Discover the balance to properly run your online business
We take pride in the balance that is found at each Mequoda Summit.
There are a variety of sessions dedicated to audience development strategies, which all Mequoda Systems share.
Other sessions focus on different types of monetization methods as virtually every publisher has his or her own unique spin on revenue generation.
For instance, the sponsorship side may deal with sponsorship revenue, impressions, listings or exclusive real estate deals. The commerce side may consist of an array of products, like magazines, books and live events.
Audience development is a homogeneous set of skills that all Mequoda System publishers need to build traffic and increase conversions.
Discover a massively diverse set of strategies deployed to figure out how to operate effectively
I recently chatted with Stuart Hochwert, a new Mequoda Gold Member. Stuart and I discussed the dimension of time being necessary to finding a revenue model that works. As a publishing veteran, Stuart recently launched his third online publishing business using Mequoda practices and has seen his revenue model evolve over a period of five or so years in each case.
In a nutshell, the evolution breaks down as follows… When you’re new, your brand is unknown, your audience is small and you typically start off by selling either sponsorships where the size of the audience is not clear, or where transactions – clicks, leads, etc – are limited by the size of the audience. However, in this instance, you’re not prevented from playing in the market. From this starting point, each business has evolved into selling branded products.
From there, Stuart works to get his audience big enough to pay for the cost of making books and periodicals while amortizing that cost over a larger audience.
He has gotten to this place by always starting off selling other people’s products.
I’m sure I’m not giving Stuart’s explanation justice. If you find him in a roundtable or session at the Mequoda Summit East 2011, ask him how he’s working on evolving his revenue strategy over time. Stuart describes this time-based strategy better than anyone I know.