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Most newsletter publishers obsess over cost per lead. Nathan May, founder of The Feed Media (the largest agency for newsletter growth), explains why that's the wrong metric—and how one of his clients 10x'd revenue by increasing their CPL by 30%. In this episode of Audience Bridge Insights, Nathan breaks down: Why cost per lead is lying to you (and what to track instead) How creative became more important than targeting on Facebook Why "cheap" traffic sources quietly destroy monetization The deliverability mistake that kills inbox placement What smart operators do differently (and how they outbid competitors) Key story: One newsletter increased their cost per lead by 30% and revenue went up 10x. Why? They stopped optimizing for "anyone who would sign up" and started optimizing for "people who would actually engage." Topics covered: 0:00 - Intro: The cost per lead trap 3:45 - What's changed in paid media (Facebook evolution) 9:21 - Optimizing for engagement vs. signups 10:18 - The 10x revenue story (CPL up 30%) 13:03 - Building proper revenue attribution 19:07 - Scaling campaigns without losing quality 25:21 - Defining quality traffic sources 32:30 - The deliverability mistake killing newsletters 37:01 - Why CPMs are the wrong metric 41:01 - Why open rates are misleading 46:39 - What smart operators do differently 47:54 - The invite-only newsletter strategy 49:01 - Rapid fire questions 50:40 - Where to find Nathan Perfect for: Newsletter publishers, content creators, digital media operators, anyone running paid acquisition for email lists Guest: Nathan May - Founder, The Feed Media LinkedIn - / nathan-may1 X (formerly Twitter) - https://x.com/_May_Ham The Feed Media - https://thefeedmedia.com/ Host: Chris Miquel - Founder, Audience Bridge LinkedIn - / chrismiquel X (formerly Twitter) - https://x.com/miqchris 🔗 Learn more: https://www.audiencebridge.io 📧 Subscribe to Audience Bridge Insights: https://www.audiencebridge.io/subscribe