How Alex Lieberman and Austin Rief Transformed Business News with Morning Brew
Company profile
Company business details
Motivation to build the product
The founders were motivated by the need to make business news more engaging and accessible for young professionals, who often found traditional news formats to be dry and unappealing. They aimed to create a product that would resonate with Millennials and Gen Z, making it easier for them to stay informed.Problem that their product solves
Morning Brew addresses the problem of overwhelming and uninteresting business news, particularly for younger audiences. The end users are young professionals who need to stay updated on business trends and news but prefer a more engaging and relatable format. Solving this problem is important as it helps these individuals make informed decisions in their careers and personal lives.Their unfair advantage
Morning Brew's unfair advantage lies in its unique and engaging writing style that appeals to younger audiences, setting it apart from traditional business news outlets.Strategies
Pre-Launch (Product Development & MVP)
Direct Email Collection in Lecture Halls
Austin Rief and Alex Lieberman devised a strategy to collect emails from students in large lecture halls. Austin would walk around the lecture hall with a printed Excel document, directly asking students for their emails. This approach was akin to door-to-door sales, where Austin would make eye contact and insistently request their emails. This method proved effective, as Austin noted that if he spoke in front of 500 people, he would collect 500 emails, leading to a significant initial subscriber base.
Leveraging Public Speaking for Email Sign-Ups
Austin Rief capitalized on his public speaking opportunities to gather emails. He recognized that public speaking was a common fear, and by addressing large groups, he could effectively collect emails. After initially pitching the newsletter in class and receiving minimal sign-ups, he adapted his approach by directly asking for emails, which resulted in a much higher collection rate.
Focus on Core Product
In the early days of Morning Brew, the founders, Austin and Alex, decided to focus solely on creating the best possible newsletter. They ignored advice from media executives to pivot to video or raise large amounts of money for other projects. Instead, they dedicated their efforts to refining their daily email newsletter, which allowed them to build a strong foundation and a loyal subscriber base. This focus on a single product helped them grow their audience significantly before expanding into other areas.
Leveraging Cross-Promotions with Other Newsletters
As Morning Brew began to grow, Alex and Austin identified that cross-promotions with other newsletters were a powerful way to acquire new subscribers. They tracked the engagement of their readers based on the source of their sign-ups and discovered that subscribers from other newsletters were more engaged. To capitalize on this, they reached out to other newsletter creators and offered to help them build their ad business in exchange for ad space in their newsletters. This strategy allowed them to tap into established audiences and significantly increase their subscriber count.
Content Creation through Community Engagement
In the early days of Morning Brew, Alex Lieberman and his co-founder Austin Rief reached out to students who were reading their newsletter, inviting them to contribute as writers. They created a rotation of about eight writers from different universities who would write two stories a week for the newsletter. This not only diversified the content but also engaged the community, allowing students to get their words in front of a larger audience. This strategy helped build a sense of ownership and community around the newsletter, which was crucial for its growth.
Learn more about Morning Brew
The Crazy Ones Podcast: Austin Rief and Alex Lieberman
How Morning Brew Grew to 6 Million Subscribers and $70 Million Revenue | Austin Rief
Morning Brew’s Co-founders Share Secrets Behind $75 Million Success
