Letterhead vs Substack
Last verified Nov 12, 2026
At a glance
- Letterhead scores 3.8/5 and Substack scores 3.6/5 in Benchmark Grid's independent email newsletter platforms benchmark, both assessed on the same 10 criteria.
- The widest gaps are integrations & api (Letterhead 4.5, Substack 1.2) and segmentation & automation (Letterhead 4.5, Substack 1.5); they are within 0.3 on 1 of 10 criteria.
- Letterhead is built for small, mid-market and enterprise publishers; Substack for small and mid-market.
- On total cost of ownership Letterhead scores 2.0 and Substack 3.5 (higher means better value, not a lower price).
- In our tracking 1 publishers use Letterhead and 21 use Substack.
- Scores last verified 12 Nov 2026. Vendors cannot pay for a score or a position.
Where they differ
Letterhead is stronger on integrations & API (4.5 vs 1.2), segmentation & automation (4.5 vs 1.5) and editor & template design (3.5 vs 2.0).
Substack is stronger on sending performance at scale (4.0 vs 2.2).
Which one fits
Choose Letterhead if…
- You publish at small, mid-market and enterprise scale.
- You weight integrations & API, segmentation & automation and editor & template design heavily — Letterhead leads on those in this benchmark.
Choose Substack if…
- You publish at small and mid-market scale.
- You weight sending performance at scale, audience growth tools and compliance & list hygiene heavily — Substack leads on those in this benchmark.
Also weighing these
The nearest-scored tools to Letterhead and Substack in this benchmark, listed A to Z.
- 4.2beehiivThe newsletter-first operating system for modern media brands, creators, and digital publishers.Read review
- 3.1Campaign MonitorProfessional email marketing and automation platform featuring designer-grade templates and visual journeysRead review
- 3.6FlowletterWordPress-integrated newsletter platform for publishers using Leaky Paywall subscription modelsRead review
- 3.9PostUpEmail marketing and audience development platform purpose-built for media companies and digital publishers. Now operating independently as PostUp LLC following its divestiture from Upland Software.Read review
All 7 scored tools are in Best Email Newsletter Platforms.
Who uses them
Publishers we have detected running each tool, from ads.txt, site code and published case studies. Agencies, brands and vendors are excluded.
Head to head
| Criterion | Letterhead | Substack |
|---|---|---|
| Deliverability & inbox placement16% of capability | 3.8 | 4.2 |
| Audience growth tools12% of capability | 3.2 | 4.6 |
| Monetisation12% of capability | 4.5 | 4.7 |
| Segmentation & automation12% of capability | 4.5 | 1.5 |
| Analytics after Apple Mail Privacy Protection10% of capability | 3.5 | 3.0 |
| Editor & template design10% of capability | 3.5 | 2.0 |
| Integrations & API8% of capability | 4.5 | 1.2 |
| Subscriber management & data portability8% of capability | 3.5 | 4.0 |
| Compliance & list hygiene6% of capability | 2.5 | 3.5 |
| Sending performance at scale6% of capability | 2.2 | 4.0 |
| Capability45% of composite | 3.7 | 3.3 |
| Publisher fit40% of composite | 4.5 | 4.0 |
| Total cost of ownership15% of composite | 2.0 | 3.5 |
Cost of ownership
| Sub-score | Letterhead | Substack |
|---|---|---|
| Pricing transparency | 1.0 | 3.9 |
| Entry cost | 1.0 | 4.2 |
| Implementation cost | 2.8 | 4.2 |
| Hidden-fee risk | 2.5 | 3.0 |
| Ongoing cost | 2.6 | 2.2 |
Letterhead pricing
Custom quote based on number of newsletters and audience size; no public plans or free tier.
Substack pricing
Free to publish; Substack takes a 10% commission on paid subscription revenue plus standard Stripe processing fees.
What users say
Letterhead
6 positive · 1 neutral · 0 negative
Substack
15 positive · 30 neutral · 9 negative
Mentions we could not tie to a real user, and those flagged as promotional, are excluded. Sentiment is opinion, and is independent of the verified publisher adoptions above.
Letterhead scores 3.8 and Substack scores 3.6 in Benchmark Grid's independent Best Email Newsletter Platforms benchmark (benchmarkgrid.com/vs/letterhead/substack, verified Nov 12, 2026)
Common questions
How do Letterhead and Substack differ?
Letterhead is stronger on integrations & API (4.5 vs 1.2), segmentation & automation (4.5 vs 1.5) and editor & template design (3.5 vs 2.0). Substack is stronger on sending performance at scale (4.0 vs 2.2). Neither is better in the abstract — which one suits you depends on which of those dimensions carries the most weight in your operation.
Which is cheaper, Letterhead or Substack?
On total cost of ownership — pricing transparency, entry cost, implementation, hidden-fee risk and ongoing cost — Letterhead scores 2.0/5 and Substack scores 3.5/5. A higher score means better value, not a lower sticker price.
How are these scores calculated?
Each tool is assessed against its category's published criteria (10 in this benchmark), which make up Capability (45% of the composite), Publisher fit (40%) and Total cost of ownership (15%). Assessment is carried out by SODP's editorial team against a published methodology. Vendors cannot pay for inclusion, scores or positions.
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Where to next
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