← Back to browse

Mostly Metrics

by CJLaunched 2020-12via Nathan Latka Podcast
See all Content companies using content marketing
Growthcontent marketing
Time to PMF1.5 years
Pricingfreemium
The Spark

CJ spent his career in operating roles—working in sales at Theme Software, then moving into security at pre-IPO company Sneak, where he built out the first FP&A group and lived through COVID-era hyperscaling and fundraising. By September 2022, he realized something was missing: there was no operator voice in the media space talking to people actually doing the work in the CFO office. He'd spent years documenting what he learned, worried he'd forget the playbooks that had taken him from zero to success. That fear of forgetting became the seed.

Building the First Version

In December 2020, right as COVID hit, CJ launched Mostly Metrics as a Substack newsletter. The first months were brutal—just his mother, his dog, and his wife reading. But he had a system: he'd write about a topic (like top metrics for vertical software), extract five keywords, then maniacally search Twitter for those keywords and respond to tweets with insightful commentary linked back to his article. He got banned from Reddit groups. He posted everywhere. It was grunt work, but it was working.

Finding the First Customers

The real breakthrough came through partnerships. CJ reached out to B2B companies like Ramp and DataRails, saying: "I'm a practitioner in the trenches. I enjoy writing. I have real experience to speak about. I'm willing to do this for free to get my name out there." These weren't paid deals at first—they were plays to build credibility and get in front of audiences. Then in 2022, Brex reached out and offered him a lump sum "in the middle of" $1k and $10k for six posts. For the first time, someone was paying him for his writing. "If you've ever made a dollar online for the first time, it's a real holy shit moment," he said. That validation mattered more than the money.

What Worked (and What Didn't)

CJ learned that sponsorships work best as relationships, not transactions. A single post might generate clicks, but brands need repeated exposure. He now structures deals as 3-6 month commitments with multiple touchpoints: newsletter posts, podcast reads, webinars. His sweet spot is $5-10k minimally per post, but he bundles them into $100k+ quarterly partnerships. He also discovered that evergreen content—his bread and butter on metrics and FP&A—compounds over time. Posts from months ago still drive organic traffic and sponsorship value. He's careful not to monetize everything, either. When he interviewed Brex's chief strategy officer Art Martinez, he ran it sponsorship-free because he wanted to put a smart person in front of his audience.

Where They Are Now

Mostly Metrics hit 35,000 subscribers in 1.5 years, with a 46% open rate (roughly 16,000 opens per post) and 5-7% click-through rates (800+ clicks per post). Of those subscribers, 7,000 are actual CFOs—60% of them at SaaS companies. Companies like Brex, Ramp, Abacom, and others pay sponsorship fees for access. He also launched a podcast, Run the Numbers, through Turpentine Network, which handles guest sourcing and cross-promotion across a portfolio of business shows. He's still working full-time as a CFO at Parts Tech but plans to go full-time on media within three years. His end game isn't just monetizing content—it's what he calls "content to commerce": building an actual product business for an audience he's already earned.

Why It Worked
  • By solving his own documented pain point (lack of practitioner-authored content for operators), CJ created content that resonated authentically with a specific, high-value audience of CFOs and finance leaders.
  • Strategic free partnerships with established B2B companies (Ramp, DataRails) leveraged their existing audiences to build credibility and reach without requiring paid acquisition, creating a low-cost customer discovery engine.
  • Relentless manual engagement on Twitter and Reddit around specific keywords created a direct feedback loop between content topics and audience interest, allowing him to validate demand before scaling.
  • Bundling multiple touchpoints (newsletter posts, podcast reads, webinars) into longer-term sponsorship commitments converted one-off content transactions into predictable, high-value recurring revenue.
  • Evergreen content on metrics and FP&A compounded in value over time, generating organic traffic and sponsorship leverage months after publication, creating a self-reinforcing growth engine.
How to Replicate
  • 1.Identify a specific operational pain point you've personally experienced at scale, then commit to documenting the playbooks and lessons learned in a single, consistent publication format (newsletter, blog, or podcast).
  • 2.Extract 3-5 high-intent keywords from each piece of content and manually engage on Twitter and Reddit by responding to relevant conversations with genuine insights linked back to your content for at least 3-6 months.
  • 3.Approach 5-10 established B2B companies in your niche with a partnership proposal offering free content (guest posts, interviews, or co-branded assets) in exchange for audience access and credibility building.
  • 4.Once you have 5,000+ engaged subscribers, structure sponsorship deals as 3-6 month bundles with multiple touchpoints rather than single posts, positioning the minimum package at $5k+ and bundled quarterly deals at $100k+.
  • 5.Build a backlog of evergreen content on your core topic and systematically re-promote and re-monetize it over time, while selectively publishing prestige interviews or high-profile guest content without monetization to maintain audience trust.

Similar Companies

Brandwatch

$5.0M/mo

Brandwatch is an enterprise SaaS social intelligence platform founded in August 2007 by Giles Palmer that crawls 80 million websites and aggregates social media feeds to provide brands with real-time insights about conversations mentioning them and competitors. Operating profitably at scale with 1,500 enterprise customers paying an average ACV of $30,000, the company generated over $60M ARR in 2017 and grew approximately 30% year-over-year while maintaining a disciplined approach to capital deployment.

Ahrefs

$3.3M/mo

Ahrefs is a bootstrapped SaaS company providing SEO and backlink analysis tools, currently generating over $40M ARR with 45 employees. After joining in 2015, Tim Solo transformed the blog from 15,000 to 250,000+ monthly Google visitors by shifting from publishing what they wanted to write about to targeting keywords people actually search for, creating high-quality content with direct product integration, and continuously updating articles to accumulate backlinks. The company breaks conventional marketing wisdom by not using customer personas, growth hacks, or detailed analytics—instead focusing entirely on product quality and audience education through blog content.

Host Analytics

$3.3M/mo

Host Analytics is a SaaS company providing enterprise performance management software for corporate finance departments. Founded in 2001 as a consulting firm and bootstrapped for seven years before raising VC funding, the company has grown to serving 700 customers with a $40-50M ARR run rate and has raised $85M in total capital. CEO Dave Kellogg, who joined in 2014 when ARR was ~$10M, has grown the company 4X through a focus on nurture marketing, unconventional tactics like EBITDA stickers, and long-term customer relationship building in a market where only 5% adoption of cloud solutions exists.

Solides

$2.6M/mo

Solides is the leading HR tech platform for small and medium companies in Brazil, providing talent management software for hiring, development, and retention. Founded in 2010 but pivoted to a subscription model in 2015, the company achieved $31.2M ARR as of March 2023 (100% growth YoY) with 20,000 paying customers managing close to 2 million employees. Alessandro Garcia raised a $100M Series B at an $800M valuation in 2022 and is targeting a $60M run rate by end of 2023, with plans to IPO once reaching $200M in revenue.

QA Symphony

$1.6M/mo

QA Symphony is a 100% SaaS platform providing end-to-end workflow testing solutions for large and mid-sized enterprises. Founded in 2011 and stalled at $500k ARR in 2014, the company exploded to $20M ARR by 2017 under David Kyle's leadership by moving upmarket, building enterprise-grade scalability, and establishing a strong JIRA integration that drove 80% of leads through inbound marketing. With 570 customers paying an average of $50k per year, 115% gross revenue retention, and a team of 130, QA Symphony became the #8 fastest-growing software company in 2017.

Related Guides