Mid Year – Six Figure Challenge Update
It has been a long time since I announced this challenge and too long since I have provided a detailed update on what I have been doing.
In this post I share exactly what I have been doing to date and the results I have achieved so far. Including what I have learned (good and bad), my path forward and many of the precise details of the site…
- Cost per article
- Monthly burn rate
- Org Chart etc
Like I talked about in my latest income post I have very clearly realized there were way too many goals for 2015 and my online business. I have not focused enough on this project to make it the massive success I was aiming to at the start of the year.
However the progress has been solid!
So far I have averaged triple digit % traffic growth month over month and the site is continuing to grow largely with organic traffic.
Knowing the busy periods I would have this year I was aware I would need to build a team and have them completely run the website (at least that was the idea).
The team I built is shown below including their hourly cost.
To build a completely separate team I created a new team in ODesk (now upwork) and myself or the project manager hired/fired 26 people to get to the team shown below.
Key Learning – Everytime I build a team online I learn the same lesson! Hire/Fire FAST and only keep “A” players. It is always better to have high turnover since hiring/firing is almost free than to try and tolerate/improve a sub-par performer.
Even with the 26 hired/fired the team we only had a few solid positions filled (Project Manager, Writer 1 and Writer 2 and one VA who was already on my team). The promoter(responsible for outreach), graphic designer and research VA never were “A” players and I should not have kept them around for as long as I did.
The team worked well but when the Project Manager decided to move on a month ago the entire process came to a grinding halt and I am now left with only the 2 “A” player writers and my existing solid VA.
Key Learning – When I was active with the site and having my weekly meetings with the project manager things were moving along well. Once I removed myself from actively pushing the site it fell flat. Weekly one on one meetings are critical to have with any employee in a position that requires pushing the business forward!
What Has My Core Strategy Been?
Although I have had a lot of strategies I have been wanting to deploy the core of my model has been only a couple tactics…
- Publish HIGH quality content relentlessly (3 months of 1 post per day)
- Content is the engine of this website and it was the primary focus of the Project Manager who focused heavily on hiring/firing writers until he had 2 that were producing quality articles for a little over $1/100 words.
- 301 Building Block Strategy (using powerful expired domains)
- This strategy was a large success for this website and something I will continue to do to build out the site and attack new niches. To see the exact details of this strategy have a look below…
What Hasn’t Worked
Key Learning: Many of my tactics (guest posting, epic post creation and outreach) requires a completely functioning team with each player contributing to the success/failure of different strategies. With sub-par performers in the outreach position the process did not work very well!
- Outreach (blog commenting, guest posting and link outreach)
- Niche Dominating Epic Round Up Post Creation & Outreach
Big disappointment here! These tactics were what helped build up my original case study site (My Case Study Website URL is Now Hidden) which was started the same day as AuthorityWebsiteIncome.com and grew to a $3k/month site. But my ability to successfully delegate the management of these activities to my Project Manager and outsource the execution of them to a new VA failed!
The total cost to date for my Six Figure Challenge site has been $3,508.92 in labour on ODesk and another ~$500 in 301 Building Block sites for total costs to date of $4k. The overall cost is less than I was planning on spending which I don’t see as good news. I was expecting to run with a burn rate of $1,000 but never fully spent that amount and when I stopped pushing and my PM stopped working the costs dropped off drastically.
A little data export from my UpWork team and a couple pivot tables later here is the detailed cost breakdown by position which lines up with the org chart above.
- Number of Articles Published = 114
- Cost Per Article Written = $8-$15
- Average Cost Per Article Published = $26/article (cost to get article fully published)
- Number of Team Members Hired/Fired = 26
Traffic is definitely going in the right direction! The vast majority of the traffic is now coming from organic.
Within 6 months I have now grown the site to regularly have over 500 organic visitors per day in a competitive niche! This I consider a success.
Like I mentioned from the start the goal would be to grow the site without a lot of focus on monetization in order to prioritize gaining traction. Although monetization was not the primary goal I certainly have been testing it out to see what works best. So far I am a little disappointed in the earnings per visitor I have been seeing but there is a lot of room left for me to improve these numbers.
My earnings per visitor has not been keeping pace and it is concerning. Moving forward I will need to address the dropping earning/visitor to have a profitable/scalable business.
What is Next:
I am not giving up on my six figure goal but I need to focus my efforts on fewer parts of my business and there will be a lot of work going into turning LightningRank into a larger business fulfilling SEO agencies expired domain and PBN needs (non agencies are still welcome to enjoy the ranking benefits).
So although it is less likely with my shifted focus I am going to hit my six figure target I am going to continue to grow this website but with a simplified strategy. To be clear I am not walking away from the goal of building a six figure website this year!
What Is the Modified Strategy:
- Lower Published Cost of Content– By setting up a system to remove the cost of the project manager from the equation I can cut my cost of published articles in ½
- Publish 3 Times/Week– Using two great writers and one great VA the team will be much leaner and will be able to do the basics required to continue to grow this site.
- Continue 301 Building Block Strategy (when it makes sense)– It has worked well so far and I will continue to leverage this strategy to tackle new markets with this site.
- Focused Monetization– The drop in earnings per visitor needs to be addressed and I believe more specific CPA offers aimed at certain categories will help. Identify popular pages/categories and apply some category specific monetization strategies to try and drive up the earnings per visitor.
- One-Off Strategies When I Have Time to Personally Manage– When I want to do a specific campaign (guest posting, epic post creation and outreach, broken link building, “award” creation and recognition etc) I will personally manage it with one of my key VA’s executing the work.
With all the changes above I believe I will be able to continue to keep the site on the growth trajectory it is on, cut costs and if all goes well improve the earnings per visitor of the site.
What do you guys think? Is it weak sauce that I am scaling back this project? Is there another option I haven’t considered to continue to grow this site?