Our initial strategy for the website was to target users looking for information on one year MBA programs. While I still feel this is an under-served niche, we kind of come to the conclusion that there just isn’t enough traffic/demand in order to truly generate any meaningful revenue. We have had some thoughts to maybe just turn it into a site targeting all types of MBA programs, yet this is still quite a crowded space.
For revenue ideas, we had initially thought that maybe we could charge schools to maintain a particular page or community (like we set up at cornell.mba365.com) yet have discovered that this would take quite some time to build out the level of content that might be needed to drive any sort of traffic to the site. We have also reached out to potential providers of related information (Admissions Counselors, GMAT prep providers, etc) yet we are unsure as to how profitable this could be with limited traffic.
So here we lie at a crossroads as far as our direction and strategy along with how we would potentially generate revenue from the site. I’m looking for any thoughts from the community as to different avenues we should explore as to strategy and revenue opportunities.
If you’re part of the business incubator in your signature, isn’t this kind of advice the service you offer? Hopefully before the potential startup actually builds the site!
To identify those things you need some background knowledge of the market you’re trying to reach. Is there strong demand for one year MBAs right now, considering how many MBAs likely lost their jobs in the past year as their top employers went bankrupt, became acquired or scaled down? “People looking for [what we offer]” is not a market! I don’t know, hopefully you do.
If there is still demand for one year MBAs, is it among high school seniors or among adults?
If it’s among high school seniors, your direct revenue potential is probably limited to any online universities that offer a one year MBA Program and run an affiliate program paying for leads, and test prep materials for whatever exams those seniors need to take to apply. You can refer them to the books, to prep classes/services, anyone who is willing to pay you a commission for the referral. If the applications require admissions essays, then you can also work with books and services for improving writing skills, writing workshops, etc.
I would take the affiliate route option, as Dan mentioned.
There are several companies that pay very well for “continuing education” leads.
For example, Commission Junction has several that pay anywhere from $6 - $18 per lead.
In addition, they also have several financial advertisers (to help them pay for their education) that pay just as much or more per lead. You should have no problem being accepted into most of their programs since your website is so targeted.
Since these are Graduate Level Programs, maybe you should target college seniors. Many of them have no desire to get a masters degree, but if they have access to a one year accelerated program, and financing options, some would probably do it!
