with the move of Newsletter Circle to Substack. That caught the attention of many other creators on Substack and helped build strong connections and collaborations.

5.) Using social media to expand my reach

After launching, I shared report insights on Substack Notes and LinkedIn, but an unexpected growth channel turned out to be Reddit, which brought in 160 sign-ups in a week.

Here’s how I did that:

• I found the most relevant Subreddits talking about newsletters or Substack.
• I shared key highlights in the post in those threads, not just a link, to make sure I was offering value right there on the page.
• I tailored the introduction and headlines for each Subreddit.
• I sent the post for preview to Subreddit moderators to get their support and draw attention to my posts.
• I replied to each comment from other Redditors.

One other thing helped: Posting from an account that was already well established on Reddit. Reddit gives points to people who are active contributors on the platform, and calls those “karma” points. Since my partner had 1,000+ karma points, I used his Reddit account for better engagement.

6.) Using word-of-mouth as a snowball effect

All these efforts compounded over time, spreading the report organically through word-of-mouth. It was simply the natural outcome of consistent distribution. Many creators organically mentioned the report and linked to it in their newsletters or on social media.

The secret? Relentlessly leaving breadcrumbs in the right places. When you consistently show up and provide value, I learned that a snowball effect kicks in — people start sharing your work without you even asking.

What didn’t work for this experiment

There was a lot that did work for me, but two things I tried didn’t help me grow my newsletter in a significant way.

As a creative outreach experiment, I subscribed to active newsletters on Substack and replied to their welcome emails with personalized messages about Newsletter Circle and the report. I assumed that creators paid close attention to replies to their welcome emails, but the reality was that the tactic didn’t gain much traction. I stopped doing this after two weeks.

I also tried running some LinkedIn ads. On LinkedIn, you can upload a list of LinkedIn profile URLs to show ads directly to specific people. Since I already had such a list, I decided to experiment with it.

Here’s how the ads performed.

Ad spend: $1,000
Total Impressions: 2,275
Total Clicks: 188
Click-through rate (CTR): 8.26%
Sign-ups for the report: 9

While the CTR was strong, the cost per conversion — $111 per sign-up — was way too high for a free report like mine. However, I think if I was selling a product or service connected to a lead magnet, the idea might be worth testing again.

What I’d do differently next time

The lead magnet strategy worked — for a small newsletter like mine to add 620 net new subscribers was a huge win. I learned a few lessons about both the content creation and promotion process that might help me extract even more value from a future lead magnet.

1.) Use a “divide and conquer” strategy

I wanted the report to be big and bold, packed with data, graphs, and insights. However, feedback showed that its length and format made it difficult for some newsletter creators to digest the entire thing.

Next time, I’d apply what I’m calling the “Divide and Conquer” Strategy — breaking the report into smaller, focused launches by treating different sections as separate products. Why?

• It makes the reports easier for readers to consume.
• It creates more opportunities to repurpose content.
• It extends the impact of the report over a longer window time rather than a one-time launch.

📌 Key Takeaway: Ensure your lead magnet’s format aligns with your audience’s needs and attention span.

2.) Choose actionable advice over just data

The report provided a big-picture view of the newsletter landscape, but I missed one key piece: How creators would actually use the data. Having all the numbers is great, but my readers wanted to know what they should do with it.

Next time, I’d integrate actionable advice after each section, helping readers apply insights to improve their newsletters.

📌 Key Takeaway: Don’t leave your audience wondering, “So what?” Always bridge insights with practical steps.

3.) Double down on creator collaborations

Appearing in relevant publications through guest posts proved to be one of the most powerful ways to reach a new audience. Next time, I’d leverage my connections more by:

• Hosting more webinars to discuss insights.
• Featuring guest posts from creators with aligned audiences.
• Co-creating content to reach new communities.

📌 Key Takeaway: Invest more time in building solid relationships with other creators. Those relationships could open doors to new audiences.

4.) Be relentless with your outreach and follow-ups

I hesitated to follow up multiple times during the outreach stage, worried I’d annoy people whose work I respected. But here’s the reality: People are busy, and inboxes are crowded. Sometimes, you need to follow up a few times in order to get your message.

📌 Key Takeaway: Be persistent. Without enough follow-ups, your initial outreach effort is wasted.

5.) Be more strategic about monetization

I focused primarily on growing my subscriber base, but I could have been more intentional about upselling a product or service alongside the free report. Newsletter Circle already features a paid offering — for $10 per month or $100 per year, paying supporters can get access to monthly reports with best practices for newsletter growth or paid conversion — but I didn’t do enough to use this lead magnet to convert new readers into paying subscribers.

Next time, I’ll strategically position a paid offering alongside the lead magnet for those who want more in-depth guidance.

📌 Key Takeaway: Free lead magnets are powerful, but they’re even more effective when they serve a clear path to monetization.

Make sure your content stands out

Changes from search, social media, and artificial intelligence are making it harder to stand out online. But this is where I think originality and firsthand insights can give creators a real edge.

One way is to lean into your personal expertise. Another is to embrace original research and reporting — using your own research, surveys, and interviews to uncover insights straight from the source.

That’s exactly why I put in the effort to make this report something truly unique, and it’s why the lead magnet had such a strong return for my newsletter. Going forward, I plan to publish more data-driven research, interviews, and actionable resources for my audience — but now I know even more about how to use that standout content to help grow and monetize my audience, too.