“Diversification too fast is too risky”: Workweek’s Adam Ryan on the importance of baby steps
Workweek is one of the most successful stories in modern publishing and in the space of little over 32 months has turned the traditional B2B model on its head by leveraging the creator economy. In advance of Revenue North America in Austin, Tx (Oct 9th) where he will be speaking, Workweek’s Adam Ryan emphasises the importance of revenue diversification but with a caveat…
Adam Ryan is one of the media industry’s standout entrepreneurs having co-founded Workweek at the height of the pandemic in 2021 with his business partner, Becca Sherman. Previously to founding his own company, Adam was President of the Hustle, itself a hugely successful media company covering business and tech trends.
Just under three years later, Workweek has grabbed B2B publishing by the scruff of its neck and grown to over $1M+ in monthly revenues as well as over 500k in newsletter subscribers. The secret? Diversifying revenues, doubling down on membership, and creating content that is both entertaining and educational.
However, it’s Workweek’s harnessing of the creator economy that has been its key strength – the company elevates the expertise of key professionals in various fields to create engaging newsletters, podcasts, and events, in the process occupying a unique niche in B2B content.
In a video interview earlier this year, Adam says that the business opportunity was clear, “We saw an opportunity to help industry experts, people that work and operate day-to-day in roles such as chief people officer or chief growth officer”.
Adam continues, “Operators with the best insights and experiences don’t actually have the time, skill set or capital to build real media businesses. So we partner with industry experts and help them build brands and audiences.”
Measured growth, careful expansion
The success of this approach isn’t in doubt, “We now have 10 newsletters, seven podcasts, one conference, four summits, over 500k subscribers, and we also did 75 events last year!”
He continues, “You are not going to sell anything unless your content sparks emotion and is trusted. Advertising is the leading indicator of that.”
Despite the rapid success, Adam is quick to point out that Workweek’s expansion is carefully mapped out. In advance of his appearance at Revenue North America on October 9th, Adam told us, “Diversification too fast is too risky and it takes significant time/effort and energy.
“Diversification of clients is what I’d prioritise first, then later lean into audience revenue. What you’re solving for is protecting the downside, and the more clients and more types of revenue, the better.”
It’s a theme he commented on earlier this year, “Take baby steps. Don’t jump in all the way. If you think you can sell a $1,000 course, go make a guide and see how many people download it first.”
Clearly the approach is working, but Adam warns, “Never lose sight of your Ideal Customer Profile (ICP). We have a chart that tracks it carefully and if it falls below a certain metric we know we have an issue.”
“Make sure you focus on your ICP and keep building for that audience, sustaining that audience, and make sure your content solves problems your audience has.”
He added, “Every ask that you give the audience is one less ask in that life cycle. Assess the value captured from every ask.”
Membership & revenue strategies
Membership is also an area that Workweek focuses heavily on, he commented, “Our memberships are by far the winning formula. The repeatability and the ‘make money when you sleep’ aspect is powerful.”
Adam also places great store on the importance of first party data, “We have two years of data and it’s very powerful when used properly to know when and why someone has signed up.”
“If someone signs up as a member, they take that step, it enables all the other aspects of our business and creates easier sales funnels.”
We also asked Adam about what companies are most impressing him in terms of revenue strategies, “I appreciate how Endeavor Business is rolling up brands and monetizing with a suite of 7-8 products across all of them. I also appreciate the strategy Puck is using by having individuals at the forefront and selling subscriptions.”
As to the AI-fuelled future, Adam says that efficiency is a key area, “We’re entering an era that is going to increase efficiency in a way that we haven’t seen since the phone.
“Technologies to manage your accounts, reporting, provide insight, and more, are all going to be unlocked and it’ll help the efficiency of your organisation and allow you to invest more into the growth of your accounts.”
Finally, we asked Adam what conversations he’d be keen to have with fellow attendees at Revenue North America in Austin? “I’ll ask, “Hows’ the year been? What are you hearing from clients that they are wanting more of? How do you balance web/newsletter traffic with data”.”
Come and hear Adam talk at Revenue North America in Austin, Tx, on Wednesday October 9th, 2024. With a focus on media monetization the day’s conference will have a special emphasis on the U.S. & Canadian markets. Only 100 tickets are available so don’t delay!
