When it comes to starting your finance blog, you may find yourself in a place where you have to make some big decisions.
You may be asking yourself:
- What's the first step in establishing my business?
- How much will it cost to start my finance blog?
- How do I price my finance blog?
- How do I market my finance blog?
- ... so much more!
We walk you through all of the steps; from idea → starting → launching → growing → running your finance blog.
The purpose of this guide is to act as an outline for the steps you'll need to take to get your business running successfully!
💡 Introduction To Starting A Finance Blog
Is Starting A Finance Blog Right For You?
There are many factors to consider when starting a finance blog.
We put together the main pros and cons for you here:
Pros of starting a finance blog
You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
• Ability to start your business from home
It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
• Little startup costs required
The cost to start a finance blog costs significantly less money than most businesses, ranging anywhere from 1,167 to 49,069.
• Rewarding work
Starting a finance blog can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
• No overhead costs
To get your finance blog started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!
• Meaningful business connections
You never know who you will meet or get to work with for your finance blog. This could be the start of an incredible business opportunity!
• Traffic to your website
A finance blog gives people a reason to visit your website and to keep coming back to you!
With businesses and processes changing daily, there will always be demand for new features, products and services within your finance blog. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
Cons of starting a finance blog
• Crowded Space
Competition is high when it comes to your finance blog, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
• Constant maintenance of publication
You may find yourself constantly needing to update your finance blog in order to stay relevant for your audience and for those searching on google.
• Motivation of employees
If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.
- daveramsey.com (8.21K Alexa Ranking)
- Bogleheads (26.1K Alexa Ranking)
- Association for Financial Professionals (28.4K Alexa Ranking)
- unknown (734K Alexa Ranking)
- Cashville Skyline (1.56M Alexa Ranking)
- MarketBeat - Revenue $665K/month
- Making Sense of Cents - Revenue $100K/month
- Millennial Money Man - Revenue $88K/month
- DollarSprout - Revenue $50K/month
- Astute Actions Inc - Revenue $30K/month
- Cash Overflow - Revenue $10K/month
- FITnancials - Revenue $7.5K/month
Let's take a look at the search trends for finance blog over the last year:
How To Name Your Finance Blog
It's important to find a catchy name for your finance blog so that you can stand out in your space.
Here are some general tips to consider when naming your finance blog
- Avoid hard to spell names: you want something easy to remember and easy to spell for your customers
- Conduct a search to see if others in the space have the same name
- Try not to pick a name that limits growth opportunities for your business (ie. if you decide to expand into other product lines)
- As soon as you have an idea (or ideas) of a few names that you love, register the domain name(s) as soon as possible!
Why is naming your finance blog so important?
The name of your business will forever play a role in:
- Your customers first impression
- Your businesses identity
- The power behind the type of customer your brand attracts
- If you're memorable or not
It's important to verify that the domain name is available for your finance blog.
You can search domain availability here:
Find a domain starting at $0.88
powered by Namecheap
Although .com names are the most common and easiest to remember, there are other options if your .com domain name is not available. Depending on your audience, it may not matter as much as you think.
It's also important to thoroughly check if social media handles are available.
As soon as you resonate with a name (or names), secure the domain and SM handles as soon as possible to ensure they don't get taken.
Here's some inspiration for naming your finance blog:
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How To Create A Slogan For Your Finance Blog:
Slogans are a critical piece of your marketing and advertising strategy.
The role of your slogan is to help your customer understand the benefits of your product/service - so it's important to find a catchy and effective slogan name.
Often times, your slogan can even be more important than the name of your brand.
Here are 6 tips for creating a catchy slogan for your finance blog:
1. Keep it short, simple and avoid difficult words
A great rule of thumb is that your slogan should be under 10 words. This will make it easy for your customer to understand and remember.
2. Tell what you do and focus on what makes you different
There are a few different ways you can incorporate what makes your business special in your slogan:
- Explain the target customer you are catering your services towards
- What problem do you solve?
- How do you make other people, clients, or your employer look good?
- Do you make people more successful? How?
3. Be consistent
Chances are, if you're coming up with a slogan, you may already have your business name, logo, mission, branding etc.
It's important to create a slogan that is consistent with all of the above.
4. Ensure the longevity of your slogan
Times are changing quickly, and so are businesses.
When coming up with your slogan, you may want to consider creating something that is timeless and won't just fade with new trends.
5. Consider your audience
When finding a catchy slogan name, you'll want to make sure that this resonates across your entire audience.
It's possible that your slogan could make complete sense to your audience in Europe, but may not resonate with your US audience.
6. Get feedback!
This is one of the easiest ways to know if your slogan will be perceived well, and a step that a lot of brands drop the ball on.
Ask friends, family, strangers, and most importantly, those that are considered to be in your target market.
🎬 How To Start A Finance Blog
Startup Costs For Your Finance Blog
If you are planning to start a finance blog, the costs are relatively low. This, of course, depends on if you decide to start the business with lean expenses or bringing in a large team and spending more money.
We’ve outlined two common scenarios for “pre-opening” costs of a finance blog and outline the costs you should expect for each:
- The estimated minimum starting cost = $1,167
- The estimated maximum starting cost = $49,069
|Startup Expenses: Average expenses incurred when starting a finance blog.||Min Startup Costs: You plan to execute on your own. You’re able to work from home with minimal costs.||Max Startup Costs: You have started with 1+ other team members.|
|Website builder: The cost of your website will vary depending on which platform you choose. There are many website builders on the market, so it's important you choose the right one for your business and overall goals. To learn more about your options + how to build a great website, check out this article.||$15||$100|
|Web Designer: If you have the necessary skills to design your website, then it may not be necessary for you to hire someone. However, if you do decide to go that route, make sure you establish an understanding of upfront cost, design and what the ongoing costs will be to manage the site. Here is what to expect when hiring a web designer.||$0||$6,000|
|Email hosting: Email is a critical piece for running your business. Once you have your domain name, you will want to set up email accounts for each user on your team. The most common email hosts are GSuite (typically starting at $6+ per user, per month) or Microsoft Office (typically starting at $5+ per user, per month). The number of email accounts you set up will determine the monthly cost breakdown.||$5||$75|
|Register Your Domain: Once you decide the name of your business, you will need to make sure the URL is available and purchase the domain. You can check availability and register your domain here.||$12||$75|
|Server Hosting: To start a finance blog, you will need to set up and manage a server. The cost for this is typically billed monthly and depends on the platform you choose (typically ranging anywhere from $0-$50/mo).||$0||$50|
|Website chat function: If customer service is a big piece of your business, you will want to consider implementing a chat bot on your website. Typically, there are different tiers of pricing and some businesses even offer freemium services. To find what chat software is best for your business, check out this guide.||$0||$75|
|Total Website Costs||$32 (min)||$6,375 (max)|
|Office Space Expenses|
|Rent: This refers to the office space you rent out for your business. To minimize costs, you may want to consider starting your business from home or renting an office in a coworking space.||$0||$2,000|
|Utility Costs (office space): This refers to the first month's utility bill for your office space. If you are not responsible for this bill, this would not apply to starting your finance blog.||$0||$150|
|Office Supplies: Although these may seem like minor costs, things like your desks, chairs, pens, paper, filing cabinets do add up. To avoid these adding up too much, try to be as lean as possible and go paperless!||$25||$1,000|
|WiFi: Whether you work from home or in an office space, WiFi is an expense that's tough to avoid. Although the cost is minimal in most cases, it should be appropriately budgeted for each month!||$10||$100|
|Total Office Space Expenses||$35 (min)||$3,250 (max)|
|App Development Fees|
|Developer Costs: If you plan to outsource a developer, the cost is typically around $60-$100 per hour. Depending on the scope of your project and hours allocated to this freelancer, the cost can vary. If you have the ability to code, you may want to consider taking this responsibility on to minimize costs.||$0||$12,000|
|Total App Development Fees||$0 (min)||$12,000 (max)|
|Equipment & Supply Expenses|
|Technology Office Equipment: This includes (but is not limited to) physical items such as: laptops, cameras, monitors, microphones, speakers, headsets. Technology needs grow as your company evolves, so to minimize costs, try and only purchase what is needed for you to run your business at the time.||$500||$5,000|
|Total Equipment & Supply Expenses||$500 (min)||$5,000 (max)|
|Design Programs & Software: These programs might include the Adobe family of design tools: Photoshop, Illustrator, InDesign and others. This is typically a monthly subscription ranging from $10-$50/mo.||$0||$50|
|CRM Software: CRM (customer relationship management) software is used to track your company’s interactions with clients and prospects. Although this is not a necessary tool to have for your finance blog, implementing this in the beginning may set your business up for success and save you a lot of time later on. For a full list of best CRMs to use for your business, check out the full list here.||$0||$250|
|Project Management Software: You may want to consider using a project management and collaboration tool to organize your day-to-day. This can also be very beneficial if you have a larger team and want to keep track of everyones tasks and productivity. For a full list of project management tools, check out this full list here.||$0||$25|
|Internal Communication Tool: If you plan to have multiple members on your team, you may want to consider an instant message tool such as Slack or Telegram. The cost is usually billed per month (approx $5/user/month) or there are freemium versions available on many platforms.||$0||$20|
|Social Media Management Tools: If you plan to do social media marketing for your finance blog, you should consider investing in a social media automation or publishing tool. This will save you time and allow you to track performance and engagement for your posts. Here is a list of 28 best social media tools for your small business.||$0||$50|
|Accounting & Invoicing Software: When starting your finance blog, it's important to have an accounting system and process in place to manage financials, reporting, planning and tax preparation. Here are the 30 best accounting tools for small businesses.||$0||$50|
|Email marketing tool: If you plan to grow your email list and email marketing efforts, you may want to consider investing in an email marketing platform (ie. Klaviyo, MailChimp). We put together a detailed guide on all of the email marketing tools out there + the pricing models for each one here||$0||$100|
|Online data storage: It's important to make sure the information for your finance blog is stored and protected should something happen to your computer or hard drive. The cost for this is affordable and depends on how much data you need to store. To learn more about the different options and pricing on the market, check out this article.||$0||$299|
|Payroll Software: The main purpose of payroll software is to help you pay your team and track each of those payments (so that you don't have to do it manually). If you do not have any employees or have a very small team, payroll software may not be necessary at this stage. Here are the 11 best payroll tools for small businesses!||$0||$200|
|Total Software Expenses||$0 (min)||$1,044 (max)|
|Business Formation Fees|
|Trademarking: Filing trademark registration will protect your brand and prevent other businesses from copying your name or product. USPTO has several different types of trademarks, so the cost to apply can vary (typically anywhere from $400-$700).||$0||$700|
|Permit and License Fees: Depending on your industry, there are certain licenses and permits you may need in order to comply with state, local, and federal regulations. Here is an article that goes over all the permits and licenses you may need for your finance blog.||$50||$700|
|Lawyer Fees: Although you may want to avoid attorney fees, it's important that your business (and you) are covered at all costs. This comes into play when creating founder agreements, setting up your business legal structure, and of course, any unforeseen circumstances that may happen when dealing with customers or other businesses.||$0||$1,500|
|Set up business: LLC & Corporations: The first step in setting up your business is deciding whether your business is an LLC, S Corp or C Corp. The cost for this depends on which state you form your business + which structure you decide on. We put together an article that goes over the 10 Steps To Setting Up A Business.||$50||$500|
|Small Business Insurance: Depending on which state you live in and the business you're operating, the costs and requirements for small business insurance vary. You can learn more here.||$500||$2,000|
|Obtain a patent: Securing a patent can be a very valuable tool, but it's important that you are 100% sure this will be a smart business move for you, or if you may not be ready quite yet. A basic utility patent typically costs anywhere between $5,000 and $10,000 to file. Here is a great resource to walk you through the entire process.||$0||$10,000|
|Total Business Formation Fees||$600 (min)||$15,400 (max)|
|Employee & Freelancer Expenses|
|IT Support: You may find yourself needing IT support when starting your business. It may not be possible (or necessary) for you to hire someone full-time, but hiring on a freelancer platform such as Upwork is a great way to save money and resources.||$0||$500|
|Other Employee Expenses: Aside from payroll and benefits, there are other costs associated with hiring employees. This includes the cost to advertise the job, the time it takes to interview candidates, and any potential turnover that may result from hiring the wrong candidate.||$0||$1,000|
|Payroll: This number depends on if you decide to pay yourself a salary upfront and how many employees you have on payroll. At first, many founders take on all responsibilities until the business is up and running. You can always hire down the road when you understand where you need help. Keep in mind, if you do plan to pay yourself, the average salary founders make is $50K.||$0||$4,000|
|Employee Reward Ideas: It's important to recognize and reward employees - whether they hit their goals or are doing an exceptional job. This doesn't have to cost you a lot - simply taking them out to lunch, giving them a gift card or offering a pay-check bonus are all ways to recognize your employee! Here are 65 ways to reward your employees.||$0||$500|
|Total Employee & Freelancer Expenses||$0 (min)||$6,000 (max)|
|Total Starting Costs||$1,167 (min)||$49,069 (max)|
Brett Lindenberg, founder of Food Truck Empire discusses his startup costs setting up his blog + his decision to outsource:
Like most bloggers, the launch of my business was low cost. I bought a domain name from GoDaddy, website hosting from HostGator, and had my initial website template customized by someone located in the Philippines. I was introduced to the designer from a friend who had worked with the individual for a Wordpress design as well. The total initial investment for the business was around $500. The majority of the costs went toward paying the designer to create the logo and set up the site.
At the time, $500 was a substantial investment for me. I fell into the trap of having around $40,000 in student loan debt another $10,000 in credit cards after college. Adding a monthly car payment shortly after graduation and the other bills (rent, cell phone, internet access) meant things were tight for me financially for the first 5 years after graduation.
In spite of financial woes, I forced myself to invest money in the design and setup of my blog. In retrospect, I’m glad that I did this because it saved me a lot of time starting the website.
When you start a blog, my belief is that you should outsource all the one-time technical work, design, and setup. There are so many people that spend months wasting time trying to figure out plugins and Wordpress themes when they could have solved the problem on Fiverr.com for a couple hundred bucks and be off to the races.
Raising Money For Your Finance Blog
Here are the most common ways to raise money for your finance blog:
What Skills Do I Need To Succeed For My Finance Blog?
With a finance blog, there are several essential skills and characteristics that are important to identify prior to starting your business.
Let’s look at these skills in more detail so you can identify what you need to succeed in your day-to-day business operations:
Advice For Starting A Finance Blog
We've interviewed thousands of successful founders at Starter Story and asked what advice they would give to entrepreneurs who are just getting started.
Here's the best advice we discovered for starting a finance blog:
Matthew Paulson, founder of MarketBeat ($665K/month):
It turns out that stock investors tend to get emotionally invested in their stocks and want to know the latest tidbits and news headlines about them. We were able to package that information and provide it to our subscribers in a convenient, real-time format.
Read the full interview ➜
Alexis Schroeder, founder of FITnancials ($7.5K/month):
Treat your business as a legit business and not a hobby.
Read the full interview ➜
Jeff Proctor, founder of DollarSprout ($50K/month):
Find your target market and be the best possible solution for them.
Read the full interview ➜
David Ning, founder of Astute Actions Inc ($30K/month):
At the end of the day, good content is the best way to keep readers from coming back.
Read the full interview ➜
Michelle Schroeder-Gardner, founder of Making Sense of Cents ($100K/month):
Learn how to separate work and life. Being a blogger can mean that your work-life balance can get out of whack, and this is because it is so easy in today’s world to constantly be connected.
Read the full interview ➜
Jeff Proctor, founder of DollarSprout ($50K/month):
I was 25 when I left my fulltime job. I had saved up a little over $20,000, which I figured would last for about a year. It lasted for 9 months. I ended up having to go back to work because I was dead broke.
Read the full interview ➜
Pardeep Goyal, founder of Cash Overflow ($10K/month):
I learned from the failure of my startup that we should launch products after understanding the pains and gains of the target audience.
Read the full interview ➜
Write a Business Plan
Writing a business plan from the start is critical for the success of your finance blog.
Because this allows you to roadmap exactly what you do, what your overall structure will look like, and where you want to be in the future.
For many entrepreneurs, writing out the business plan helps validate their idea and decide whether or not they should move forward with starting the business.
You may want to consider expanding upon these sections in your business plan:
- Executive Summary: Brief outline of your product, the market, and growth opportunities
- Overviews and Objectives: Overview of your business, target customers, and what you need to run your business
- Products and Services: Specifics on the products and services your business will provide
- Market Opportunities: Analysis of customer demographics, buyer habits and if your product is in demand
- Marketing: Outline of your marketing plan and how you plan to differentiate yourself from other customers
- Competitive analysis: Analysis of your competition and the strengths and weaknesses therein
- Operations: Hierarchal structure of the company and what it will take to run the business on the day-to-day
- Leadership Team: Detailing roles and responsibilities of each manager based on their specific skill-set
- Financial Analysis Understanding of all expenses, operating budgets, and projections for the future.
Learn more about how to write a business plan here
Determine Which Business Bank Account You Need
There are hundreds of banks out there, and it can be overwhelming to find one that's right for your business.
Here are some factors you may want to consider:
- Location - Is your bank close enough that you can easily make deposits or get cash?
- Low Fees - Make sure to understand any and all fees associated with setting up and maintaining your bank account. Ask for a list - banks usually try to keep this hidden and in the fine print.
- Online Banking Services - Make sure you can easily navigate through your online portal and you have easy access to everything you need.
- Line of Credit - What do your options look like (even if you don't need this now, you may need this down the road).
- Every bank has something that differentiates them from the rest, so make sure whatever that is applied to your needs and values.
Check out this list of the 13 Best Banks for Small Business in 2020 and what makes them so unique.
Setting Up Your Finance Blog (Formation and Legal)
When it comes to setting up your business, you may find yourself in a place where you have to make some financial and legal decisions.
The first thing you'll want to decide on is whether you want to be an LLC, S-Corp, or C-Corp.
These three options are found to be the most common when starting a small business, and all serve to protect your personal assets and also provide you with certain tax benefits.
- LLC: All income and expenses from the business are reported on the LLC personal income tax return.
- S corp: Owners pay themselves salaries + receive dividends from profits.
- C Corp: C Corps are separately taxable entities that file a corporate tax return (Form 1120). No income tax is paid at the corporate level and any tax due is paid at the owners individual expense.
Depending on where you're conducting business, you'll also want to consider securing the proper permits, licenses and liability insurance.
Need to start an LLC? Create an LLC in minutes with ZenBusiness.
How Do I Pay Myself As A Small Business Owner?
Most entrepreneurs start a business to do something they love- but at the end of the day, you still have bills to pay (maybe now more than ever).
But it's important to strike the right balance - if you pay yourself too much, you could be putting your business at risk.
There are two common ways to pay yourself as a business owner:
1. Owner's Draw
Many entrepreneurs pay themselves through an owner's draw. This means that you are technically sean as "self-employed" through the eyes of the IRS and are not paid through regular wages.
At the point that you collect money from the draw, taxes typically are not taken out - so make sure you are prepared to pay these taxes once you file your individual return.
As an owner who takes a draw, you can legally take out as much as you want from your equity.
This type of compensation is suited for Sole props, LLCs, and partnerships. If you’re an S corp, you can pay yourself through both a salary and draw if you choose.
If you decide to pay yourself a salary, you will receive a set and recurring amount. This will be taxed by the federal government and the state you reside in.
The reality is that it can be really complicated to set your own salary, so we have some tips for you to consider:
- Take out a reasonable amount that allows you to live comfortably but also sets your business up for success
- Consider the number of hours you are working weekly + the type of duties you are performing.
- Set your salary based on your industry-standard, location, and profits (or projected profits)
- Look at your P&L statement: Deduct your own pay from that amount. This is important so you can first tackle important business expenses, and then pay yourself from the amount leftover.
- Pick a payroll schedule (and stick to it)! In the US, it's most common to pay yourself and employees twice a month.
To learn more about how to pay yourself and what is a reasonable amount, check out this article.
How To Price Your Finance Blog
One of the most challenging and critical pieces to starting your finance blog is determining how much to charge for your finance blog.
When businesses under-price their product, this can be extremely detrimental to their bottom line and reputation.
Often times, businesses under-price their products to drive demand and volume, but that last thing you want is for customers to view your product/service as "cheap." Additionally, this can have a big impact on the type of customer you attract, which can be difficult to recover from.
On the other hand, when businesses over-price, this tends to be just as damaging to the business.
When customers buy, it's likely that they will explore the internet and look at other competitors to ensure they're getting the best value + deal. This is why it's so important that you research your competition and understand where you land in the marketplace.
Here are some factors to consider when pricing your product:
Understand your customer
It's important that out of the gates, you identify the type of customer you want to attract and how much they're willing to pay for your service. One great way to do this is by surveying your customers. Here are some important items you'll want to takeaway:
- Customer demographic: Age, gender, location, etc.
- Buying habits of your customer: What they buy + when they buy
- Level of price sensitivity with your customer
All of these segments will help you identify the type of customer you're attracting and how to price your product accordingly.
Understand your costs
When pricing your finance blog, it's critical that you first identify all of your costs and consequently mark up your finance blog so you can factor in a profit.
The actual cost of your finance blog may include things like:
- The actual cost to make the product (ie. raw materials, supplies, manufacturer).
- Shipping + overhead fees
- Operating costs to run your business
You may want to consider creating a spreadsheet with every single expense involved in operating/owning your business. This will give you an idea as to what you need to generate in order to at the very least, break-even and will help you price your products to factor in a profit.
Create revenue goals
When determining the price of your finance blog, you'll want to create goals for revenue + how much profit you want your finance blog to make.
This process is simpler than you may think:
- Think about your breakeven cost (by completing the above step).
- Create a revenue goal based on your break-even cost
- Evaluate the # of items you plan to sell in a given period (make sure this is a realistic number)
- Divide your revenue goal by the number of items you plan to sell
This figure will help determine your estimated price per product in order to meet your revenue goals.
Evaluate your competition
The last piece in determining how to price your finance blog is by simply looking at your competition.
The best way to do this is by finding like-minded businesses that offer product(s) with similar perceived value. Then, you can compare prices of the different businesses and determine where your finance blog fits best in the marketplace.
All of these factors play an equal part in pricing your finance blog, so it's important you evaluate each one individually to come up with an accurate price that will help optimize your business from the start.
Building an MVP (Minimal Viable Product)
When building a finance blog, it's critical that you first validate your product/service rather than rushing to build it right away.
This could save you months, if not years of building the wrong product/service.
If you're hoping to decrease any sort of risk that comes with launching your finance blog, designing a prototype can be a great way to de-risk your situation.
The point of your finance blog prototype is that it doesn't have to be perfect.
In the beginning stages, it doesn't matter how rough V1 of your prototype is, it's more important to just get started and you can always refine from there based on feedback from your network and most importantly your customers.
How To Build A MVP
Here are several different ways of building a prototype/MVP:
- Start by building a landing page to see if customers actually need your product and if they are willing to pay for it
- Build a very basic version of your idea and ask for immediate feedback from potential customers
- Present a problem and solution via Facebook/Instagram Ads and see what the response is like
Matthew Paulson, founder of MarketBeat dives deep into the process of designing and prototyping their product:
Our email newsletter ended up getting quite a bit of initial traction. It turns out that stock investors tend to get emotionally invested in their stocks and want to know the latest tidbits and news headlines about them.
MarketBeat was able to package that information and provide it to our subscribers in a convenient, real-time format. After about six months of running the free newsletter, it had grown to about 10,000 subscribers. At the same time, I was also getting requests to change the format of the newsletter, add some different data, send it earlier in the day, etc.
I took all of the feedback that I had received and made a premium version of the newsletter and called it MarketBeat Daily Premium. With the premium newsletter, subscribers will get the newsletter earlier in the day, they can get SMS or email alerts for their stocks, have some more customizability for the newsletter and can setup a watch list of their stocks to get more information about the companies they’re most interested in.
MarketBeat is expected to generate approximately $8 million in revenue in 2019 and end the year at about 1.3 million unique email subscribers.
When I launched the premium newsletter in July 2011, I only sold about 30 subscriptions that first month at $15 per month or $150 per year. It was not a big success, but it wasn’t a total failure either. To be honest, I didn’t really know what I was doing at the time. I didn’t know how to properly market the newsletter and I didn’t have the premium product where it needed to be yet. We tried a lot of different things to grow our business and made a lot of mistakes early on, but eventually we began to figure out how a subscription business model can work.
MarketBeat has really grown up since we launched our premium newsletter in 2011. While our basic business model hasn’t changed much, we’ve gotten a lot better at what we do. We’ve built out a product line of additional products and services so that we can sell more to our existing customers.
We changed the name of the business from American Consumer News to Analyst Ratings Network, which was not a good name in retrospect due to its length and lack of memorability. Finally, we were able to acquire the name MarketBeat in 2015.
By adding new marketing channels like co-registration advertising and content marketing, we’ve been able to grow the number of opt-ins we receive from a few thousand each month to more than 30,000 each month. MarketBeat is growing so fast right now that I’ve had to rewrite a lot of the software that sends out the newsletter because of the sheer number of emails we have to send out every day.
Analyst Ratings Network website in 2014
How To Find The Right Developer For Your Finance Blog
If you (or others on your team) don't have the necessary coding/design skills to build the product on your own, finding the right developer for your finance blog is a critical piece to bringing your idea to life.
Prior to hiring someone, you'll want to:
- Have a very clear understanding of what your product (or MVP) will look like
- Understand what the details of the user experience will look like (pages, how users sign up, backend administrative details, billing, reports etc). It may help to draw out the prototype and UX experience on a design platform such as Sketch
- Understand what features you want to implement now and even those in the future
- Understand the costs and time associated with hiring a developer and set a budget (more on that below)
Here are some ways you can find a developer:
Arielle Frank, founder of Clout Collective talks about her experiences and lessons learned when hiring a developer as a non-technical founder:
My first attempt to find a developer was a massive failure. I was basically screaming to be taken advantage of with my lack of technical knowledge and a heart full of hope. I signed an extremely unfavorable contract with a developer based in Morocco who claimed to offer “discounted” development services in exchange for equity in the company. By “discounted” I mean that it would cost only $40K to build the MVP. At the time I had no frame of reference for whether or not this was normal and justified it to myself.
Luckily, after a lot more internet sleuthing, I found my current developer, Adeva. Working with Adeva was the opposite experience of my initial encounter in every way. At $8K, Adeva’s quote for my MVP was literally 1/5th the cost of the original developer! I decided to save money on a front-end designer for V1 by using a template and designing things where I could in Figma.
I was forced to figure out many of the details and features of the platform upfront since Adeva couldn’t give me a quote without detailed user stories.
When building out the prospective features, I tried to focus on the end result and work backward from there.
For example, the end goal was for a content creator to be able to read a review and know whether or not they want to collaborate with a specific brand. I used this goal to inform the questions I collected for the reviews and the best way to display this info. During this phase, I also relied heavily on my beta testers for feedback about which info would be the most useful for them.
It’s tempting to add a bunch of cool, slick features when you’re building your product, but my brilliant mentor encouraged me to focus on doing one thing extremely well.
🚀 How To Launch Your Finance Blog
Build A Website
Building a website is imperative when launching your business, and with the right tools in place, this can be a simple task to check off the list (without having to hire someone).
- Pick a domain name that's easy to remember and easy to type
- Choose a Web Hosting Plan (ie. Shopify, Squarespace)
- Make sure you choose the right theme and design
- Implement the proper page structure (ie. about page, contact page, pricing etc)
To learn more about how to build a stellar website with little stress, we give you all the details on this step-by-step guide.
Best Website Platforms To Use For Your Finance Blog:
There are a variety of websites platforms out there, and it's important to choose the right one that will set you up for success.
Here's everything you need to know about the two most common platforms for your finance blog:
Free and open-source content management system based on PHP and MySQL.
Free to use/open source but you will need to pay for the hosting.
Businesses using WordPress:
The all-in-one solution for anyone looking to create a beautiful website.
- Personal Plan: $12/month
- Business Plan: $18/month
- Basic: $26/month
Businesses using Squarespace:
Once you have chosen the domain, web hosting, and platform, it's time to get started with the design phase.
Themes are a great way to produce the fundamental style and identity of your website - this includes everything from your font design to your blog post styles.
One of the best ways to get started is to simply explore the various themes (free or paid depending on what you're looking for) and test them on your site.
If web-design really isn't in the cards for you, you may want to consider outsourcing a web designer to help bring your vision and brand to life.
Get Press Coverage For Your Finance Blog:
The more buzz around your brand - the more the phones ring, the more traffic to your website, and the more customers as a result.
Here are a few ways you can get press for your business:
Press releases are a great way to share big announcements or news, but in order to get any traction, you'll need to find a way to make your press release stand out amongst others.
Try to convey a story that really matters, not just to you, but to the reporter and to their audience.
Here are some things to consider when submitting a press release:
- Craft a catchy subject (keep it short and sweet).
- Acknowledge the journalist's past work and interests - this is key!
- Include the main point of the story in the first paragraph, heck, even the first sentence. Reporters want to hear the juice first and foremost.
- Focus on the facts and try to limit the amount of jargon used.
- Pitch yourself! Help them put a face to the story.
- Make sure your topic is newsworthy. If it's not, find a way to!
- Try not to include any attachments of your release!
Email is one of the most effective and preferred way to send your press release, so as long as you keep your pitch brief, interesting and personalized (no cold emails), you should stand a chance!
Get Press Using HARO
HARO, otherwise known as "Help a Reporter Out" is an outlet for journalists to source upcoming stories and opportunities for media coverage.
The best part is, HARO is free to use! There are, of course, premium versions you can purchase, but the free version is still an accessible way to get press.
Once you set up an account, HARO essentially will email you based on stories (that are relevant to you) that need to be covered where you will then have a chance to essentially "bid on the story."
Here are some tips when crafting your pitch:
- Discuss your experience and expertise in the space. Make sure it's obvious why you're relevant to this story.
- Answer the question in 3-4 sentences. Try and be as direct as possible
- Offer to provide the reporter with more information and make sure to give them your contact info
Plan a Publicity Stunt
Planning a publicity stunt is an effective and quick way to raise awareness for your brand and gain some traction from the press.
If you're looking to plan a stunt, the objective should be to be bold and create something memorable
However, being bold has a fine line - it's important that you consider the timing of your stunt to ensure you don't come off insensitive or unethical. For example, timing may not be in your favor if you plan something during the general election, or in most recent cases, a global pandemic.
In order to measure the success of your stunt, it's important that you first determine your end goal, for example:
- Is the stunt aimed to raise money for your business or a particular organization?
- Is the stunt aimed to drive more traffic to your website?
- Is the stunt aimed to get more followers and engagement on Instagram?
Here are a few tips for creating a great publicity stunt:
- Research to ensure that there haven't been similar stunts done in the past by other businesses - this could easily turn off journalists and your audience.
- Make sure you can explain the stunt in one headline - this will help grab the media's attention. In other words, simplify!
- The stunt should be related to the product you are promoting. Even if the stunt is a success in terms of viewers, but it doesn't tie back to your original goal, then it's not useful.
- Keep the stunt visual with videos/images.
- Leverage the internet and social media platforms for your stunt by sharing your message across a variety of audiences. This will help with word of mouth and the overall success of your event.
To learn other strategies on how to get press, check out our full guide here.
Launch Strategies For Your Finance Blog
There are various different ways you can launch your finance blog successfully.
Here are a few different strategies to get customers excited about your finance blog.
- Build hype with a landing page: you can effectively do this through waiting lists, discounts, countdown timer etc
- Create a teaser video: even just a 30 second video is a great way to exposure for your finance blog, and possibly even go viral
- Reach out to influencers: The right influencer for your product has the ability to reach your audience with just one post, and because of their loyal following, this could lead to a big return for you.
- Get Press: Whether you plan a PR stunt or get exposure through a popular news outlet, this is a great way to attract initial customers
- Launch on popular sites: A great way to get buzz about your finance blog is to submit your launch to popular startup sites.
Here are a few popular sites to launch on:
Learn more about how to launch your business successfully ➜ here
Jeff Proctor, founder of DollarSprout dives deep into the process of launching the business:
The process of “launching” actually began about 8 months before I quit my job. The biggest thing for me at the time was making sure that I had enough money saved up to go without a paycheck for a while.
Once my mind was set on leaving, I saved as much money as I possibly could. I also applied for a few credit cards while I was still employed just in case I needed the buffer later on.
I don’t think there is any way I/we could have learned these lessons without making the mistakes ourselves. It’s not like reading a how-to article would have necessarily made everything easier; we had to learn things the hard way.
The nice thing about the business model that Ben and I had our sights set on was that it’s extremely low overhead. Other than the cost of hosting and our site theme, we incurred very little cost over the first year. For the small expenses that did pop up, Ben handled most of them since he was still working full time as a Registered Nurse.
Of course, the drawback to a low overhead model means that it’s also low barrier to entry and we were somewhat fooled into thinking that would make things easier. Any business endeavor is going to be difficult to get up and running!
Our first few months after the site was live was spent posting on social media (mainly Facebook and Twitter) and writing news-style blog posts on investing trends we were seeing. We didn’t have a clear strategy on how that would lead into sales; we simply thought “if we do this long enough, we will eventually breakthrough”.
The reality was much different. What we were doing just plain wasn’t working. It wasn’t a matter of volume or persistence.
It wasn’t until we tried switching things up that we started to see some meaningful traction. One of our first breakthroughs in terms of building an audience was Pinterest. Neither of us had ever used Pinterest in our personal lives, but we heard it was a great traffic source for a lot of blogs so we decided to give it a shot. Like any new platform, there is a bit of a learning curve, but once we got the hang of it we really saw an uptick in traffic.
We heard that “group boards” were very important for visibility at the time. This is basically where you can get access to someone else’s followers by being a contributor to one of their boards. Getting added to these boards was a laborious task that included an insane amount of manual, cold outreach.
Some of our early pins
Despite the uptick in traffic (around 20k page views per month), our sales were still sitting firmly at $0.
We noticed a lot of “bloggers” on Pinterest were using affiliate marketing and seeing some success. That led us down the path of finding financial companies that had affiliate programs and trying to incorporate some affiliate links into our content.
Our first “home run” article that did well on Pinterest and affiliate links was a listicle post that Ben wrote about different ways that people can make money from home. The original version of that post was single-handedly responsible for our first $500+ month. The article had roughly 50k pageviews in 2 months.
This article wasn’t published until almost a year into starting our business. Once we felt that first glimpse of success, though, we started to build on it.
🌱 How To Grow Your Finance Blog
Social Media Advertising
Social Media Advertising is one of the leading ways to get the word out when it comes to finance blog.
There are various different Social Media platforms available to you. Some may be more critical for your marketing efforts than others, however, it's important to have an understanding of what's out there and available to you.
Let's talk about a few of the main platforms and what makes them unique:
- Facebook Advertising - more than 2 billion monthly users. Facebook is the best for lead generation + capturing email addresses for e-commerce businesses.
- Instagram Advertising - approximately 500 million monthly users and has a higher audience engagement rate than any other platform. Instagram ads are best for linking to a product page or landing page and reaches the 18-29 age group most effectively.
- Twitter Advertising- Small businesses typically use twitter ads to drive brand awareness, but the platform is meant more for organic engagement (and is not as heavily used for paid advertising)
- Pinterest Advertising - 175 million monthly users and most effectively reaches the female audience. Pinterest is great for promoting products without "promoted". The promoted pins have a way of blending right in.
- LinkedIn Advertising - 227 million monthly users and is geared towards the B2B market and generates the highest quality leads. Great platform for recruiters, high-end products and services that will help businesses
It's important to first define your goal/objective so that you don't waste time and money into the wrong platform:
Here are some different questions to ask yourself as it relates to your goals:
- Do I want to simply drive brand awareness?
- Do I want to drive users to my website to gather information?
- Do I want to increase sales and get my customer to take action?
From there, choose the platform that targets your audience best and start experimenting!
Learn more about social media advertising ➜ here.
Founder Andy Hayes talks about mastering FB ads and the pixel:
The biggest bang for your buck will likely be mastering Facebook and it’s platform - which we all know is pay for play, so you’ll have to come up with a small amount of budget to start for marketing.
We’ve spent countless hours (and paid numerous coaches) before we cracked the code that works for us on Facebook, but it is working really well for us now.
Some of the most important things to know when it comes to FB Ads:
- Start with retargeting (that’s showing ads to people who already know you but did not purchase). Master this - and start building information on your Facebook Pixel - before you do anything else
- Once you have that down, try working with the 1% “Lookalike” audience to prospect for new customers. This may take awhile because your pixel audience is small, so try layering on interests - 1% Lookalike and your largest competitor, for example. Don’t use interest-only targeting until you master this.
- Great photography and videography is key, as is smart copy. Research what’s out there in your industry and constantly test - what works for one company may not work for other people.
- Make sure you have good offers. For example, we have a $5 trial for our subscription, which converts affordably - if we promoted our subscription with the standard $30 front charge, it wouldn’t be as cost-effective.
Grow Your Email List
The more engaged list of emails, the more engaged customers, which ultimately leads to more sales.
One of the best ways to start growing your list is by providing your customer with something free (or discounted) in return.
This could also be anything from:
- Fascinating case study
- Video series
- Free week of the product
- Discount on the product
Learn more about how to grow your email list and improve email marketing ➜ here.
Dylan Jacob, founder of Brumate states their email collection tactic that is proven to work:
We use Spin-a-Sale for this (you spin a wheel for a discount code in exchange for subscribing to our email list). This has been the best email-collecting tool we have found because the customer truly feels like they won a prize rather than just a coupon code.
Even if a customer doesn’t convert right away, if we have their email we have a 19% chance of converting them into a future customer whether that is through future promotions, new releases, or simply just sending an email at the right time for a purchase to finally make sense for them.
We also have a return customer rate of over 14%, so one out of every 6 people we convert will end up buying from us again with an average order value of over $60.00.
Add an exit-intent popup to your online store
A great way to double, or even triple, your email opt-in rate and to grow your list is to add an exit-intent popup to your site, and offering a discount or content upgrade for subscribers.
Here's an example of what that might look like:
One thing that I spent years NOT doing, that I now kick myself about, is adding an "exit intent pop-up" to our site, which lets people enter a sweepstakes to win a Xero Shoes gift certificate.
That one idea has added over 100,000 subscribers to our email list, which is one of our most effective marketing channels.
Improve Your Email Marketing
Different types of emails
Here are the most common types of email campaigns you can send to your customers and their benefits:
- Welcome emails - the perfect way to provide information from the start with a clear CTA. Make sure to tell your customer everything they need to know about your product or service.
- Newsletters - a great way to give customers updates or send out your latest content
- Product launch emails - the quickest (and easiest) way to increase sales is by selling to current customers. Make sure they're the first on the list to know about your new product
- Promotional emails - promote discounts, deals coupons etc. Try and make this feel exclusive and for a limited time only
- Abandoned cart emails - give your customers a reason to complete their purchase!
Here's a great resource for finding curated email designs, for all types of email campaigns!
Abandonded Cart Flow
The abandoned cart workflow is one of the most effective strategies for turning your lead into a customer, and a powerful tool to have if you're an e-commerce business.
Think about all the times that you went on a shopping frenzy only to add items to your cart and then either forget or realize nows not the right time to pull the trigger.
Then, minutes later you receive an email saying "Hurry up! Your cart is waiting - and we want to provide you with 20% off your order."
Maybe that's the special touch (and discount) you needed to pull that trigger.
Implementing this workflow can automatically trigger this for your business every time a customer abandons their cart.
Here's a great example of an abandoned cart email from Brooklinen:
Things they do well:
- Showcase 5-star reviews from other customers
- Offer a small discount + free shipping
- Great design + clear call to actions!
Improve your SEO
SEO is not just about driving traffic to your site, it's about driving the RIGHT traffic to your site, and ultimately, converting leads into customers.
One of the most important aspects of SEO is understanding what your customers are searching for, otherwise known as "keyword research."
Here are some tools that can help you choose the right keywords for your finance blog.
- Google Ads Keyword Planner invaluable for discovering search trends.
- Google Search Console is very helpful once your website is up as it shows you what words/phrases are generating traffic.
- Ahrefs and SEMRush are paid tools that allow you to look at results of your competitor's website.
Publish Great Content
Finding keywords is an important piece of the puzzle, but Google also ranks your site based on the actual content you produce, as this is what your customers are reading and engaging with.
There are various different "forms" of content that you may want to consider diversifying on your sites, such as blog posts, articles, studies, and videos.
So let's discuss what google considers "good content:"
- Length - This will vary depending on the page, however, generally having a sufficient amount of content helps search engines recognize that your site is a good source for a specific topic
- Engagement - The longer people stay on your website to read your content, the higher Google will rank your website. It's important to have informative and "thick" content that keeps people reading
- Avoid Duplicating Content - Google will recognize this and may consider your content to have low value
- Ensure pages load quickly - This will also help with engagement and time spent on your website
- Shareability - Create content that people want to share, and is easy for them to share, especially to their social media accounts (ie. "click to tweet" is a great example of this).
Another element of creating good content is creating consistent content.
If (and hopefully you are) publishing content frequently, it's important to stick to a schedule - this helps build brand trust and easy user experience with your customers.
Planning out your content with a content calendar is key to staying consistent.
Here are a few great content calendar tools that can help you:
Backlinks are an important piece to SEO, as they allow for other websites to link to your content.
Search engines recognize that other sites are essentially "verifying" your content and essentially rank you higher because of this.
Of course, some links are more valuable than others and can affect your site in different ways.
For example, if a highly valuable and credible site like the New York Times links to a page on your website, this could be remarkable from an SEO perspective.
Aside from organically getting mentioned from other sites, there are other ways that you can increase and earn backlinks:
- Create infographics with relevant data that people want to share
- Promote your content on different sites/look into "guest blogging"
- Contact influencers/journalists/bloggers and ask them to mention you!
- Write testimonials for other sites in exchange for a backlink
- Leverage existing business relationships
Build A Blog
One of the most effective ways to build brand awareness and grow your business is through consistently blogging.
We've outlined some useful tips for you to consider when creating content:
Consistency and Quantity
Quality is important, but it should be the standard for any content you publish.
What’s more important is consistency and quantity.
Consistency is as simple as committing to publishing and sharing a certain number of posts per week. For me, that’s three per week right now.
This kind of commitment is key, because one day, a random post will blow up, and you will have never expected it.
The easiest mind trap is to think "I’m posting too much", and “I need to give my readers/audience/this platform a break”.
This is nonsense.
There is no such thing as oversaturation. Well, there is, but it is just someone else’s opinion.
For every person that tells you you are posting too much, there is another person that wants even more of your content.
You should ignore people’s opinions on how much you post.
Patience & Persistence
Keep posting, keep trying, and keep putting out good content on the regular. Your time will come, and when it does, it will change everything.
The only thing you have control over is your content.
You can’t control how people will react to it. You can’t control pageviews, likes, or shares.
So the only metric you should focus on is how much content you can put out in a week, month, etc.
Where to share your blog content
I know it sounds obvious, but the best places to share your content is on your mailing list. It is guaranteed traffic and it is a great way to get rapid feedback from your most loyal readers.
Send newsletters often. I have done once a week since starting, and I’m moving to twice a week soon.
Work on increasing your mailing list as well. Look into ways to increase your conversion rate to your mailing list. I added a flyout popup thing to my site and now I’m collecting ~30 emails per day.
An email newsletter is one of the most powerful assets you can have and it is worth its weight in gold.
Reddit is one of my favorite places to promote content.
It is a very scary place because you will often get banned or heckled, but it can really pay off.
Create social media accounts for your blog, the main ones I use:
Twitter Facebook Instagram LinkedIn
Set up Buffer and share all of your blog posts to all of your accounts. All of these little shares really do add up.
Automate this as much as possible. I automated all of my social media for Starter Story.
When I started out, I put together a spreadsheet of relevant Facebook groups for my niche, and I would post to these groups whenever I had a big story I wanted to share.
Build A Facebook Community
Building a community is a great way to grow your network and your business.
There are several different ways of building a community, one of the most effective (and simplest) ways is to build a Facebook group
Setting up the group page takes less than 10 minutes, and we've outlined ways the top 5 ways to create an engaging and successful group:
- Make the group exclusive. This may sound counter-intuitive, however, this ensures privacy and that the group will feel comfortable posting and engaging with members.
- Try to be warm and welcoming. A great way to do this is by having a "Member Monday" where you welcome new members and ask them to introduce themselves in the group
- Use polls/surveys. This is a great way to know your audience and see what people want more of in the group (more business tips, networking opportunities, etc).
- Include influential people & conduct AMA's (ask me anything). This is a great way to get members engaged
- Host an in-person (or virtual) event with members in the group. This will create stronger relationships and build a strong community.
Mike Doehla, founder of Stronger U, an online nutrition company noticed that his customers needed a little motivation and sense of community:
Most diets are lonely so we wanted to give support and a community.
I think many people fail diets because there is no one to talk to and no accountability.
You can by a book, or google a meal plan but who’s going to keep you on track? We will. The entire SU community.
We give our members access for life to our Facebook community filled with people around the world who are looking out for everyone’s success.
Most diets make up arbitrary rules and we thought they just didn’t make sense. Meal timing, Cutting carbs, butter in coffee, sugar being the devil? Ehh no need to overthink that stuff.
We’ll give you the science behind of what we do and show you what actually matters based on real research.
Luckily we have a PhD at our disposal to educate our staff and members so everyone is getting the most up to date information out there.
The Freemium Model
Offering free trials to your platform is a great way to gain exposure for your business and potentially get new customers!
Finding the right finance blog is a big deal for most people, so it can be important for customers to try a free version with limited features prior to making a big investment.
Once your customer reaches the limits of their free account, they're much more likely to invest in the premium version so they can gain access to all of the features your product offers.
There are a few different ways you can limit certain aspects of your product:
- Usage quotas: Storage limits or limiting the number of times they can utilize a feature
- Limited features: Only allowing your free user to utilize certain features vs all features - this is also a great way to upsell during the user's experience
- Limited support: Customer support can be time-consuming, by limiting the level of support to free users this is a great incentive for them to upgrade (and will save you a lot of time and money)!
🏃🏼♀️ How To Run Your Finance Blog
How To Retain Customers For Your Finance Blog
Retaining customers is one of the most effective ways to grow your finance blog.
Oftentimes, it's easy to find yourself focusing on generating new customers, vs retaining your current ones.
Look at it this way - you are 60-70% more likely to sell a new product to an existing customer than you are a new customer.
That's not to say that finding new customers and revenue streams is not important, however, the easiest (and most inexpensive) source of new revenue is right there in front of you.
Here are some ways you can retain customers for your finance blog:
- Responding to comments on social media
- Send discounts (or freebies) to loyal customers
- Provide valuable content, for free
- Write a hand written thank you note
- Provide awesome customer service and build relationships with customers
To find out more tips and tricks on retaining customers, check out this article ➜ here
Matthew Paulson, founder of MarketBeat dives deep into the process of attracting and retaining customers:
Our primary focus is to grow the number of email subscribers to our free newsletters. I know that if we regularly have new investors sign-up for our free investing newsletters, some of them will click on our advertisers’ ads and buy their products and some of them will buy our products. All of our advertising and marketing surrounds growing our email list. We don’t do brand advertising, display advertising or anything else that doesn’t have a high likelihood of generating an email sign-up for our mailing list.
We generate email sign-ups through a mix of organic search engine optimization efforts and paid advertising. Our SEO strategy relies around being the best website to research any publicly-traded company. So, when an investor goes to search for the name of a company followed by the word stock or simply types in a stock ticker (such as NASDAQ: AAPL), our aim is to be within the first few results. We simply try to be the best place to research a stock by having a ten-year history or a company’s earnings, financials, insider transactions, analyst recommendations, dividend and other information. We don’t buy links or do any form of unethical SEO, but we have done well ranking our website in Google, Bing and Yahoo when people search for stock tickers.
We have been able to get higher than average opt-in rates by aligning the copy of our opt-in forms to the content on the page. If a user is on a page about Microsoft stock, the email opt-in will make specific reference to Microsoft. Our thought is that if a user is researching a particular stock, they are more likely to opt-in to an email list if the opt-in mentions the stock they are researching.
We also currently spend approximately $100,000 per month on paid advertising. These dollars are spent between co-registration advertising networks, content recommendation ads such as Taboola and Yahoo Gemini, and lead generation service providers. Our average cost per email sign-up is currently around $1.00, which is compelling in an industry that says a financial lead should cost an average of $6.00.
We do have some social media marketing efforts in play, but social isn’t a big focus. Our audience is primarily 50-80 year-old men and our customers just don’t spend a lot of time on services like Facebook, Instagram, Snapchat and Pinterest. Some of them use Twitter and StockTwits, so we market into those platforms. However, we’ve never been able to make a Facebook ad work profitably for our company.
Diversify Your Product Line
Adding new products to your business is a great way to expand into new markets and grow your business.
It's important to note that adding new products and diversifying may not be in the cards for you right this moment, and that's okay. You can always consider it down the road.
Here are some reasons you may want to considering adding/diversifying your product
- Meeting the needs of your customers
- Establish yourself as a top provider in your industry and stay ahead of the game with competition
- Resistance to downturns/trends fading
- Create new revenue streams
Word of Mouth
The most tried and true way to grow a finance blog is through word of mouth - some entrepreneurs would say it's more important than all social media.
Why you should focus on word of mouth:
- Consumers trust word of mouth above all other forms of marketing
- 92% of consumers believe recommendations from friends and family over all forms of advertising
- 64% of marketing executives indicated that they believe it is the most effective form of marketing
Learn more about word of mouth in our guide: 30 Ways Founders Grow Their Business ➜
As a brand, you want to deliver an experience that authentic, honest and transparent.
Don't make the mistake of giving your audience less credit than they deserve.
If you go around chasing every trend and only focused on yourself and money, you’re going to lose very quickly.
There have been many times where we have been tempted to do this but stayed true.
Sure we sacrificed sales, but we kept our integrity, played the long game and people saw and appreciated that, and really began emotionally investing in the brand.
Build a Referral Program
Word of mouth is one of the best ways to get the word out about your business and acquire new customers. Especially when you are starting out, it’s important to build a solid referral program to encourage existing customers to help you find new ones.
A great way to do that is by offering a reward (ie. credit on your service or cash) to customers that refer you to their friends and family.
A fantastic referral program will help with clout, credibility, and establishing yourself in the space.
We put together the best resources on the internet to help you start your finance blog.
- Social media tools such as Facebook, Instagram, Twitter, Pinterest, LinkedIn or Hootsuite
- Analytics tools such as Sumo or Google Analytics
- Advertising tools such as Facebook Ads, Instagram Ads or AdThrive
- Productivity tools such as Slack, Todoist or Asana
- Email tools such as SendGrid, Planoly, G Suite, ConvertKit or Gmail
- Payments tools such as Stripe or Paypal
- Affiliate tools such as Amazon Associates, ShareASale, Impact Radius, Commission Junction or Rakuten
- Accounting tools such as Freshbooks or Quickbooks
- Education tools such as Teachable
- Stock images tools such as Unsplash or Pixabay
- Seo tools such as Ahrefs, SemRush, KWFinder or Moz
- Design tools such as Pic Monkey, Picmonkey or Canva
- Platform tools such as Twilio
- Blog tools such as WordPress
- Starting A Business All-In-One For Dummies
- How I Started An $8M/Year Stock Market Research Website
- How I Started A $7.5K/Month Blog About Personal Finances
- How I Started A $30K/Month Blog About Personal Finance
- How I Started A $100K/Month Blog About Personal Finance