Last week, I hosted a workshop called "Audit Your Substack Data Like a Strategist," where we explored two powerful tools to optimize your newsletter: the Pricing Gut Check and the 5x5 Editorial Audit. These data gathering exercises help you answer questions like, “What’s the pricing sweet spot for my readers?” and “What’s moving my readers to action in my newsletter?”
For those who haven’t signed up yet, I wanted to share a few things, including:
a clip from the workshop (above);
a few standout questions from folks who attended live;
a recap of how our newsletters get stuck beyond what data can typically show us; and
a few tips on how these tools can open up your creativity and light the way for the next steps of your newsletter.
Buy access to the workshop | $100
The Pricing Gut Check: Know Your Numbers, Refine Your Strategy
The Pricing Gut Check is an audit I designed to help evaluate whether your subscription pricing is working — or if it needs a tweak. By pulling your subscriber data, segmenting by type (monthly, yearly, founding members), and analyzing patterns in upgrades and engagement, you can start to piece together the story your numbers are trying to tell.
Key Takeaways:
Understand Subscriber Behavior: Track how long it takes your readers to upgrade. For instance, in my data, monthly subscribers upgraded after 80 days, while yearly subscribers took closer to 102 days. Founding members were faster, upgrading at 69 days—but I had offered a special offering during a time-limited campaign, which likely accelerated the process.
Test Price Points: Compare clusters of upgrades at different price points. For example, I saw similar engagement between $45/year and $60/year subscribers, which helped me see where I might experiment with higher pricing.
Calculate Retention by Price: Look at how long subscribers stay at a given price. My $6/month subscribers typically stayed for six months, while $8/month subscribers dropped off sooner—indicating that the lower price point retained readers longer.
Attendee Question: How do I decide if my pricing is too high or too low?
Response: This is exactly what the Pricing Gut Check is for! If you’ve been publishing for a while and experimenting with different price points, this audit teaches you how to identify how long it takes people to upgrade, how engaged they are at different tiers, and whether higher pricing deters retention. Your numbers will tell you if there’s room to grow—or if it’s time to adjust expectations.
If you’ve been publishing for less than a year, your data probably hasn’t been tracking long enough to give you meaningful information on pricing. That’s where my Substack Reader Behavior Survey becomes quite helpful for building a baseline understanding of Substack readers.
→ In this separate essay, I summarize the threshold that Substack readers said a subscription starts to feel too pricey.
→ This essay, “Why Paid Readers Unsubscribe” might also be helpful if you have more questions about pricing.
The 5x5 Editorial Audit: Aligning Newsletter Posts with Reader Engagement
This tool is about finding patterns in your newsletter posts — what works, what doesn’t, and what themes resonate most with your audience. By analyzing what’s inside your newsletter, you’ll start to see what moves readers to action.
Key Takeaways:
Engagement Reflects Energy: Posts with high engagement often correlate with readers perceiving value. One attendee mentioned how personal essays were popular with free readers but didn’t lead to upgrades—a sign to consider how to balance personal and practical posts.
Understand Your Themes: As you gather insights, ask: What themes are driving paid subscriptions? Likes? Free sign-ups? If a theme performs well across multiple metrics, it’s a great candidate for future experiments.
Strategic Iteration: Use these insights to shape your writing calendar. For instance, if “how-to” posts consistently lead to upgrades, consider a paid series where knowledge builds over time.
Attendee Question: How do I figure out what’s working to grow my audience and keep readers engaged?
Response: The 5x5 Editorial Audit helps you break down engagement metrics by theme, letting you double down on what resonates. For example, a topic that brings free subscribers may not necessarily lead to upgrades—so align your focus with your goals.
What gets our newsletters stuck beyond the data?
While data audits are really helpful during big pivot moments, there are broader, qualitative challenges that can leave newsletters feeling stagnant or stuck. Here’s what I often see when working with clients:
Imbalance in the "Giving-to-Asking" Ratio
If you're constantly asking your readers to do something—whether that's to read long essay after long essay, share your work, subscribe, or pay—without offering enough valuable touch points upfront, it can create a negative impression for readers. I recommend maintaining a giving-to-asking ratio of 3:1 or even 5:1. This ensures that your audience receives regular value from your newsletter, making them more receptive when you make an occasional request.Overwhelming the Reader
Long, in-depth essays can be powerful, but if every single piece feels like "weekend reading," you're not staying top of mind. Instead, balance heavier posts with shorter, engaging pieces or nudges that make it easy for readers to connect with your work immediately.Unclear Habits for Readers
When you’re trying to encourage free readers to become paid subscribers, you’re also asking them to form new habits. Whether it’s reading regularly, engaging with your posts, or upgrading to paid tiers, habit-building takes time. Focus on nurturing new habits with your readers one step at a time, rather than overwhelming readers with multiple asks all at once.Missed Opportunities to Nudge
Beyond the essays themselves, what are the "peripheral" ways you’re engaging readers? Small nudges, like a quick follow-up email or sharing insights on Notes, can create touchpoints that keep your work present in your audience's minds without relying solely on essays.
Curious about what data can tell you about your newsletter?
🎙️ Join me for my monthly Pivot Hour this Wednesday (coupon code to register for free is here) to ask your burning questions.
📊 Or, if you're ready to dive deeper, get access to both audits for $100 and start uncovering insights today.
🙋🏻♀️ For personalized, hands-on support, book an audit + 1-hour strategy session with me for $299.
Here’s what a few clients have said about our newsletter data audits:
"The audit helped me simplify everything. The spreadsheet Amanda created was great for keeping me organized and made it easier to focus on writing without adding 'extra' workshops or value—I could just show up and write. Highly recommend!"
— Claire Venus, “Creatively Conscious” and "Sparkle on Substack"
"Amanda’s data analysis showed a deep understanding of my readers’ expectations, which helped me reconnect with my newsletter and approach subscriber engagement in a more authentic way."
— Antonia Malchik, "On the Commons”
Share this post