Latest / The Newsletter Podcast with Fexingo: Substack, Beehiiv, and Email Newsletter Business / The Newsletter Growth Engine You Are Probably Overlooking
Transcript
- Lucas: So there's this metric that almost nobody in the newsletter space talks about, and I think it's actually the most important one for organic growth. Luna: Okay, I'm intrigued. Which metric? Lucas: The share-forward rate. Or sometimes called forward to open ratio. It's the percentage of people who open your newsletter and then click the 'forward to a friend' button or share it directly. Luna: Right, and I bet most creators don't even track that. Lucas: Exactly. Beehiiv released their 2025 newsletter benchmarks a few weeks ago, and the average forward to open ratio across all newsletters on their platform is about three point two percent. That means for every hundred opens, roughly three people share it. That number seems tiny, but when you do the math, it's incredibly powerful. Luna: How so? Lucas: Let's say you have ten thousand subscribers and a forty percent open rate. That's four thousand opens per send. At three point two percent forward rate, that's about a hundred and twenty-eight shares. If each share brings in, on average, one new subscriber — which is conservative — you're adding a hundred and twenty-eight subscribers per send. Over twenty-six sends a year, that's over three thousand new subscribers. And that's just from forwarding. Luna: And that's all free. No ad spend, no sponsorship swaps. Lucas: Zero cost. But the real insight is what happens if you improve that rate. If you bump it from three point two percent to four percent, you're adding about a hundred and sixty subscribers per send instead of a hundred and twenty-eight. Over a year, that's an extra eight hundred subscribers. Compound that over two years and the difference is massive. Luna: So how do you actually increase that forward rate? I feel like most newsletters just have a tiny 'share this' link at the bottom that nobody clicks. Lucas: That's exactly the problem. Most creators treat sharing as an afterthought. They put a social sharing icon in the footer, or they add a 'forward to a friend' link in the same font as the rest of the email. But the newsletters that see high forward rates do something different. Luna: Like what? Give me an example. Lucas: Take the newsletter 'Marketing Examples' by a writer named Harry Dry. He has a simple box at the top of every email that says 'If you enjoyed this, please forward it to one person who would find it useful.' No buttons, no icons. Just a single line of text. His forward rate is reportedly north of six percent. Luna: Interesting. So the placement matters. It's not buried at the bottom. Lucas: Exactly. Top of the email, above the fold. But there's another tactic that's even more effective: making the share action part of the content itself. For example, some newsletters include a 'one-sentence summary' that readers can copy and paste into a message or social post. That removes friction entirely. Luna: So you're giving them the words to share. That's smart. Lucas: It works because people want to share something that makes them look knowledgeable or helpful. If you make it easy for them, they'll do it. Beehiiv's data actually shows that newsletters with a pre-written share snippet see forward rates about forty percent higher than those without. Luna: That's a huge difference. So what about referral programs? Like the 'refer X friends and get a free sticker' model? Lucas: They can work, but they often backfire if not done carefully. The problem is that many referral programs feel transactional. The reader shares the newsletter because they want the reward, not because they genuinely think someone else will benefit. That can lead to low-quality subscribers who don't engage. Luna: And then your open rates drop, your deliverability suffers... Lucas: Exactly. The best referral programs are the ones that align with the reader's identity. For example, the newsletter 'Stratechery' by Ben Thompson doesn't have a formal referral program, but he includes a line at the bottom of every free article: 'If you find this valuable, consider sharing it with a colleague.' It's subtle, but it works because his readers see themselves as industry insiders. Luna: So it's about tapping into the reader's sense of belonging, not just their desire for a freebie. Lucas: Right. And there's another angle that's often overlooked: the social proof of sharing. When someone forwards your newsletter, they're implicitly endorsing it. That endorsement is worth far more than any ad. Luna: Yeah, word of mouth has always been the gold standard. But how do you measure it properly? Most email platforms don't show forward rates by default. Lucas: That's true. Beehiiv and Substack both track forwards, but you have to dig into the analytics. On Substack, it's under 'Referrals'. On Beehiiv, it's in the 'Growth' tab. But you can also set up a custom UTM parameter on your share links and track clicks through Google Analytics. It's a bit of work, but worth it. Luna: So once you have the data, what's the first thing you should optimize? Lucas: I'd start with the placement of the share prompt. If it's at the bottom, move it to the top. Then test the wording. Instead of 'Share this email', try 'Know someone who would love this? Forward it to them.' Personal, direct, and action-oriented. Luna: And test one variable at a time, obviously. Lucas: Obviously. But the bigger point is that most newsletter creators are so focused on growing their list through ads, cross-promotions, and SEO that they forget about the subscribers they already have. Each one of them is a potential distribution channel. Luna: It's like having a sales team you're not paying. Lucas: Exactly. And the best part is, these subscribers are already engaged. They chose to be on your list. So when they share, the person they share with is much more likely to subscribe and stay subscribed. Luna: I want to go back to the Beehiiv benchmarks for a second. You mentioned three point two percent is average. What do the top performers look like? Lucas: The top ten percent of newsletters on Beehiiv have a forward to open ratio above eight percent. And the very best — newsletters like 'The Hustle' before it was acquired — were reportedly around twelve percent. That's four times the average. Luna: So if you're at three percent, there's huge room for improvement without changing your content at all. Lucas: Exactly. It's a low-hanging fruit that most people ignore. And it compounds. If you improve your forward rate by just one percentage point, and you send weekly, over a year you could add thousands of subscribers. Luna: This episode alone has me thinking about how I share newsletters. I usually just copy the link, but I never forward the actual email. Lucas: That's another point. The forward action is easier than clicking a link. Most email clients have a built-in forward button. So if you ask people to forward, you're using existing behavior patterns. Luna: Right, it's one click versus multiple steps. So we should probably also talk about social sharing buttons. Do they help? Lucas: They can, but they're often overused. I've seen newsletters with twelve different social icons. That's overwhelming. Pick two platforms where your audience actually hangs out. For most B2B newsletters, that's LinkedIn and Twitter. For B2C, maybe Instagram and Facebook. Luna: And position them prominently, not just in the footer. Lucas: Exactly. Some newsletters put a 'share on LinkedIn' button right next to the main takeaway of the email. That's genius because the reader doesn't have to think about what to post. Luna: It's all about reducing friction. I think a lot of creators overestimate how much effort their readers are willing to put in. Lucas: Yeah, and if these marketing conversations have sparked something you've actually used in your own newsletter, or if you're thinking about starting one, we just want to mention that listener support is what keeps this show ad-free. If you find value in what we do, you can support us at buy me a coffee dot com slash fexingo. Luna: Exactly. It helps us keep doing deep dives like this without sponsors or ads. And we really appreciate it. Lucas: Anyway, back to the topic. I want to mention one more tactic that's underused: the 'shareable quote' format. Some newsletters include a pull quote that's designed to be screenshotted and shared on social media. It's a visual asset that spreads your brand. Luna: Oh, I've seen that. Like a highlighted sentence with the newsletter logo at the bottom. Lucas: Exactly. Beehiiv even has a built-in tool that generates those automatically. Newsletters that use it see about a thirty percent increase in social shares, according to their data. Luna: So we're talking about a multi-pronged approach: top placement, pre-written snippets, shareable quotes, and focusing on a couple of social platforms. Lucas: And then measuring. Because without measurement, you're just guessing. I'd recommend setting a goal to increase your forward rate by one percentage point over the next three months. Track it weekly, test one change at a time. Luna: One final question: what's the single biggest mistake you see newsletter creators make regarding sharing? Lucas: They don't ask. They assume that if people like the content, they'll share it. But that's not how it works. You have to ask explicitly. And not just at the bottom of the email, but in the middle, at the top, and sometimes even in the subject line. Luna: Interesting. Have you seen any examples of subject lines that drive sharing? Lucas: There's a newsletter called 'Trends' that sometimes uses subject lines like 'Forward this to someone who needs to hear this'. It's direct, and it works because it frames the email as something worth passing along. Luna: That's clever. It also creates a sense of urgency or importance. Lucas: Exactly. So to wrap up: if you're a newsletter creator, look at your forward rate today. If it's below five percent, you have room to grow. Start with placement, then wording, then measurement. And remember, every subscriber is a potential amplifier. Luna: Great advice. And I think we've given everyone a lot to think about. Thanks, Lucas. Lucas: Thanks, Luna. Talk to you next time.