Funnel teardown: Substack (Newsletter platform)
Founder(s): Hamish McKenzie, Chris Best, Jairaj Sethi

Substack's funnel runs on the network-effect positioning. The platform sells the discovery graph as much as the publication tools.

TL;DR: Substack's funnel works because the platform sells access to the Substack discovery network as the primary value proposition. The marketing leads with Notes, Recommendations, and the unified app — the implicit promise that joining Substack means joining an audience that grows through cross-publication discovery. The lesson for indie founders: when network effects are real, the network IS the marketing — sell access to the network, not just the product.

What they sell: A publication platform for writers with paid subscriptions, Notes (Twitter-style microblogging), Recommendations (cross-publication discovery), and the unified Substack app.
Who it's for: Writers, journalists, essayists building publications with paid subscriptions and audience growth through Substack's discovery network.
Pricing: Free for writers; Substack takes 10% of paid subscription revenue plus Stripe fees (verified 2026-05-18).

Hook pattern: Network-as-value-proposition
The hero leads with the discovery network rather than with publication tooling. Writers who have tried building newsletters elsewhere (Mailchimp, ConvertKit, self-hosted) recognize the audience-growth challenge immediately. The implicit promise — Substack's network drives your subscriber growth — converts writers who have hit the cold-start wall on other platforms.

Story pattern: Writer-success-via-network case studies
Story is told through case studies featuring writers who grew large paid subscriptions through Substack — explicitly attributing growth to Recommendations and Notes. The story tells the writer 'this is what happens when you join the network' rather than 'this is what our platform tools can do.' Network effects are intangible; case studies make them concrete.

Offer pattern: Free platform plus 10% revenue share
Substack charges no upfront fee — writers join free. The 10% revenue share on paid subscriptions captures value only when writers monetize, which aligns Substack's incentives with writer success. The model removes the canonical platform-adoption friction (cost) and shifts revenue capture to the success moment. Writers who never monetize cost Substack nothing; writers who succeed pay proportionally.

What's working:
Network-as-value-proposition matches what writers actually need (audience growth) rather than what platforms typically sell (tools).|Free platform removes adoption friction at the canonical decision point.|10% revenue share aligns Substack's incentives with writer success — Substack only wins when writers win.|Notes feature creates a microblogging surface that drives writer discovery beyond the newsletter format.|Recommendations drive cross-publication discovery — writers grow subscribers from other Substack writers' audiences.|Unified Substack app aggregates discovery in one place rather than scattering writers across platforms.

What to adapt:
When network effects are real, the network IS the marketing — sell access to the network, not just the product.|Revenue-share pricing models align incentives with customer success when the underlying value scales with customer revenue.|Case studies that explicitly attribute growth to your network effects make intangible value concrete.

What to avoid:
Do not claim network effects you do not have. The Substack network is real because thousands of writers have grown through Recommendations and Notes; claiming network value without delivering it loses trust quickly.|Do not pursue revenue-share pricing if your platform cost does not actually scale with customer revenue. The model only works when the economics align.

Brunson lens:
Hook: Network-as-Common-Enemy hook — Substack frames the writing-platform decision as 'with network discovery' vs 'without network discovery,' positioning competitors as solo-publication platforms.
Story: Writer-success case studies attributing growth to the network — Hero's Journey via Substack-grown publications.
Offer: Free platform plus revenue-share alignment — Brunson 'no friction at adoption, capture value at success' pattern.
Value ladder tier: Single-tier offer (free platform) with revenue-share monetization layer instead of subscription tiers.