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Oct 17, 2023 · 21m · top-founders

How to launch a Newsletter, get 7k Subs, first $5k Sponsor. SaaS Next?

CJ Gustafson · 13m spoken Nathan Latka · 5m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

Nathan Latka interviews CJ Gustafson, CFO at PartsTech and founder of Mostly Metrics, discussing how he built a top-tier finance newsletter with 35,000 subscribers and 7,000 verified CFOs. The conversation covers tactical audience acquisition, high-ticket enterprise sponsorship packaging, podcast network partnerships, and plans to launch a software company using content distribution.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 30% of the talking time here. How this is scored →

Nathan as informed peer 5.6 Guest teaching 2.9 Guest disagreement 1.5 Nathan pushing back 3.6
05100:0010:0020:001:12–3:17 · Nathan as informed peer 5/10 Operating Background: From Private Equity to FP&A at Snyk Nathan displays familiarity with Providence Equity Partners buyout structures and asks how CJ transitioned into operating roles at Veeam and Snyk. CJ cooperatively details his trajectory from consulting to leading sales ops and FP&A.3:17–6:24 · Nathan as informed peer 4/10 Origins of Mostly Metrics and Run the Numbers Podcast Nathan probes how CJ grew Mostly Metrics and launched the podcast. CJ shares his audience acquisition playbook, including keyword searching on Twitter and partnering with B2B tech platforms like Ramp.6:24–8:34 · Nathan as informed peer 6/10 First Paid Sponsorships and Pricing Evolution Nathan presses CJ for exact financial terms on his first Brex deal, forcing him past vague answers to confirm a rough figure of two thousand dollars per post across a twelve thousand dollar package.8:34–11:28 · Nathan as informed peer 7/10 Structuring Holistic Sponsorship Packages Beyond Simple Backlinks Nathan cites a specific article from July 2023 featuring Brex's Chief Strategy Officer that had an empty sponsor slot, challenging CJ's monetization consistency. When CJ claims he left it free to highlight a smart person, Nathan rejects the premise that high editorial quality and sponsorships are mutually exclusive.11:29–14:20 · Nathan as informed peer 7/10 Creating Evergreen Content and Establishing Repeat Ad Campaigns CJ educates Nathan on why single-post ads fail for enterprise CFOs who need multiple brand touches across months. Nathan counters CJ's philosophy of giving away free content by calling it an excuse used by creators who fail to monetize.14:21–17:05 · Nathan as informed peer 6/10 Benefits of Partnering with the Turpentine Podcast Network Nathan questions why CJ shares podcast revenue with Turpentine Network when he could sell sponsors directly. CJ justifies the partnership by pointing to Turpentine's production support, guest booking power, and network cross-promotion.17:05–19:18 · Nathan as informed peer 6/10 Audience Breakdown: Engagement Rates and 7,000 CFO Subscribers Nathan breaks down email metrics mathematically, computing open and click-through numbers before drilling into audience qualification. CJ explains how his custom enrichment tool confirms that sixty percent of his seven thousand CFO subscribers are in SaaS.19:18–20:23 · Nathan as informed peer 4/10 The Famous Five Questions with CJ Gustafson Nathan runs through his signature Famous Five rapid-fire questions covering favorite books, sleep, and tools, concluding with a recap of CJ's business metrics.1:12–3:17 · Guest teaching 2/10 Operating Background: From Private Equity to FP&A at Snyk Nathan displays familiarity with Providence Equity Partners buyout structures and asks how CJ transitioned into operating roles at Veeam and Snyk. CJ cooperatively details his trajectory from consulting to leading sales ops and FP&A.3:17–6:24 · Guest teaching 3/10 Origins of Mostly Metrics and Run the Numbers Podcast Nathan probes how CJ grew Mostly Metrics and launched the podcast. CJ shares his audience acquisition playbook, including keyword searching on Twitter and partnering with B2B tech platforms like Ramp.6:24–8:34 · Guest teaching 2/10 First Paid Sponsorships and Pricing Evolution Nathan presses CJ for exact financial terms on his first Brex deal, forcing him past vague answers to confirm a rough figure of two thousand dollars per post across a twelve thousand dollar package.8:34–11:28 · Guest teaching 3/10 Structuring Holistic Sponsorship Packages Beyond Simple Backlinks Nathan cites a specific article from July 2023 featuring Brex's Chief Strategy Officer that had an empty sponsor slot, challenging CJ's monetization consistency. When CJ claims he left it free to highlight a smart person, Nathan rejects the premise that high editorial quality and sponsorships are mutually exclusive.11:29–14:20 · Guest teaching 5/10 Creating Evergreen Content and Establishing Repeat Ad Campaigns CJ educates Nathan on why single-post ads fail for enterprise CFOs who need multiple brand touches across months. Nathan counters CJ's philosophy of giving away free content by calling it an excuse used by creators who fail to monetize.14:21–17:05 · Guest teaching 4/10 Benefits of Partnering with the Turpentine Podcast Network Nathan questions why CJ shares podcast revenue with Turpentine Network when he could sell sponsors directly. CJ justifies the partnership by pointing to Turpentine's production support, guest booking power, and network cross-promotion.17:05–19:18 · Guest teaching 3/10 Audience Breakdown: Engagement Rates and 7,000 CFO Subscribers Nathan breaks down email metrics mathematically, computing open and click-through numbers before drilling into audience qualification. CJ explains how his custom enrichment tool confirms that sixty percent of his seven thousand CFO subscribers are in SaaS.19:18–20:23 · Guest teaching 1/10 The Famous Five Questions with CJ Gustafson Nathan runs through his signature Famous Five rapid-fire questions covering favorite books, sleep, and tools, concluding with a recap of CJ's business metrics.1:12–3:17 · Guest disagreement 1/10 Operating Background: From Private Equity to FP&A at Snyk Nathan displays familiarity with Providence Equity Partners buyout structures and asks how CJ transitioned into operating roles at Veeam and Snyk. CJ cooperatively details his trajectory from consulting to leading sales ops and FP&A.3:17–6:24 · Guest disagreement 1/10 Origins of Mostly Metrics and Run the Numbers Podcast Nathan probes how CJ grew Mostly Metrics and launched the podcast. CJ shares his audience acquisition playbook, including keyword searching on Twitter and partnering with B2B tech platforms like Ramp.6:24–8:34 · Guest disagreement 2/10 First Paid Sponsorships and Pricing Evolution Nathan presses CJ for exact financial terms on his first Brex deal, forcing him past vague answers to confirm a rough figure of two thousand dollars per post across a twelve thousand dollar package.8:34–11:28 · Guest disagreement 2/10 Structuring Holistic Sponsorship Packages Beyond Simple Backlinks Nathan cites a specific article from July 2023 featuring Brex's Chief Strategy Officer that had an empty sponsor slot, challenging CJ's monetization consistency. When CJ claims he left it free to highlight a smart person, Nathan rejects the premise that high editorial quality and sponsorships are mutually exclusive.11:29–14:20 · Guest disagreement 3/10 Creating Evergreen Content and Establishing Repeat Ad Campaigns CJ educates Nathan on why single-post ads fail for enterprise CFOs who need multiple brand touches across months. Nathan counters CJ's philosophy of giving away free content by calling it an excuse used by creators who fail to monetize.14:21–17:05 · Guest disagreement 2/10 Benefits of Partnering with the Turpentine Podcast Network Nathan questions why CJ shares podcast revenue with Turpentine Network when he could sell sponsors directly. CJ justifies the partnership by pointing to Turpentine's production support, guest booking power, and network cross-promotion.17:05–19:18 · Guest disagreement 1/10 Audience Breakdown: Engagement Rates and 7,000 CFO Subscribers Nathan breaks down email metrics mathematically, computing open and click-through numbers before drilling into audience qualification. CJ explains how his custom enrichment tool confirms that sixty percent of his seven thousand CFO subscribers are in SaaS.19:18–20:23 · Guest disagreement 0/10 The Famous Five Questions with CJ Gustafson Nathan runs through his signature Famous Five rapid-fire questions covering favorite books, sleep, and tools, concluding with a recap of CJ's business metrics.1:12–3:17 · Nathan pushing back 1/10 Operating Background: From Private Equity to FP&A at Snyk Nathan displays familiarity with Providence Equity Partners buyout structures and asks how CJ transitioned into operating roles at Veeam and Snyk. CJ cooperatively details his trajectory from consulting to leading sales ops and FP&A.3:17–6:24 · Nathan pushing back 2/10 Origins of Mostly Metrics and Run the Numbers Podcast Nathan probes how CJ grew Mostly Metrics and launched the podcast. CJ shares his audience acquisition playbook, including keyword searching on Twitter and partnering with B2B tech platforms like Ramp.6:24–8:34 · Nathan pushing back 5/10 First Paid Sponsorships and Pricing Evolution Nathan presses CJ for exact financial terms on his first Brex deal, forcing him past vague answers to confirm a rough figure of two thousand dollars per post across a twelve thousand dollar package.8:34–11:28 · Nathan pushing back 7/10 Structuring Holistic Sponsorship Packages Beyond Simple Backlinks Nathan cites a specific article from July 2023 featuring Brex's Chief Strategy Officer that had an empty sponsor slot, challenging CJ's monetization consistency. When CJ claims he left it free to highlight a smart person, Nathan rejects the premise that high editorial quality and sponsorships are mutually exclusive.11:29–14:20 · Nathan pushing back 6/10 Creating Evergreen Content and Establishing Repeat Ad Campaigns CJ educates Nathan on why single-post ads fail for enterprise CFOs who need multiple brand touches across months. Nathan counters CJ's philosophy of giving away free content by calling it an excuse used by creators who fail to monetize.14:21–17:05 · Nathan pushing back 5/10 Benefits of Partnering with the Turpentine Podcast Network Nathan questions why CJ shares podcast revenue with Turpentine Network when he could sell sponsors directly. CJ justifies the partnership by pointing to Turpentine's production support, guest booking power, and network cross-promotion.17:05–19:18 · Nathan pushing back 3/10 Audience Breakdown: Engagement Rates and 7,000 CFO Subscribers Nathan breaks down email metrics mathematically, computing open and click-through numbers before drilling into audience qualification. CJ explains how his custom enrichment tool confirms that sixty percent of his seven thousand CFO subscribers are in SaaS.19:18–20:23 · Nathan pushing back 0/10 The Famous Five Questions with CJ Gustafson Nathan runs through his signature Famous Five rapid-fire questions covering favorite books, sleep, and tools, concluding with a recap of CJ's business metrics.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 62% · guest 38%0:00 · Nathan 62% · guest 38%3:00 · Nathan 12.8% · guest 87.2%3:00 · Nathan 12.8% · guest 87.2%6:00 · Nathan 14.7% · guest 85.3%6:00 · Nathan 14.7% · guest 85.3%9:00 · Nathan 35.3% · guest 64.7%9:00 · Nathan 35.3% · guest 64.7%12:00 · Nathan 27.6% · guest 72.4%12:00 · Nathan 27.6% · guest 72.4%15:00 · Nathan 17.7% · guest 82.3%15:00 · Nathan 17.7% · guest 82.3%18:00 · Nathan 40.9% · guest 59.1%18:00 · Nathan 40.9% · guest 59.1%21:00 · Nathan 0% · guest 100%21:00 · Nathan 0% · guest 100%
Sharpest disagreement ▶ 13:30 CJ defends giving away free content

CJ firmly pushes back on the pressure to monetize every single popular post, arguing that giving massive value away builds the true foundation for long-term monetization.

 Hardest push from Nathan ▶ 10:45 Nathan refuses editorial vs sponsor dichotomy

Nathan directly challenges CJ's justification for leaving an interview unmonetized, stating that great content and paid sponsorships do not have to be mutually exclusive.

 Biggest teaching moment ▶ 11:28 CJ details enterprise B2B buying behavior

CJ educates Nathan on why one-off newsletter ads underperform for enterprise software sales, explaining that CFOs require multi-touch campaigns over several months to convert.

 Nathan holds their own ▶ 9:50 Nathan cites specific article with empty ad inventory

Nathan demonstrates deep preparation by citing the exact date, title, and empty ad banner of an interview with Brex's Chief Strategy Officer to interrogate CJ's sponsor retention.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Operating Background: From Private Equity to FP&A at Snyk 5211 Nathan displays familiarity with Providence Equity Partners buyout structures and asks how CJ transitioned into operating roles at Veeam and Snyk. CJ cooperatively details his trajectory from consulting to leading sales ops and FP&A.
Origins of Mostly Metrics and Run the Numbers Podcast 4312 Nathan probes how CJ grew Mostly Metrics and launched the podcast. CJ shares his audience acquisition playbook, including keyword searching on Twitter and partnering with B2B tech platforms like Ramp.
First Paid Sponsorships and Pricing Evolution 6225 Nathan presses CJ for exact financial terms on his first Brex deal, forcing him past vague answers to confirm a rough figure of two thousand dollars per post across a twelve thousand dollar package.
Structuring Holistic Sponsorship Packages Beyond Simple Backlinks 7327 Nathan cites a specific article from July 2023 featuring Brex's Chief Strategy Officer that had an empty sponsor slot, challenging CJ's monetization consistency. When CJ claims he left it free to highlight a smart person, Nathan rejects the premise that high editorial quality and sponsorships are mutually exclusive.
Creating Evergreen Content and Establishing Repeat Ad Campaigns 7536 CJ educates Nathan on why single-post ads fail for enterprise CFOs who need multiple brand touches across months. Nathan counters CJ's philosophy of giving away free content by calling it an excuse used by creators who fail to monetize.
Benefits of Partnering with the Turpentine Podcast Network 6425 Nathan questions why CJ shares podcast revenue with Turpentine Network when he could sell sponsors directly. CJ justifies the partnership by pointing to Turpentine's production support, guest booking power, and network cross-promotion.
Audience Breakdown: Engagement Rates and 7,000 CFO Subscribers 6313 Nathan breaks down email metrics mathematically, computing open and click-through numbers before drilling into audience qualification. CJ explains how his custom enrichment tool confirms that sixty percent of his seven thousand CFO subscribers are in SaaS.
The Famous Five Questions with CJ Gustafson 4100 Nathan runs through his signature Famous Five rapid-fire questions covering favorite books, sleep, and tools, concluding with a recap of CJ's business metrics.

Statements from this episode (9)

Assertion Not checkable as stated
Gustafson Grew Mostly Metrics to 35,000 Subscribers in 18 Months
“It went from, you know, my mother and my dog and my wife reading it to 35,000 people in about a year and a half.”
CJ Gustafson Oct 17, 2023 ▶ 4:29
Disclosure
Mostly Metrics Charges a $5K to $10K Minimum Per Newsletter Sponsorship
“Minimally, minimally probably like five to 10,000 depending on how much I have to say about it.”
CJ Gustafson Oct 17, 2023 ▶ 8:23
Insight
Creators Must Treat Themselves as Media SKUs Rather Than Selling Backlinks
“So I think about myself kind of as a skew and I think content creators have to do that. Like, you know, it's not just about writing something in a backlink and charging for it.”
CJ Gustafson Oct 17, 2023 ▶ 8:41
Insight
CFOs Do Not Buy Enterprise Software From a Single Banner Ad
“CFOs aren't going to just buy something because you did one banner ad in one post. You have to be willing to buy like at least a month or like six posts or, you know for the podcast, we do three month sponsorships because it's best for both of us.”
CJ Gustafson Oct 17, 2023 ▶ 11:31
Insight
The Best Way to Grow a Podcast Is Through Other Podcasts
“And the best way to grow a podcast is through other podcasts.”
CJ Gustafson Oct 17, 2023 ▶ 15:33
Insight
Building an Audience First Beats Creating a Product Before Finding Distribution
“So a lot of companies, what they do is they'll make a startup and then they'll try to find distribution. So they'll start with the product and then try to find the people. My thing is to find the people have fun creating the content and then figure out what pr…”
CJ Gustafson Oct 17, 2023 ▶ 16:25
Assertion Not checkable as stated
Mostly Metrics Averages a 46 Percent Open Rate and 5 Percent CTR
“Open rate right now. Yesterday was 46% so far. And then my click through rate on any is between three and seven percent depending on the post itself. But usually it's probably in the four and a half to five range.”
CJ Gustafson Oct 17, 2023 ▶ 17:14
Assertion Not checkable as stated
Mostly Metrics Has Approximately 7,000 Active CFO Subscribers
“So the last time I checked, I think I had about 7000 actual CFOs,”
CJ Gustafson Oct 17, 2023 ▶ 18:42
Assertion Not checkable as stated
Sixty Percent of Mostly Metrics' CFO Subscribers Work in SaaS
“About 60%.”
CJ Gustafson Oct 17, 2023 ▶ 19:14
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