What We Can All Learn From the Downfall of Mode Media
Mode Media, formerly a 1 billion dollar ad network, has shut down shop. I was a part of their blogger network which had about 12,000 members. However, after months of seeing super irrelevant ads, terrible website speed, and lack luster earnings fortunately I called it quits 2 months prior to their recent crash.
This decision to leave by no means is because I had some foresight that this was coming. It was simply because I chose to put my visitors first. As a full-time blogger, Mode Media was one of my top sources of income. However, little by little I saw a decrease in revenue and being that I could see clearly that the ads did not suit my audience I did away with them completely. I am really happy that I did even though it felt scary at first.
Turns out the network owes some big cash to many that were in the blogger network and they really did their 300 employees pretty dirty. Employees only have healthcare coverage up until September 30th and afterward they don’t even have the option to enroll in COBRA.
Making sure that I put the concerns of my website visitors over my fear of losing income ended up paying off in the long run. This philosophy has made my website more profitable and most importantly user friendly. Now that my website is not cluttered up with irrelevant ads that slow down my website visitors stay longer. Ads are also more likely to get clicked because they pertain to the subject matter.
As my second year as full-time self-employed digital entrepreneur I have learned that sometimes you have to take a risk when it comes to meeting your customer’s needs. After all businesses are about people, without them you would have nothing.
I blog full-time and have developed my own business from it. I teach people what I know for free and I make money from advertisers who feature their content on my website. Some people would argue, but it’s not stable, it’s not a “real job”. However, I feel more secure and fulfilled than I ever did at any “real job” because I am control of my success.
The downfall of Mode, is a prime example of how stable “real jobs” are these days. If you think the blogger network was screwed, the employees were doubly screwed.
Being an entrepreneur is hard work. You are always working, there are no paid vacations, you pay taxes out of pocket and you have to get your own healthcare if you are not under a spouse or relative’s plan.
Even with those challenges, when you love what you are doing and you can provide for your household it is all worth it. Even if you don’t like the idea of doing your own thing full-time, having your own side business that you own and are in control of is definitely a must these days for financial flexibility.
A few things can be taken away from Mode Media’s demise:
Content creators should always put their customer’s first (always think of what is important to your viewers and readers, dollars aren’t always everything; I talk about this more in my eCourse).
Nothing in today’s workforce is stable, you must always have some sort of backup plan. As a digital entrepreneur I am always developing additional revenue streams, I never rely on one source.
Financial management can make or break a company (Mode blew $225 million dollars in investor cash).