Hello and welcome to the 99th edition of Fresh Salmon.

Today, newsletters are all the rage. Newsletters are currently experiencing the same growth explosion we experienced with podcasts over the last five years.

However, unlike podcasts, newsletters are not a recent phenomenon. As a matter of fact, newsletters have existed for centuries. The earliest instances of newsletters can be traced back to ancient times. 

Fun Fact: The "avvisi," a handwritten news sheet which circulated in Venice in the 1500s, was one of the earliest examples of a written news format. These sheets were distributed weekly and contained political, military, and economic news provided by merchants and diplomats.

In the era of digital technology and the internet, newsletter concepts and formats have evolved significantly.

In this edition of Fresh Salmon, I want to talk about the business side of Newsletters. So, let’s jump in.

The Pioneer of Newsletter Era

In 1978, a small publishing company in Washington, DC began publishing a newsletter called International Living. A newsletter dedicated to working abroad, investing abroad, and retiring abroad. 

It was published by "The Agora" founded by Bill Bonner, who was interested in bringing to the mainstream media ideas and opportunities that were often overlooked. 

To this day, Bill Bonner contributes to several financial publications with his investment research and economic analysis. 

In the years that followed the success of that piece, the company continued to grow slowly but steadily, one publication at a time.

At present, "The Agora" network includes dozens of independent media companies that are privately owned and operate with their own product lines. 

To date, "The Agora" has been a privately owned business, and it is speculative to assert that it has an annual revenue of more than $1 billion. 

The company would be regarded as one of the larger players in the global publishing and media industry based on such a figure.

Niche Markets to Global Dominance: The Agora's Growth Journey

Agora's growth strategy, which has contributed to its success as a conglomerate of independent publishing and media companies, is focused on building highly engaged large audiences in several niches that they monetize in many different ways with subscriptions being the foundation of the revenue model.

They then acquire related newsletters or audiences in similar niches to expand their audiences, and also grow through cross-promotions to their existing subscribers.

Remember: Subscription is only the first step.

The key components that played their part in their growth model are:

1. Niche Market Focus:

Since its founding, The Agora has focused on niche markets often overlooked by mainstream media. Through this strategy, they were able to cater to specific audiences with unique interests, resulting in loyal subscribers. 

In their first publication, "International Living," they targeted individuals interested in living, investing, and retiring overseas - a niche not widely covered by other publications.

2. Quality Content:

Content quality has always been a priority at the Agora. Their well-researched, insightful, and often unconventional viewpoints have engaged and retained readers. By focusing on quality, they build credibility and trust with their audience.

3. Diversification of Publications: 

The Agora's portfolio grew steadily as it added publications across a variety of domains, such as finance, health, travel, and lifestyle. As a result of this diversification, they were able to broaden their market reach as well as mitigate risks associated with relying solely on one publication or market segment.

4. Global Expansion: 

Early on, the Agora recognized the importance of having a global presence. Their footprint expanded beyond the United States, establishing a presence in cities like Paris, London, and Melbourne. By expanding internationally, they were able to reach new markets and gain a diverse audience.

5. Adaptation to Digital Media: 

The Agora adapted by creating online content and offering digital versions of their publications with the advent of the internet and digital media. They were able to reach a wider audience and keep up with changing consumer preferences as a result of this shift.

6. Direct Marketing and Sales Techniques: 

Direct marketing is one of the Agora's most effective strategies. Their publications and products are promoted through persuasive copywriting and targeted marketing campaigns. 

To attract new subscribers to their financial newsletters, the Agora uses Video Sales Letters (VSLs).

It could be said that this is where the majority of their effort is concentrated. 

A VSL is a visually appealing video that effectively communicates the value of a newsletter, provoking the interest of future subscribers.

7. Independent and Decentralized Structure:

The Agora operates independently, allowing for greater flexibility, innovation, and entrepreneurship. It facilitates creativity and responsiveness by allowing each entity to focus on its strengths and market needs.

The Bottomline:

This multifaceted strategy, which combines quality content, diversification, global expansion, digital adaptation, effective marketing, and decentralized structure, accounts for the Agora's success. With this approach, they have built a robust and resilient business model in a competitive industry.

B2B Buying is Complex

One of the fundamental differences between B2B and B2C buying is that B2B Buying is a Committee Buying. There is more than one person involved (directly or indirectly) in the buying cycle. 

The typical buying group for a complex B2B solution involves 6-10 people.

If for example you are buying a software tool for your engineering team, the buying committee may involve the following people: 

1. Decision Maker  - Example: VP of Engineering - Makes the final decision and signs the contract.

2. Champion - Example: Engineering Lead - Responsible for endorsing the tool to make sure his team performs well.

3. User (Influencer) - Example: Software Engineer - Responsible for using the tool in daily life and delivering desired results. Users influence the champion a lot, and have a say in the buying decision.

Buyers find it increasingly difficult to make purchases due to these factors. According to Gartner, more than three quarters of customers described their purchase as complex or challenging. 

What B2B Can Learn From “The Agora”?

At a very high level, the B2B buyer's journey can be categorized into three steps:

1. The buyer becomes aware that there is a problem.

2. Buyers define their problem and investigate options for solving it at the consideration stage.

3. The buyer selects a solution at the decision stage.

Most marketers understand the journey, and try to map content from top to bottom of the funnel to convert a prospect into a customer.

However, most organizations are only focusing their content efforts on the decision makers, maybe sometimes on the champions, but never on the users (influencers). 

It’s important to focus on these three personas as separate niches while building your content marketing strategy. 

Like The Agora’s niche approach, all personas involved in the buying process should be engaged in a strategic manner with the goal of building trust with the brand. 

For example: B2B companies should not shy away from running separate newsletters or podcasts for different audiences. 

Here is a more tangible example for you on how to think about planning deliverables - 

Hope you get the idea. Let me know if you have any questions.

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What Do You Think?

This concludes this edition of Fresh Salmon.

I would like to hear what you thought of today's newsletter.

Also, let’s connect on Twitter, LinkedIn, or TikTok.

Cheers,

Vivek

PS. I love you ❤️