Latest / The Newsletter Podcast with Fexingo: Substack, Beehiiv, and Email Newsletter Business / How Newsletters Are Using Sponsored Deep Dives
Transcript
- Lucas: Morning Brew has been a machine when it comes to selling sponsorships, but one format they've really refined over the past couple years is what they call the sponsored deep dive. Luna: A sponsored deep dive — not a banner ad, not a mention in the middle of a roundup, but a full-on narrative piece paid for by a brand. Lucas: Exactly. And it's not just Morning Brew. You see this on Substack, on Beehiiv, in independent newsletters. A brand pays the writer to produce a long-form piece that feels like a natural extension of the newsletter's usual content. Luna: So how does that actually work in practice? I mean, if I'm a writer, how do I pitch this to a brand without sounding like I'm selling out? Lucas: That's the key — you don't want it to read like an ad. The best deep dives are genuinely useful. Take The Browser, a daily newsletter that curates five interesting articles. They did a sponsored deep dive with Amazon Web Services on the history of cloud computing. It was a 1,500-word piece that traced the evolution from mainframes to AWS Lambda. It was interesting, it was informative, and it happened to position AWS as the leader in that story. Luna: Right, and the audience gets value from it. They learn something. The brand gets association with that insight. The writer gets paid. It's a three-way win if it's done well. Lucas: And the rates can be substantial. For a newsletter with 50,000 subscribers, a sponsored deep dive might go for $2,000 to $5,000. For bigger lists like Morning Brew's — they've got over 4 million subscribers — a deep dive can cost north of $50,000. Luna: So what's the breakdown? Is it a flat fee, or are they paying based on performance? Lucas: Usually flat fee. The brand pays a set amount for the piece to be written and sent to the full list. Sometimes there's a cost per click or cost per lead element on top, but the base is a flat sponsorship. And the writer keeps editorial control. That's crucial. Luna: Editorial control meaning the brand doesn't get to approve every word. Lucas: Right. The writer says, 'I'll write a piece on this topic, you can suggest angles, but I have final say.' That protects the writer's voice and the trust of the audience. If readers feel like the piece is just a press release, they'll unsubscribe. Luna: And the deep dive is usually sent as a separate email, not mixed in with the regular newsletter, right? Lucas: Sometimes it replaces the regular newsletter for that day, sometimes it's a standalone send. The key is transparency — most writers put a clear disclosure at the top: 'This piece was sponsored by X.' Readers appreciate the honesty. Luna: The thing is, I've talked to writers who are hesitant to do this. They worry about selling out, or they think their audience will hate it. Lucas: And that's a real concern. But the data shows that if the content is high-quality and relevant, readers don't mind. In fact, some of the highest engagement rates on Morning Brew happen on their deep dive days. People forward them to colleagues. They save them. Luna: One example that comes to mind is a deep dive Salesforce sponsored with a B2B newsletter called The Hustle. They did a piece on the future of CRM, and it performed better than the editorial content that week. Lucas: Because it had original reporting. The writer interviewed Salesforce executives and customers, but also competitors. It was a balanced look at the space. That's the gold standard. Luna: So if I'm a small newsletter with 5,000 subscribers, can I still do this? Or do you need a big list to attract sponsors? Lucas: You can absolutely do it with a small list if your audience is highly niche and engaged. A newsletter about supply chain logistics with 5,000 subscribers could land a deep dive sponsorship from a logistics software company because every single reader is a potential buyer. Luna: So it's about audience quality over quantity. Lucas: Exactly. Brands care about relevance. If your readers match their target customer, they'll pay a premium. I've seen newsletters with 10,000 subscribers charge $3,000 for a deep dive because their audience is all C-suite executives in a specific industry. Luna: That's encouraging for independent writers. Let's talk about the pitch. How do you approach a brand? Lucas: First, you need a media kit that shows your subscriber count, demographics, open rates, and past engagement. Then you propose a specific topic idea. Don't say 'we do sponsorships.' Say 'I'd love to write a 2,000-word piece on how your industry is being disrupted by AI, featuring insights from your team.' Luna: So you're selling the content idea, not just the ad space. Lucas: Right. And you should have a rate in mind. A common formula is $50 to $100 per thousand subscribers for a deep dive. So for 10,000 subscribers, that's $500 to $1,000. But if you have strong engagement, you can go higher. Luna: What about metrics? How do you prove it worked? Lucas: You track open rates, click-through rates, and any actions the brand cares about — like sign-ups or downloads. Most brands want to see a post-campaign report. Some writers also include a unique tracking link or a dedicated landing page. Luna: And the brand often shares the piece on their own channels too, so you get extra exposure. Lucas: Exactly. It's a partnership. And if the deep dive performs well, it can lead to a recurring sponsorship — a series of deep dives over several months. Luna: Speaking of that, I know of a few newsletters that have turned deep dive sponsorships into ongoing branded content series. That seems like a sustainable model. Lucas: Absolutely. For example, the newsletter 'Not Boring' by Packy McCormick did a series of sponsored deep dives with a venture capital firm. Each piece explored a different technology trend. The firm got its name in front of a highly engaged audience of investors and founders. Luna: And the readers got high-quality analysis. That's the win-win. Lucas: Now, there is a risk. If you do too many sponsored deep dives, readers might start to tune out or question your independence. So you need to be selective. Maybe one deep dive per month or per quarter, depending on your publishing frequency. Luna: Quality over quantity, even in sponsorship. Lucas: Yeah. And always maintain the right to say no. If a brand wants you to write something you don't believe in, you turn it down. Your reputation is worth more than the check. Luna: That's a good note to end on. So, for newsletter writers listening, the takeaway is: find brands whose audience overlaps with yours, pitch them a compelling story idea, and charge a fair rate based on your subscriber count and engagement. And if you do it right, sponsored deep dives can become a meaningful revenue stream. Lucas: And for marketers listening, this is a format worth testing. Newsletter readers are loyal and engaged. A well-crafted deep dive can drive more qualified leads than a typical display ad. Luna: Alright, I think that's a wrap for today. Lucas: If these marketing conversations have sparked something you've actually used, there's a small group of listeners who chip in monthly through buy me a coffee dot com slash fexingo. It's a simple way to keep the show ad-free. Luna: Yeah, and we really appreciate that. It helps us keep producing episodes like this one. Lucas: On that note, if you're curious about how to structure your first sponsored deep dive, we'll put a template media kit in the show notes. Thanks for listening.