I am feeling slightly defeated about my website's slow revenue growth, which I launched in July 2012. Here is a quick break out of my yearly revenue so far: July 2012: $5K 2013: $45K 2014: $100K 2015: $165K (estimating) I put all my free time into this website. This is a side business for me as of now but my goal is to have this be my full-time job. At $165K there is not enough left over to pay myself a salary at this point. I need to reach at least $500K-$1M in revenue, but at the current pace it seems like I never will. How can I increase my website revenue growth at a faster rate?
Here is an idea if you want to double your growth rate!
You have a website, you already know your audience, and you want to increase your revenue. Lets say that you dont want to invest to much in marketing and you want to double your growth rate.
But how do we do it?
Here is marketing tip for you to double your revenue.
Understand who is your audience - have you placed Google Analytics your site, have you placed BIzo.com tag on your site? have you placed Demandbase.com tag on your site. By placing this tags, you can understand in terms of marketing (or analytics)- what kind of audience.
Let say that you get this kind of audience:
Company SIze: Small
Job Title: Sales Manager
So we know right now our audience and we know that majority of revenue comes from this audience.
Next Step: Buy this audience:
So we found out who is our audience, so next - we need to buy this audience. For Example: You can buy this audience from Linkedin Ads, Bizo Ads or DemandBase. Buying means - showing banner ads- to your potential clients who have the same demographic data as your website.
Doing this, you will invest your $$$ in targeted audience rather than broad audience. Doing this marketing strategy, will cost you 10x cheaper than broad marketing.
What is the difference between targeted marketing and broad marketing?
Targeted Marketing - you target only your potential clients, - example: you want to target "Sales Managers from Retail Industry. You will use thirdparty data providers to show your ads just to those sales manager. This mean 1to1 marketing.
Broad Marketing - broad marketing is the reverse of targeted marketing. Example: in your advertising, you're banner will show to 95% to students and 5% to Sales Managers. This means that your CPL will cost 200$ with Broad Marketing - but - with Targeted Marketing will cost 20$.
Hope this will help you.