myhomepage is an internet startup which has used seed funding to create an attractive, useful and innovative bookmarking and website tool that helps consumers all around the globe save your bookmarks online. The service has been well received with users proving to be supporters and advocates of the technology.
However, the team now know that they may be currently getting into what is possibly the trickiest part of the startup journey. A lot of the seed funding has gone on product development. The team now have to focus their attention towards advertising and marketing the application, however with little funding left it really needs to be a boot-strapped process.
Investors who are potentially interested have set the 'active user' target at 50,000 users before they will release the second round of investment capital that is needed to push the application on to the next level.
The current number of active users is 5,000 and with minimal marketing impact thus far, new user sign ups are running at only 15 a day which is 5% of the average quantity of new and unique visitors that arrive at the website every day, however the 300 new and unique visitors that go to the website every day has remained the same from the beginning. To make matters even harder the company has been set the challenge of obtaining 50,000 registered users within just 6-months.
At the existing conversion rate the site may only get an extra 2,700 registered users - leaving the business to fall far short of the target that is badly needed for extra investment.
The myhomepage team have decided to see the challenge head on. Over the last number of weeks the creators have re-focussed the direction of the startup towards advertising the unique selling points of the service while making stinging cut-backs on overheads and product development.
Money is being re-focussed on an all out effort to increase the profile of the business, push up the amount of site visitors and obtain the thousands of new users that will see the company win the funding that they need to survive.
In 6 months myhomepage must get 50,000 new registrations for its free home page. At current conversion numbers which means getting one million new and distinct visitors to the website over the next 6 months, this equals an average of 5,500 page views each and every day versus a current average of 300.
There are currently two staff members, one trained in SEO and the other writes content. There is no money for PPC advertising or any other form/forms of paid advertising. There is scope for organic search engine optimisation, viral marketing, blog marketing, social network marketing and guerrilla marketing.
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