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What is the Creator Economy with Content Creator Dimple Dang
Episode 309th November 2021 • Mesmerizing Marketing™ • Dimple Dang
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Welcome to the mesmerizing marketing podcast, where we take a deep dive

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into the latest marketing trends, tools, and tips, and provide you with

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the top resources you need to thrive and make your marketing mesmerized.

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And now here's your host dimple.

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Dang.

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Hello, my mesmerizing marketing tribe.

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Today, we are going to be talking about.

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What is the crater economy.

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I know that's a turn that you guys have heard about, and either you're actually

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part of this greater economy already are.

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You're wondering what exactly it is and how you can become a

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part of this greater economy.

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But before we dive into the.

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I have a really exciting announcement.

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So my passion is podcasting.

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And a question I get a lot from the audience is how do I start my own podcast?

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How do I start my own show?

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So what I've done is I've put together a little.

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One day launch your podcast masterclass.

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I actually had one a few weeks ago and everyone who attended

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absolutely raved about it.

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So what we're going to do is we're going to take you through the entire

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process of what you need to do to launch your podcast from a to Z.

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Everything to do with equipment technology, hosting platform, recording

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studio, all of that, also content creation and how to market your

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podcast because that's important.

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How do you get more subscribers and grow your audience?

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We're also going to be talking about.

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Show notes and websites, the different type of formats for your show, and also

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monetizing your podcast and even different interview styles and how to get guests.

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So if you guys want to sign up for this sponsored limited.

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The link will be in the show notes

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, so we are going to get started.

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We're going to talk about what is a greater economy.

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So what is a crater economy?

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it's defined as a class of businesses built by over 50 million

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independent content, creators, curators, and community builders that

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include social media influencers.

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Bloggers videographers YouTubers.

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And it also includes the software and finance tools that are designed

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to help these content creators with growth and monetization.

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And an example of that would be

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Kajabi.

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So I'm sure.

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You're probably also wondering, like, where did this word come from?

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Crater economy, right?

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Who coined this term?

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Well, according to Google, their creator economy was coined back in

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1971 by Herbert Simon who predicted.

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A wealth of information creates a poverty of attention and a need to

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allocate that attention efficiently.

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the new scarcity turned out to be engagement.

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So there you go.

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Fun fact right there.

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Next.

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What we're going to talk about is what are some of the different

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platforms that creators are using?

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So we're going to start with talking about some of the top trends in

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the creator economy one of the top trends is that more and more creators

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are actually moving their top.

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Off of the social media platforms and networks, and they're

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actually getting them onto their own website, their own apps, are

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given their own monetization tools.

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It could even be an affiliate program link that they have.

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they can be adding them to their email list.

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They can even be putting them into a Facebook community.

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So the other thing is more and more creators are becoming founders or

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they're starting their own businesses and their companies, and they are

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collaborating and putting together different tools and platforms that

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are going to help them launch their business while they still can focus on.

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Creating content and being a content creator.

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And then the third is that creators are also gaining power in the media ecosystem

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because more and more fans are seeking to connect with individual personalities

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rather than publishers where there's not that know like, and trust factor.

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They really want to work with people.

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One-on-one and now there's so many different platforms in different

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ways that people can do that.

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And another interesting stat that I want to share with you guys,

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this is according to signal.

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Is that 46.7% of content creators are amateur craters

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and a little over 2 million, our professional content creators.

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And what we're seeing is that creators are becoming way more diversified in the

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types of revenue streams, and they're being also funded by their super fans.

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So the super fans are the ones that are really investing whether it

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happens to be donations, whether it happens to be purchasing their products

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and services and courses it's really being fueled by their super fans.

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And that's why I always say, if you create a super fan, they're going

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to follow you wherever you happen to go from one platform to the

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next, which is what you want to do.

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So next, I want to talk about some of the different platforms that content

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creators in the creator economy are utilizing to create content.

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So one of them is video and live streaming.

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So that includes YouTube.

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It includes tick talk and includes Instagram reels.

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It includes Instagram and Facebook lives.

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Vine only fans, those types of platforms.

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And those are great.

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If you don't mind being on camera, then that's definitely for you.

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If you don't like to be on camera, then there's other options as well that you

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can utilize to become a content creator.

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So the next one I'm going to talk about is photography and graphic design.

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So when you think about photography and you go to some of these

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websites like Adobe stock and just there's tons of sites out there.

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Well, a lot of these, , beautiful, amazing photographs come from.

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Photographers that take these photos and then they are able to sell them

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to these commercial photo sites.

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And every time someone downloads one of their images that they own the rights

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to they're getting paid a certain amount or a certain fee based on how

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many downloads they get for that photo.

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So if you are a photographer, you might even think about looking into some of

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these sites to monetize and to make money off of, something that is your

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passion that you do every single day.

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Graphic designers are also part of this crater economy.

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And there's such a big need for graphic designers nowadays and, you

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know, graphic designers, design logos, and Instagram posts and Pinterest

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posts and all of these things.

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The next one we're going to talk about is my absolute favorite, which is podcasting.

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So podcasting, think of apple podcasts, think of Spotify.

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Think of, Pandora, SoundCloud, all of these different platforms, Stitcher

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and podcasting is great because if you don't want to be on camera,

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You don't have to, with a podcast, you have the option to do an audio.

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Only podcast are, if you do like being on camera, you can also have

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a video format and an audio format.

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And this way that gives you more content that you're able to repurpose.

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Right.

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And you can start a YouTube channel.

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So then you have more than one platform where you can share

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your knowledge with the world.

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. And the other thing about podcasting is that it's really become a very

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popular platform for content creators who want to grow their credibility, and

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they want to monetize with a podcast.

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There's so many different ways to monetize.

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I'll cover some of those right now.

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One of the most common ones that people are always asking about our sponsorships,

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but , that's not the only way and what sponsorships, I would say, don't

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rush into trying to get a sponsor.

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It's okay to wait a few months and to build up your super fans

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and to build up your subscribers.

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And then you have.

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Data to share with sponsors because they're going to want to see statistics

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and they're going to want to see numbers.

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So keep that in mind.

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But also that's just not the only way you can monetize a podcast.

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You can also sell your products and services.

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By promoting them on your podcast, you can also sell your audience, your super

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fans into a group coaching programs, and you can also charge for your time.

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You can provide consultation calls.

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And you can charge for your time and in the past where people might

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say to you, can I pick your brain?

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And you probably have noticed that picking your brain from what was supposed to

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be a five minute conversation, turned into a one hour waste of your time.

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And it's okay to say, well, if you want to pick my brain, that's perfectly fine.

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Here's the link.

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How you can book a consultation call with me.

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You want 10 minutes?

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You can have 10.

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You want five minutes, you can have five.

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You want 50 minutes, you can have 50 minutes, but you can charge for your time.

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So one of my friends was telling me about this new platform

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and it is called two way me.

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So I will link the website in the show notes.

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It's , to me.com and it basically is a platform that you can use.

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To monetize your video consultations by doing one-on-one video meetings and you

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can charge for it and you can get them to schedule and pay all in one platform.

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Makes it super easy.

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So definitely check that out.

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The next thing I want to talk about when it comes through

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the creator economy is music.

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So that's another way to monetize to be a music producer or music creator, I'm an

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entertainment artist, all of those things.

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So you can keep that in mind.

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Now one of my other favorite categories, But then being a content

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creator and the creator economy is writing and creating content for,

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blogs and written publications.

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So when you think about.

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Writing, you can write a blog and you can have a blog on a WordPress website.

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You can also create content on sites like medium and Quora and sub stack

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and, and even, share your content to platforms like obviously Twitter and

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LinkedIn and Facebook and all of that.

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But content is still king.

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You guys, and blogging is not dead.

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In fact, blogging is very much alive.

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And the more content that you can create, the better it's going to be to build

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your personal brand, your credibility and your expertise, and, consider writing

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for even a professional publication.

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I write for attorney at law magazine and I write on online

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marketing and social media topics.

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And I've been doing that for years.

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, , it gives me the credibility in my niche in terms of I'm a marketing

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expert and I write for a publication.

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So that's a good thing.

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And I can mention that on my website, I can mention it, to potential clients.

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So you can also explore other sites.

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You can write for entrepreneur magazine if you want.

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And things like.

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Okay.

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So I've covered a lot of different platforms that content creators to using,

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to diversify their revenue streams.

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And what I want to talk about next is has the pandemic actually

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impacted the greater economy?

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And the answer is yes, it has.

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What's happened.

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Is that consumer interest.

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And consuming more content on platforms like Instagram and TIG

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talk and apple podcasts and Spotify and tons of other platforms.

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It has.

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Definitely increased during the pandemic and it's continuing to grow.

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So I think more and more people have had time to think about their life.

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They've had time to be stuck at home without the ability to travel for

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months, without the ability to see their family or friends and go places now.

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Yes.

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Thank God.

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Thanks for getting somewhat back to a little bit more normal.

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Even though it doesn't feel like it, but in, in general, back when it first

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happened with, the whole pandemic coming about a lot of people also, recently

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the great resignations been happening and people haven't quitting their jobs.

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And as they're quitting their jobs, People are also realizing think

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maybe they have a story to tell.

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Maybe they have all of this knowledge to share with the world.

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And they are doing more with their knowledge.

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They are sharing their wisdom.

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They're creating YouTube channels and podcasts and, joint collaborations and

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blogs and websites and live streaming.

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So they're doing all of that and that's all.

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Gonna go up, it's going to increase and definitely the pandemic has impacted that.

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And then some other statistics that I want to share with you guys.

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And these were mentioned on the influencer marketing hub website.

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So $800 million in venture capital has been invested into the greater

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economy startups since October, 2020.

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So think about that.

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That's a lot of money.

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You guys, $800 million.

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That's been invested into the creator economy, startups.

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That's huge.

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And this is only like pretty much like a year ago.

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Okay.

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So another stat is that 46% of content creators who have been building their

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audience for four or more years.

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They are over 20,000 annually across their monetized.

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And then another interesting stat is that the total creator economy market

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size is going to be around 104.2 billion.

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And that is actually similar to the growth trajectory of the gig economy.

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So when you think about what's a future valuation at that,

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that's like trillions of dollars.

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So it's huge.

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And then the other point that they shared was that 72% of creators

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prefer Instagram they identify it as their primary content platform.

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And there's no surprise there.

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So.

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Instagram is still very much a very popular platform when

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it comes to content creators.

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But what's interesting is there's another stat that I found interesting

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it's that they mentioned that the average salary for a lawyer is $149,200.

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And then the average salary of a content creator is $141,890.

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So what's interesting about that is that content creators, it

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actually ranks as one of the highest paying jobs in the United States.

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So that's pretty cool.

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Right.

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And then you're probably wondering, well, how are these

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content creators making them.

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Well, let's dig into that a little bit deeper.

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I know I talked about it a little bit, but the highest revenue source for

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content graders, brand deals that's like way up there, but they're also

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making money through subscription models and they're also making money through

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online courses and membership sites.

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And also digital goods such as eBooks, or are having your own book published.

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And so those are like a lot of the ways that people are doing that.

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And then the other interesting thing, and I'm not, I'm not really surprised

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about this one because Kajabi is one of the top leaders when it comes to,

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being one of the number one platforms that content creators are using.

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To, build their marketing funnels and things like that.

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they're actually at the top of the list for the most well-funded crater company.

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And then it's also Patrion follows up closely, after them.

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if you guys are wondering what part of the creator economy can you utilize?

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Just sit down and think about it.

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Think about what your passions are, think about what you enjoy.

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Do you enjoy being on camera?

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Do you enjoy entertaining people, making them laugh by creating

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Instagram reels and Tik TOK videos?

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Or do you prefer to be more behind the scenes where you

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don't want to be on camera?

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Well, maybe, writing would be the right platform for you to write blogs

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and to write on sites like, medium and Quora are maybe podcasting.

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And with podcasting, you have the option to do just audio.

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Are you have the option to do audio and video.

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It's completely up to you, but the more content that you create

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on multiple platforms, the more.

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You're going to grow faster and it comes to, reaching your target audience and

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really building that know like, and trust factor and building your super fan.

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So even if you're creating content, you absolutely should be taking that

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content and repurposing it and utilizing it in all the ways that you can.

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And I'll probably do a future podcast episode about that, I

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hope that you guys really got a lot of value from today's episode.

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And if you are loving my podcast, I'd love it.

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If you could leave me a five star review with some comments

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on which episode you enjoyed the most and what you liked about it.

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And just to remind you.

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I did tell you guys about my masterclass that I have coming up.

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That is a live one day event that is coming up on Saturday, November 13th.

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And if you are not able to attend that one, I will be

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having another one in December.

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I'm going to be putting the link in the show notes for you guys to.

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Check out the details and sign up.

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So if you've ever thought about launching your own podcast now is the time because

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2022 is right around the corner and you want to make sure that you are prepared

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and setting yourself up for success.

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And of course, if you have any questions my email is also out there

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or you can always send me a message on Instagram and it's going to be

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linked in the show notes as well and reach out to me, but, you know, start

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thinking about how you can join.

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The, whole amazing world of being a part of the crater economy, because there's

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a ton of money out there to be made.

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And there's a ton of opportunities and it's really up to you to just start

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and start creating content and become a content creator, and anyone can do it.

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You guys, it doesn't matter what your background was or what your history was.

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You know, if you have knowledge about any topic.

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You can talk about that topic and you can share your knowledge it's

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really not that complicated.

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It just a matter of figuring out what your platforms are going to be of choice and

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how much content you're going to create.

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then just from there, you're going to build your super fans and then

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you can put them into your email list and into your own funnels,

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but, you know, go have fun with it.

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You

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guys, I know, I have fun.

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Every time I record a podcast episode, it makes me happy.

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So.

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Have a great day go join that creator economy and let me know

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what you guys are working on.

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And I will see you guys next time on the mesmerizing marketing podcast.

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Thank you for listening to the mesmerizing marketing podcast.

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If you found this episode valuable, please subscribe to the show.

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So you don't ever miss an episode and also share it with your friends.

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Dimple would be so grateful.

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If you could take a minute to leave a review and visit the podcast website,

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to check out all the latest episodes.

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At www.mesmerizingmarketingpodcast.com that's www.mesmerizingmarketingpodcast.com

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and follow a dimple on clubhouse.

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Her handle is marketing expert and also join her mesmerizing marketing

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club also on clubhouse for live rooms on top marketing strategies for

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entrepreneurs and business owners who want to mesmerize their marketing.