There was a time that I hated the term funnel. It seemed to me it was an old-school way of acquiring users. How can a modern start-up has only one simple funnel to acquire users. This must be a page out of old-school webinars and shady high-price courses and low-quality content sellers.
Over the years, my point of view has changed. Now, all I think about it how to strengthen Stock Card's funnel.
Let's talk about our current funnel:
Content brings potential users to Stock Card. This content can be our YouTube channel or Podcast show, my Twitter or LinkedIn posts, Stock Card's blow, or creators' content we sponsor. Potential users watch the content, and at some point, get triggered to sign up for a free account on Stock Card (about 30%). We do our best to make an irresistible offer, and some (about 2%) convert to paying user after a free trial.
A simple funnel is the best kinds because its easier to manage and nurture. I'm still working on the irresistible offer part of our funnel because there is a lot to do there with content. However, growth is very much dependent on top of the funnel. The bigger the top, the more valuable the funnel itself. How big of a funnel does Stock Card need?
Let's say at some point I decide to sell Stock Card to tiny.com, a Canadian tiny conglomerate that buys profitable small companies. I typically use their criteria to buy a company as the NorthStar for Stock Card. That doesn't mean I don't want Stock Card to be giant unicorn or a decacorn. But I believe making a tiny profitable company is in my control, whereas building a unicorn or a decacorn is very much dependent on luck, circumstances and things out of my control. I focus on building a valuable company, and I keep my eyes open for luck and circumstances to jump up. Here are the criteria:
These criteria resonate with me. If I were to build an investment company, I would have included some of all of the above criteria. But I digress. My intention was to show the NorthStar of the our funnel. Let's do some math:
That's the top of the funnel! 1.7M in annual traffic. Where do we get that kind of traffic, and is such a traffic possible?
Simply Wall Street has more than 4M in monthly traffic, Benzinga brings 6M, and TradingView hovers nearly 180M per month. And those are just a few examples of companies in the investing category. They get their traffic through SEO, content marketing, news feeds to others, and widgets. In other words, they create value for other companies, an in return, get traffic back to their website.
How can we replicate those models? Good question, right?! Let me think about if for a while.
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