It’s conventional wisdom by now — having your own community is a fail-safe strategy for this economy. And everyone is jumping on the bandwagon, even the big-boy media, such as Business Week.
And they are the poster child of the dark side. The New York TImes article last month unveiled some ugly math: BW invested $16 million in 2007 and 2008, but generated just $600,000 in revenue last year. Ouch!
Moral of the story: “build it and they will come” strategy does not guarantee revenue. Building a community can either be a bright shiny object to pour money into or a way to solidify your base of support. Let’s explore the difference and how to create the latter on Tuesday’s Here’s the Deal call. Here’s the link to sign up.