This blog got going in September 2011. While not quite a year, I’ve been thinking about a few aspects and thought it would be fun to review how it’s doing, and look forward with a new goal.
Firstly, thanks to all the readers. At time of writing the blog has had over 7000 hits. By blogging standards that’s pretty small, but I do feel I’ve made some early progress. Thanks also to readers who have offered direct encouragement.
The target audience is medtech investors and entrepreneurs (prior to Sept 2011 it was focused on biotech). I used to write once a month and push out emails to my contact database. Average hits were around 300-400 per month.
As of April this year, I decided to write weekly and see if by hopefully providing interesting and useful content I could grow the readership virally. I stopped sending out emails manually and only publicized the blog via Twitter, LinkedIn and word of mouth. It seems to be working a little. April had over 800 hits, it peaked in May with over 1200 hits, then June over 1100 hits and July looks like it may fall again. A case of novelty wearing off or just summer blues? Who knows.
As a business, the blog serves to support an advisory business. It’s also really useful to document thoughts or activities that are going on in the course of my advisory work with medtechs, and indeed personal medtech investments. Typically, advisory work involves business or corporate development for up to 3 retained emerging medtech clients at any one time.
Recently, I’ve been thinking about ways to work with and reach a broader audience. Why bother? Well, while it’s a lot of fun to work directly with emerging and entrepreneurial medtech companies, its limited to just 3 at any one time. Business and corporate development are both hands on activities and you can only be in so many places at once.
By reaching a wider audience with interesting, thought-provoking content, perhaps I can positively influence a broader group. Often this will not be just through my expertise (I’m absolutely still learning the game) but through valuable contributions from operators, CEOs and investors who can bring their experience to bear. This is occasionally in the form of comments on the blog. More commonly it’s through Twitter, and for more detailed discussion its directly in person.
How can I reach a wider audience? I don’t have an easy answer for that right now. I’m not a big fan of gaming search engines to get higher rankings and get more hits that way. Even if I was, I’m not sure I would be sophisticated enough to have any lasting impact.
In these blog posts, I usually write about things that I’m thinking about or wrestling with. Writing is a way to help clarify my thoughts. The content is always something I care about too. Apparently this is a slower, more solid way to build web traffic. That’s fine. If it creates a better foundation and more trusting relationships over time with readers, then that’s the route I prefer.
But its all well and good to say you focus on quality content (I put out my best but ultimately the readers decide). How about putting some external pressure on me, a goal that’s publicly stated here? How about a goal that really focuses the mind? Well, thanks to a bright young chemistry graduate I recently met, I’ve been introduced to a website that has prompted me to think more goal oriented and set a passive income goal for this blog.
The website is StevePavlina.com and his tagline is “Personal Development for Smart People.” At first glance, some of it may look a bit wishy-washy, but as you dig in there’s an awful lot of useful content on how to build a worthwhile and valued website and blog. So, that’s what I intend to do for the readers here. And it will be measured by having a passive income target. Based on a blog post, Commit to Your Passive Income Goal, from StevePavlina.com, my passive income goal is:
“I create a new stream of passive income by December 31st, 2012, that generates at least $100 per month on average and endures for a minimum of 5 years.”
Woohoo! Aren’t I ambitious – $100 per month? Actually, yes, I am. We’re talking about passive income from a website. This is something I’ve NEVER done before. You only get to generate passive income if you have decent traffic levels that leads to various of the monetization methods (e.g. click-through, affiliate marketing, ebooks, etc). Realistically, I think my traffic would have to be much higher than it is now to generate even this lowly passive income.
While this blog is currently built on WordPress (which, by the way is an excellent way to get a blog up and running) I may need more technical help. So, I’ll enlist the services of a site recommended by Steve Pavlina called Site Build It.
It sounds like a small goal and maybe it is – I’ll take baby steps. But you know what? It focuses the mind (I’m already feeling anxious at the prospect of posting this publicly). And to realize a passive income stream, I have to create great content that leads to boosted reader levels. That’s one way I can get to work with and help more people within the medtech space, both entrepreneurs and investors.
If you’re interested, feel free to look out for periodic updates on the blog to monitor progress on this goal.
This post is by Raman Minhas