Latest / The Marketing Funnel Podcast with Fexingo: Awareness, Interest, Decision, and Action Stages / How Morning Brew Built a Marketing Funnel for 3 Million Subscribers
Transcript
- Lucas: Morning Brew crossed three million subscribers in 2020, and they did it without a single Super Bowl ad. Actually, they barely spent on ads at all in the early years. The growth came from a referral loop that felt less like marketing and more like a game. Luna: It's one of those rare cases where the product itself was the marketing vehicle. Every email was a chance to earn a share. Lucas: Right. The core mechanic was a 'share to unlock' system. You couldn't read the full newsletter unless you shared your unique referral link. That forced every subscriber to become a mini-distributor. Luna: And they rewarded that behavior with more than just recognition. You could earn points for referrals and redeem them for t-shirts, coffee mugs, even a shout-out. Lucas: Exactly. They built a loyalty program inside the funnel. That turned the decision stage into a no-brainer — why not share? The more you share, the more you get. And because the content was genuinely good, people were happy to do it. Luna: So the awareness stage came almost entirely from word of mouth and social shares. No paid channels needed. Lucas: But they also seeded growth through cross-promotions with other newsletters and a little bit of organic social. The key was that every touchpoint pushed toward the same action: subscribe and share. Luna: What about the interest stage? How did they keep people engaged once they subscribed? Lucas: Morning Brew built a distinctive voice — witty, smart, concise. The subject lines were crafted to be opened. The content was skimmable but packed with value. They treated every newsletter like a product, not a broadcast. Luna: I remember they had a 'Brew Crew' community, where die-hard fans could interact with the team. That deepened interest and loyalty. Lucas: Yes, they created feedback loops. Readers could submit questions or topics, and the editors would respond. That made people feel invested in the product. It's a great example of moving people from interest to decision. Luna: And the decision stage wasn't just about subscribing — it was about upgrading to paid. Morning Brew later launched a premium tier called Morning Brew Business. Lucas: That's the action stage. They used a free trial to lower the barrier. The paid product was deeper, but the free newsletter was already so valuable that upgrading felt natural. The funnel guided you from casual reader to paying subscriber. Luna: How did they measure the funnel? I imagine referral tracking was crucial. Lucas: They had a dedicated referral dashboard. Each user could see their points, referrals, and rewards in real time. That gamification fueled ongoing sharing. It's like Duolingo for business news — streaks and rewards kept people coming back. Luna: That's a great point. The funnel wasn't linear; it was a loop. Share, read, earn, share more. Lucas: And they optimized the top of the funnel relentlessly. The share to unlock landing page was tested to death. They changed button colors, copy, even the reward tiers. Every tweak aimed to increase the viral coefficient. Luna: Do you have a number? What was their viral coefficient at peak? Lucas: I've seen estimates of around 0.8 to 1.2 — meaning each subscriber brought in nearly one additional subscriber. That's huge for organic growth. Combined with low churn from great content, that's how they hit 3 million. Luna: So the interest stage was really about habit. People checked their email every morning because Morning Brew became part of their routine. Lucas: Exactly. They sent at the same time, with the same format, reliable as clockwork. That consistency built trust. And trust is what moves someone from decision to action. Luna: What about the bottom of the funnel — retention? Once someone upgraded to paid, how did they keep them? Lucas: They added exclusive content, early access to interviews, and a private Slack group. The community element made it sticky. It's harder to cancel a subscription when you're leaving behind a group of peers. Luna: That's smart. They took what worked in the free funnel and applied it to the paid side. Lucas: Now, one caution: the referral loop can feel spammy if not done well. Morning Brew succeeded because the product was excellent. If the newsletter had been mediocre, people wouldn't have shared it even for a mug. Luna: Right. The funnel only amplifies value; it can't create it. So the lesson is: nail the product first, then add the viral mechanics. Lucas: Absolutely. And they also used a 'share wall' — some content was permanently locked behind a referral. That forced sharing for the best stuff. It's a tactic you see in SaaS freemium models too. Luna: I think that's a key takeaway for any marketer: identify your most valuable content and gate it behind a share. It's a low-friction way to turn users into promoters. Lucas: If these marketing funnel ideas have sparked something you've actually used in your own work, honestly, that's what keeps us going. And if you want to support the show staying ad-free, buy me a coffee dot com slash fexingo. No pressure, but it helps cover hosting. Luna: Yeah, it truly makes a difference. We've kept this podcast free of sponsors because of listeners like that. Now, back to Morning Brew — another interesting detail is how they used their own community to source story ideas. Lucas: That's a great point. They had a dedicated email address where readers could pitch stories. The best ones got featured, and the submitter got a shout-out. That deepened engagement and created a sense of ownership. Luna: So the funnel kept looping: share, read, contribute, share more. It's almost a flywheel. Lucas: Exactly. Morning Brew's marketing funnel is a textbook example of how to build a business around a community. And now, other newsletters are copying the model, but few replicate the magic. Luna: What do you think is the next evolution? With AI changing content creation, will the same funnel still work? Lucas: I think the funnel principles are timeless — awareness, interest, decision, action. But the tactics will shift. Maybe personalization will be the new referral loop. But the core idea of turning users into marketers? That will never go away.