Insight: Developing a digital revenue flow
Published 24/11/2013 | 20:30
Dualta Moore has funded the Examtime.com start-up himself to date – with no external sources of funding. And while he has managed to bootstrap the operation thus far, he is now keenly focused on developing the correct revenue model.
The business currently operates what is known in the sector as a freemium model where users can access the website for free. This free model has, to date, helped the company achieve a growth rate of 35 per cent, month on month.
However, Dualta is now planning to offer a premium service where users can opt to gain access to advanced features and content for a fee. In doing so, he hopes to convert between 1 per cent and 3 per cent of users to a paying model and as a result begin to generate revenues.
He has introduced a number of new initiatives among staff, including hack-days where staff are encouraged to interview site users in order to elicit feedback which might help them in developing new products or services.
He has also introduced self-autonomy days where staff are encouraged to develop new ideas for the business, which he believes will help drive creativity and innovation in the firm.