I got a call from a publisher last year who was struggling to grow their list.
They were struggling to grow it with subscribers who actually engaged.
Same problem I see everywhere:
Plenty of volume available
Decent cost per lead on paper
But engagement was tanking as the list grew
Their list was growing. Their revenue wasn't.
Because they were adding subscribers who would never open and click their emails.
What They Changed
They stopped acquiring subscribers based on where they came from.
And started acquiring them based on what they did.
Before:
Co-reg acquisition
Generic lead buys
"Good enough" traffic sources
Anyone who opted in, regardless of intent
After:
Smart Leads — subscribers added only after a verified email click inside related content
No Email Click = No Lead.
If someone didn't actively engage with content similar to what this publisher creates, they didn't get added to the list.
Simple filter. Massive difference.
What Happened Next (The Real Numbers)
They tested 2,000 subscribers acquired through Smart Leads.
After 60 days, here's what happened:
📊 88% opened at least one email (1,759 out of 2,000)
📊 55% clicked (1,104 subscribers actively engaged)
📊 78% of clickers still active after 60 days (859 still clicking)
📊 Cost per subscriber: $0.50
Read that engagement rate again: 78% of people who clicked are still clicking 60 days later.
That's not just subscriber growth. That's building an audience that actually wants your content.
This flipped the entire model:
Higher engagement rates from day one
Better retention (subscribers actually want the content)
Lower churn (only 12% churned over 60 days)
Stronger revenue per subscriber
They weren't just building a bigger list. They were building a better business.
Why That Matters (And Why Most Lists Break)
Most lists grow like this:
📈 Total subscribers
📉 Active subscribers
You're adding people faster than you can keep them engaged. Your list gets bigger, but your reach gets smaller. Eventually, you're sending to a massive list and wondering why revenue is flat.
This publisher's list flipped:
📈 Active subscribers (78% still clicking after 60 days)
📉 Dead weight (only 12% churned)
Which meant:
Higher engagement rates (people actually wanted the content)
Better revenue per send (engaged readers = better monetization)
Faster growth of the audience that actually matters
At $0.50 per subscriber with 55% clicking and 78% retention after 60 days, you're building an asset—not just a list.
The Part Most Publishers Miss
Here's what nobody tells you about list growth:
The quality of your acquisition source determines the quality of your entire business.
You can spend money acquiring subscribers who will never engage.
Or you can spend the same money acquiring subscribers who showed intent before they even subscribed.
The difference?
One builds a list. The other builds a business.
Those Smart Leads subscribers weren't just names added to a database. They were people who:
Matched the same audience as the newsletter
Were verified to have recent email click activity
Were already consuming related content
They were pre-qualified for engagement.
That's why 88% opened. That's why 55% clicked. That's why 78% were still active 60 days later.
You can't monetize subscribers who don't engage.
What This Actually Means for Revenue
Let's talk about what this looks like as a business.
Let’s be conservative conservative, as the results I shared in this example are based on a high-quality newsletter with a strong brand.
If you acquire 10,000 subscribers through Smart Leads:
Cost: $5,000
Expected clickers: ~3,500
Still active after 60 days: ~2,730
That's 2,730 engaged, revenue-generating subscribers who actually want your content.
Not just names on a list. Not people who opted in once and disappeared.
Active readers who open, click, and stay subscribed.
That's the foundation of a real newsletter business.
The Lesson
List size is a vanity metric.
Engaged list size is the only metric that matters.
You can have 500,000 subscribers and only 50,000 who actually read your emails.
Or you can have 50,000 subscribers and 45,000 who actively engage.
Guess which business makes more money?
Before you spend another dollar on subscriber acquisition, ask yourself:
"Are these people actually going to engage with my content?"
If the answer is "maybe" or "I don't know"—you're buying the wrong leads.
Want to know if your acquisition sources are building an engaged audience?
We have 5 Free Acquisition Source Audits this week.
We'll look at where your subscribers are coming from, how they're engaging (or not), and show you exactly which sources are building a valuable audience vs. just adding names to your list.
(If you're acquiring subscribers from multiple sources and don't know which ones are actually driving engagement, you need this call.)
That’s the difference between list growth that looks good, and list growth that actually scales.
More real examples soon — including what didn’t work.
Let’s continue building communities,
Chris Miquel
P.S. Quick question: What percentage of subscribers you acquired 60 days ago are still clicking your emails today? If you don't know the answer, that's the problem.
