Podcast Summary: Growth In Reverse Episode: How CJ Gustafson Grew Mostly Metrics to 60k+ Subscribers & Multi‑Six‑Figures in Revenue
Release Date: August 6, 2025
Host/Author: Chenell Basilio and Dylan Redekop

Introduction

In this insightful episode of Growth In Reverse, hosts Chenell Basilio and Dylan Redekop sit down with CJ Gustafson, the mastermind behind the successful newsletter Mostly Metrics. CJ shares his journey from a tech CFO to a prominent figure in the newsletter space, detailing the strategies that propelled his subscriber base to over 60,000 and generated multi-six-figure revenue.

CJ Gustafson's Background

CJ begins by recounting his career trajectory, transitioning from consulting at PwC to becoming a CFO in the tech startup ecosystem. Despite feeling like a "B minus" in his early roles, he found his niche in financial planning and analysis, which eventually led to his CFO position. This professional foundation was pivotal in establishing his credibility when he launched Mostly Metrics.

Notable Quote:
"I was a B minus, it looked cool on LinkedIn, but I don't think I was totally that great at them."
— CJ Gustafson [01:17]

Growth Strategy of Mostly Metrics

CJ discusses the evolution of Mostly Metrics, emphasizing the importance of injecting personality into financial content. By deviating from the typical sterile finance narratives, he created engaging and relatable content that resonated with readers.

Notable Quote:
"I'm just going to... let my freak flag fly. It's not like I was trying to be weird or anything."
— CJ Gustafson [06:32]

He highlights the significance of building a competitive moat through unique content and personal engagement, making his newsletter stand out in a crowded market.

Content and Engagement

The blend of valuable financial insights with humor and personal anecdotes has been a cornerstone of CJ's content strategy. This approach not only attracts CFOs and aspiring financial professionals but also engages a broader audience who appreciate the lighthearted elements.

Notable Quote:
"You come for the gifts and then you stay for like the CAC payback calculation."
— CJ Gustafson [03:40]

CJ emphasizes the importance of creating content that sparks meaningful interactions, valuing reader replies over superficial metrics like likes.

Notable Quote:
"If you wrote something and it gets, like, 58 likes or something on Substack, that's... But nobody says anything and nobody comments like that. That's so empty to me."
— CJ Gustafson [40:39]

Sponsorship and Monetization

CJ elaborates on his innovative sponsorship model, which focuses on long-term brand partnerships aligned with his audience's profile. By requiring sponsors to commit quarterly, he ensures sustained engagement and builds trust both with his readers and sponsors.

Notable Quote:
"You got to build that trust over time just to be part of the consideration set when it is time to purchase."
— CJ Gustafson [11:00]

He also shares insights into maintaining pricing integrity, avoiding discounts to preserve the value of his sponsorship packages.

Podcast Development

Expanding his media presence, CJ launched the Run the Numbers podcast, which complements his newsletter by offering in-depth interviews with top CFOs and investors. Initially struggling to secure guests, his consistent effort and network growth eventually led to high-profile interviews, significantly boosting his podcast's reach.

Notable Quote:
"What you find are, like, they're, at the end of the day, people. People are eager to learn and get better at things."
— CJ Gustafson [47:15]

Metrics and Success Indicators

CJ places immense value on qualitative feedback, such as reader replies, over quantitative metrics like likes or open rates. He believes that direct engagement signifies true impact and resonance with his audience.

Notable Quote:
"How many people stop and wrote me a reply, good, bad, or indifferent. If you write something and it gets... that's when I know that it hit."
— CJ Gustafson [40:39]

Future Plans

Looking ahead, CJ is incubating a data and benchmarking service to complement his media offerings. By leveraging his extensive subscriber base, he aims to provide valuable first-party data, enhancing both his newsletter and podcast content. Additionally, he is exploring exclusive events for CFOs, fostering deeper community engagement.

Notable Quote:
"It's the whole business equation in reverse. But at the same time, like, the media is still the main product. None of that's possible without the other stuff."
— CJ Gustafson [50:26]

Conclusion

CJ Gustafson's journey with Mostly Metrics is a testament to the power of authentic, engaging content combined with strategic monetization. By prioritizing meaningful interactions and building trust with both his audience and sponsors, CJ has successfully transformed his newsletter into a thriving media enterprise. His insights offer valuable lessons for anyone looking to grow their email list and turn a newsletter into a sustainable business.

Final Notable Quote:
"If you speak loud enough to your core, everyone else will listen."
— CJ Gustafson [45:40]

For more insights and to subscribe, visit Mostly Metrics or follow CJ Gustafson across his media platforms.