How to Grow on Substack - An Empirical Research

Insights from a first-time author navigating growth on Substack. Don’t take it too seriously...

Jan 27, 2025

Hi, Investor! 👋

Before diving into the article, here are a few initial thoughts:

This is, and will always remain, a value investing newsletter. When I started writing, my goal was to help people, especially with investing. Over the past few months, I noticed a growing interest in understanding Substack better - so I decided to experiment and share what I’ve learned along the way.
I’m an analyst, not a hacker. Don’t expect me to reveal Substack’s source code. This is an empirical experiment based on my own account, conducted in collaboration with a few friends.
I’m not big on Substack, so don’t see me as an authority on the subject - just as a friend figuring things out and wanting to grow alongside you.

Everyone wants to grow on Substack, and I’m no different. I want to build an audience and add value through increasingly high-quality content.

Substack is still a relatively new platform for most writers, and many of us are trying to understand how the algorithm works and how to grow effectively. I’ve been thinking about how I can also add value to others in this space - stepping slightly outside my financial market niche, but leveraging transferable skills, like data analysis.

So, I decided to analyze my own Substack, running experiments and testing what works (and what doesn’t) when it comes to growth on this platform.

1. General Data

I created my Substack account at the end of 2023, though I only started posting consistently in November 2024. Initially, it was called The Alchemy of Finance, as my focus was solely on fintechs and banks. However, I later rebranded it to Jimmy's Journal to broaden the target audience and cover topics that align more closely with my personal interests.

Today, after two months of taking the platform seriously and posting 2-3 times a week, I’ve already gathered 450 subscribers.

Considering it’s been 60 days since then, we can say I’m growing at an average rate of 7.5 subscribers per day.

However, this growth hasn’t been linear. In fact, 70% of my subscribers joined between December 10 and January 10, despite the holiday season. During this period, my addition rate was 10.5 per day. Before that, it was just 2.33 per day.

I currently have 714 followers, which corresponds to a conversion rate of 62% compared to 450 subscribers. The growth rate for followers is 58% higher, averaging 11.9 additions per day. This can be partially attributed to the frequency of notes I publish daily, which I aim to keep between 4-5 per day.

2. Post Frequency:

I set a goal of posting 4-5 notes daily, which results in around 28 notes over 7 days.

For traditional posts, which require much more effort, I set a weekly target of 3.

In total, that’s 28 notes vs. 3 long posts at the end of a 7-day period.

Enjoying the content so far? Why not subscribe?

3. The Anatomy of Growth:

I was honestly struggling to understand the growth of my Substack.

My deep dives—the highest-value content an investment account can produce—generated an average of 6 new subscriptions per post. If I stick to my current pace of one deep dive per week, that would translate to only 0.8 new subscribers per day.

Moreover, the conversion rate is only 2%.

Deep Dives: (Long-form posts)

It didn’t make sense to add just 0.8 subscribers/day while my Substack was actually growing by 8-10 per day…

Until Substack launched analytics for each note. That was a game-changer for understanding what was really happening.

Substack Notes:

Many call it the Twitter feed, but we can call it a "source of accelerated growth."

I’ve probably posted around 300 notes since I started my Substack.

Two of them went viral, each with over 450 clicks.

The two viral notes brought in 95 and 101 subscribers, as shown in the images below:

Note #1:

Note #2:

Two notes account for 50% of my total subscribers. This is Pareto's law in its purest form.

As you can see, the conversion rate is incredible, hovering around 20%. That’s significantly higher than the deep dives I publish weekly, which require much more effort.

Some other notes also received meaningful comments and likes, but they weren’t delivered to a wider audience:

Note #3:

Note #4:

Don’t Miss Out! Make sure you're subscribed to receive our future posts!

4. What Do They Have in Common?

Everyone already knows the generic growth formula: (i) publish content daily—after all, out of sight, out of mind; (ii) engage with posts from others in related niches; and (iii) be kind.

Here, I want to delve into a more micro aspect: what sets viral notes apart from those that didn’t go viral?

4.1. Clarity in Value Proposition

Clarity about what the audience can expect is critical. Viral notes explicitly state the benefits readers will gain, whether it's investment insights, actionable strategies, or in-depth analyses. Clear messaging like "Subscribe to get investment tips and strategies" or "Follow for deep dives into finance and crypto" ensures the value is understood at a glance, leaving no room for confusion.

4.2. Personal and Welcoming Tone

A personal and welcoming tone makes readers feel directly addressed and valued. It creates an approachable and conversational atmosphere that encourages readers to engage. Simple language, relatable phrases, and even emojis contribute to this tone, making the content feel less formal and more like a conversation with a friend. Phrases like "Hi everyone! 👋" or "Let’s grow together 🚀" signal openness and build rapport.

4.3. Targeted Segmentation (Reader Identification)

A well-defined audience helps the content resonate deeply. Viral notes often address specific groups, such as long-term investors, finance enthusiasts, or entrepreneurs. This segmentation makes readers feel seen and understood, increasing their likelihood of engaging. Phrases like "If you invest in stocks" or "Are you passionate about business and growth?" act as a mirror, aligning the content with the reader’s interests.

4.4 Call to Action (Engagement Invitation)

A strong and clear call to action (CTA) invites readers to take the next step, whether it’s subscribing, following, or commenting. Viral notes often use phrases like "Subscribe to stay updated" or "Drop your interests below—I’d love to hear about them!" This direct invitation makes readers feel involved and encourages active participation, which increases visibility and engagement.

Notable Insight: Words like "subscribe" and "follow me" appear to perform exceptionally well in boosting engagement, likely due to their direct connection to audience-building actions.

4.5. Community and Exclusivity Elements

Creating a sense of belonging and exclusivity makes the content more appealing. Viral notes often emphasize shared interests and growth opportunities, such as "Let’s grow together" or "Join a community of like-minded individuals." This fosters a feeling of being part of something special, which enhances emotional engagement and strengthens the relationship with the audience.

By emphasizing these elements, the notes invite readers to not just consume content but to become active participants in a shared journey.

Join us in the Jimmy's Journal chat and connect with a growing community of investors: