Transcripts
Welcome to the mesmerizing marketing podcast, where we take a deep dive
Speaker:into the latest marketing trends, tools, and tips, and provide you with
Speaker:the top resources you need to thrive and make your marketing mesmerized.
Speaker:And now here's your host dimple.
Speaker:Dang.
Speaker:Hello, my mesmerizing marketing tribe.
Speaker:Today, we are going to be talking about.
Speaker:What is the crater economy.
Speaker:I know that's a turn that you guys have heard about, and either you're actually
Speaker:part of this greater economy already are.
Speaker:You're wondering what exactly it is and how you can become a
Speaker:part of this greater economy.
Speaker:But before we dive into the.
Speaker:I have a really exciting announcement.
Speaker:So my passion is podcasting.
Speaker:And a question I get a lot from the audience is how do I start my own podcast?
Speaker:How do I start my own show?
Speaker:So what I've done is I've put together a little.
Speaker:One day launch your podcast masterclass.
Speaker:I actually had one a few weeks ago and everyone who attended
Speaker:absolutely raved about it.
Speaker:So what we're going to do is we're going to take you through the entire
Speaker:process of what you need to do to launch your podcast from a to Z.
Speaker:Everything to do with equipment technology, hosting platform, recording
Speaker:studio, all of that, also content creation and how to market your
Speaker:podcast because that's important.
Speaker:How do you get more subscribers and grow your audience?
Speaker:We're also going to be talking about.
Speaker:Show notes and websites, the different type of formats for your show, and also
Speaker:monetizing your podcast and even different interview styles and how to get guests.
Speaker:So if you guys want to sign up for this sponsored limited.
Speaker:The link will be in the show notes
Speaker:, so we are going to get started.
Speaker:We're going to talk about what is a greater economy.
Speaker:So what is a crater economy?
Speaker:it's defined as a class of businesses built by over 50 million
Speaker:independent content, creators, curators, and community builders that
Speaker:include social media influencers.
Speaker:Bloggers videographers YouTubers.
Speaker:And it also includes the software and finance tools that are designed
Speaker:to help these content creators with growth and monetization.
Speaker:And an example of that would be
Speaker:Kajabi.
Speaker:So I'm sure.
Speaker:You're probably also wondering, like, where did this word come from?
Speaker:Crater economy, right?
Speaker:Who coined this term?
Speaker:Well, according to Google, their creator economy was coined back in
Speaker:1971 by Herbert Simon who predicted.
Speaker:A wealth of information creates a poverty of attention and a need to
Speaker:allocate that attention efficiently.
Speaker:the new scarcity turned out to be engagement.
Speaker:So there you go.
Speaker:Fun fact right there.
Speaker:Next.
Speaker:What we're going to talk about is what are some of the different
Speaker:platforms that creators are using?
Speaker:So we're going to start with talking about some of the top trends in
Speaker:the creator economy one of the top trends is that more and more creators
Speaker:are actually moving their top.
Speaker:Off of the social media platforms and networks, and they're
Speaker:actually getting them onto their own website, their own apps, are
Speaker:given their own monetization tools.
Speaker:It could even be an affiliate program link that they have.
Speaker:they can be adding them to their email list.
Speaker:They can even be putting them into a Facebook community.
Speaker:So the other thing is more and more creators are becoming founders or
Speaker:they're starting their own businesses and their companies, and they are
Speaker:collaborating and putting together different tools and platforms that
Speaker:are going to help them launch their business while they still can focus on.
Speaker:Creating content and being a content creator.
Speaker:And then the third is that creators are also gaining power in the media ecosystem
Speaker:because more and more fans are seeking to connect with individual personalities
Speaker:rather than publishers where there's not that know like, and trust factor.
Speaker:They really want to work with people.
Speaker:One-on-one and now there's so many different platforms in different
Speaker:ways that people can do that.
Speaker:And another interesting stat that I want to share with you guys,
Speaker:this is according to signal.
Speaker:Is that 46.7% of content creators are amateur craters
Speaker:and a little over 2 million, our professional content creators.
Speaker:And what we're seeing is that creators are becoming way more diversified in the
Speaker:types of revenue streams, and they're being also funded by their super fans.
Speaker:So the super fans are the ones that are really investing whether it
Speaker:happens to be donations, whether it happens to be purchasing their products
Speaker:and services and courses it's really being fueled by their super fans.
Speaker:And that's why I always say, if you create a super fan, they're going
Speaker:to follow you wherever you happen to go from one platform to the
Speaker:next, which is what you want to do.
Speaker:So next, I want to talk about some of the different platforms that content
Speaker:creators in the creator economy are utilizing to create content.
Speaker:So one of them is video and live streaming.
Speaker:So that includes YouTube.
Speaker:It includes tick talk and includes Instagram reels.
Speaker:It includes Instagram and Facebook lives.
Speaker:Vine only fans, those types of platforms.
Speaker:And those are great.
Speaker:If you don't mind being on camera, then that's definitely for you.
Speaker:If you don't like to be on camera, then there's other options as well that you
Speaker:can utilize to become a content creator.
Speaker:So the next one I'm going to talk about is photography and graphic design.
Speaker:So when you think about photography and you go to some of these
Speaker:websites like Adobe stock and just there's tons of sites out there.
Speaker:Well, a lot of these, , beautiful, amazing photographs come from.
Speaker:Photographers that take these photos and then they are able to sell them
Speaker:to these commercial photo sites.
Speaker:And every time someone downloads one of their images that they own the rights
Speaker:to they're getting paid a certain amount or a certain fee based on how
Speaker:many downloads they get for that photo.
Speaker:So if you are a photographer, you might even think about looking into some of
Speaker:these sites to monetize and to make money off of, something that is your
Speaker:passion that you do every single day.
Speaker:Graphic designers are also part of this crater economy.
Speaker:And there's such a big need for graphic designers nowadays and, you
Speaker:know, graphic designers, design logos, and Instagram posts and Pinterest
Speaker:posts and all of these things.
Speaker:The next one we're going to talk about is my absolute favorite, which is podcasting.
Speaker:So podcasting, think of apple podcasts, think of Spotify.
Speaker:Think of, Pandora, SoundCloud, all of these different platforms, Stitcher
Speaker:and podcasting is great because if you don't want to be on camera,
Speaker:You don't have to, with a podcast, you have the option to do an audio.
Speaker:Only podcast are, if you do like being on camera, you can also have
Speaker:a video format and an audio format.
Speaker:And this way that gives you more content that you're able to repurpose.
Speaker:Right.
Speaker:And you can start a YouTube channel.
Speaker:So then you have more than one platform where you can share
Speaker:your knowledge with the world.
Speaker:. And the other thing about podcasting is that it's really become a very
Speaker:popular platform for content creators who want to grow their credibility, and
Speaker:they want to monetize with a podcast.
Speaker:There's so many different ways to monetize.
Speaker:I'll cover some of those right now.
Speaker:One of the most common ones that people are always asking about our sponsorships,
Speaker:but , that's not the only way and what sponsorships, I would say, don't
Speaker:rush into trying to get a sponsor.
Speaker:It's okay to wait a few months and to build up your super fans
Speaker:and to build up your subscribers.
Speaker:And then you have.
Speaker:Data to share with sponsors because they're going to want to see statistics
Speaker:and they're going to want to see numbers.
Speaker:So keep that in mind.
Speaker:But also that's just not the only way you can monetize a podcast.
Speaker:You can also sell your products and services.
Speaker:By promoting them on your podcast, you can also sell your audience, your super
Speaker:fans into a group coaching programs, and you can also charge for your time.
Speaker:You can provide consultation calls.
Speaker:And you can charge for your time and in the past where people might
Speaker:say to you, can I pick your brain?
Speaker:And you probably have noticed that picking your brain from what was supposed to
Speaker:be a five minute conversation, turned into a one hour waste of your time.
Speaker:And it's okay to say, well, if you want to pick my brain, that's perfectly fine.
Speaker:Here's the link.
Speaker:How you can book a consultation call with me.
Speaker:You want 10 minutes?
Speaker:You can have 10.
Speaker:You want five minutes, you can have five.
Speaker:You want 50 minutes, you can have 50 minutes, but you can charge for your time.
Speaker:So one of my friends was telling me about this new platform
Speaker:and it is called two way me.
Speaker:So I will link the website in the show notes.
Speaker:It's , to me.com and it basically is a platform that you can use.
Speaker:To monetize your video consultations by doing one-on-one video meetings and you
Speaker:can charge for it and you can get them to schedule and pay all in one platform.
Speaker:Makes it super easy.
Speaker:So definitely check that out.
Speaker:The next thing I want to talk about when it comes through
Speaker:the creator economy is music.
Speaker:So that's another way to monetize to be a music producer or music creator, I'm an
Speaker:entertainment artist, all of those things.
Speaker:So you can keep that in mind.
Speaker:Now one of my other favorite categories, But then being a content
Speaker:creator and the creator economy is writing and creating content for,
Speaker:blogs and written publications.
Speaker:So when you think about.
Speaker:Writing, you can write a blog and you can have a blog on a WordPress website.
Speaker:You can also create content on sites like medium and Quora and sub stack
Speaker:and, and even, share your content to platforms like obviously Twitter and
Speaker:LinkedIn and Facebook and all of that.
Speaker:But content is still king.
Speaker:You guys, and blogging is not dead.
Speaker:In fact, blogging is very much alive.
Speaker:And the more content that you can create, the better it's going to be to build
Speaker:your personal brand, your credibility and your expertise, and, consider writing
Speaker:for even a professional publication.
Speaker:I write for attorney at law magazine and I write on online
Speaker:marketing and social media topics.
Speaker:And I've been doing that for years.
Speaker:, , it gives me the credibility in my niche in terms of I'm a marketing
Speaker:expert and I write for a publication.
Speaker:So that's a good thing.
Speaker:And I can mention that on my website, I can mention it, to potential clients.
Speaker:So you can also explore other sites.
Speaker:You can write for entrepreneur magazine if you want.
Speaker:And things like.
Speaker:Okay.
Speaker:So I've covered a lot of different platforms that content creators to using,
Speaker:to diversify their revenue streams.
Speaker:And what I want to talk about next is has the pandemic actually
Speaker:impacted the greater economy?
Speaker:And the answer is yes, it has.
Speaker:What's happened.
Speaker:Is that consumer interest.
Speaker:And consuming more content on platforms like Instagram and TIG
Speaker:talk and apple podcasts and Spotify and tons of other platforms.
Speaker:It has.
Speaker:Definitely increased during the pandemic and it's continuing to grow.
Speaker:So I think more and more people have had time to think about their life.
Speaker:They've had time to be stuck at home without the ability to travel for
Speaker:months, without the ability to see their family or friends and go places now.
Speaker:Yes.
Speaker:Thank God.
Speaker:Thanks for getting somewhat back to a little bit more normal.
Speaker:Even though it doesn't feel like it, but in, in general, back when it first
Speaker:happened with, the whole pandemic coming about a lot of people also, recently
Speaker:the great resignations been happening and people haven't quitting their jobs.
Speaker:And as they're quitting their jobs, People are also realizing think
Speaker:maybe they have a story to tell.
Speaker:Maybe they have all of this knowledge to share with the world.
Speaker:And they are doing more with their knowledge.
Speaker:They are sharing their wisdom.
Speaker:They're creating YouTube channels and podcasts and, joint collaborations and
Speaker:blogs and websites and live streaming.
Speaker:So they're doing all of that and that's all.
Speaker:Gonna go up, it's going to increase and definitely the pandemic has impacted that.
Speaker:And then some other statistics that I want to share with you guys.
Speaker:And these were mentioned on the influencer marketing hub website.
Speaker:So $800 million in venture capital has been invested into the greater
Speaker:economy startups since October, 2020.
Speaker:So think about that.
Speaker:That's a lot of money.
Speaker:You guys, $800 million.
Speaker:That's been invested into the creator economy, startups.
Speaker:That's huge.
Speaker:And this is only like pretty much like a year ago.
Speaker:Okay.
Speaker:So another stat is that 46% of content creators who have been building their
Speaker:audience for four or more years.
Speaker:They are over 20,000 annually across their monetized.
Speaker:And then another interesting stat is that the total creator economy market
Speaker:size is going to be around 104.2 billion.
Speaker:And that is actually similar to the growth trajectory of the gig economy.
Speaker:So when you think about what's a future valuation at that,
Speaker:that's like trillions of dollars.
Speaker:So it's huge.
Speaker:And then the other point that they shared was that 72% of creators
Speaker:prefer Instagram they identify it as their primary content platform.
Speaker:And there's no surprise there.
Speaker:So.
Speaker:Instagram is still very much a very popular platform when
Speaker:it comes to content creators.
Speaker:But what's interesting is there's another stat that I found interesting
Speaker:it's that they mentioned that the average salary for a lawyer is $149,200.
Speaker:And then the average salary of a content creator is $141,890.
Speaker:So what's interesting about that is that content creators, it
Speaker:actually ranks as one of the highest paying jobs in the United States.
Speaker:So that's pretty cool.
Speaker:Right.
Speaker:And then you're probably wondering, well, how are these
Speaker:content creators making them.
Speaker:Well, let's dig into that a little bit deeper.
Speaker:I know I talked about it a little bit, but the highest revenue source for
Speaker:content graders, brand deals that's like way up there, but they're also
Speaker:making money through subscription models and they're also making money through
Speaker:online courses and membership sites.
Speaker:And also digital goods such as eBooks, or are having your own book published.
Speaker:And so those are like a lot of the ways that people are doing that.
Speaker:And then the other interesting thing, and I'm not, I'm not really surprised
Speaker:about this one because Kajabi is one of the top leaders when it comes to,
Speaker:being one of the number one platforms that content creators are using.
Speaker:To, build their marketing funnels and things like that.
Speaker:they're actually at the top of the list for the most well-funded crater company.
Speaker:And then it's also Patrion follows up closely, after them.
Speaker:if you guys are wondering what part of the creator economy can you utilize?
Speaker:Just sit down and think about it.
Speaker:Think about what your passions are, think about what you enjoy.
Speaker:Do you enjoy being on camera?
Speaker:Do you enjoy entertaining people, making them laugh by creating
Speaker:Instagram reels and Tik TOK videos?
Speaker:Or do you prefer to be more behind the scenes where you
Speaker:don't want to be on camera?
Speaker:Well, maybe, writing would be the right platform for you to write blogs
Speaker:and to write on sites like, medium and Quora are maybe podcasting.
Speaker:And with podcasting, you have the option to do just audio.
Speaker:Are you have the option to do audio and video.
Speaker:It's completely up to you, but the more content that you create
Speaker:on multiple platforms, the more.
Speaker:You're going to grow faster and it comes to, reaching your target audience and
Speaker:really building that know like, and trust factor and building your super fan.
Speaker:So even if you're creating content, you absolutely should be taking that
Speaker:content and repurposing it and utilizing it in all the ways that you can.
Speaker:And I'll probably do a future podcast episode about that, I
Speaker:hope that you guys really got a lot of value from today's episode.
Speaker:And if you are loving my podcast, I'd love it.
Speaker:If you could leave me a five star review with some comments
Speaker:on which episode you enjoyed the most and what you liked about it.
Speaker:And just to remind you.
Speaker:I did tell you guys about my masterclass that I have coming up.
Speaker:That is a live one day event that is coming up on Saturday, November 13th.
Speaker:And if you are not able to attend that one, I will be
Speaker:having another one in December.
Speaker:I'm going to be putting the link in the show notes for you guys to.
Speaker:Check out the details and sign up.
Speaker:So if you've ever thought about launching your own podcast now is the time because
Speaker:2022 is right around the corner and you want to make sure that you are prepared
Speaker:and setting yourself up for success.
Speaker:And of course, if you have any questions my email is also out there
Speaker:or you can always send me a message on Instagram and it's going to be
Speaker:linked in the show notes as well and reach out to me, but, you know, start
Speaker:thinking about how you can join.
Speaker:The, whole amazing world of being a part of the crater economy, because there's
Speaker:a ton of money out there to be made.
Speaker:And there's a ton of opportunities and it's really up to you to just start
Speaker:and start creating content and become a content creator, and anyone can do it.
Speaker:You guys, it doesn't matter what your background was or what your history was.
Speaker:You know, if you have knowledge about any topic.
Speaker:You can talk about that topic and you can share your knowledge it's
Speaker:really not that complicated.
Speaker:It just a matter of figuring out what your platforms are going to be of choice and
Speaker:how much content you're going to create.
Speaker:then just from there, you're going to build your super fans and then
Speaker:you can put them into your email list and into your own funnels,
Speaker:but, you know, go have fun with it.
Speaker:You
Speaker:guys, I know, I have fun.
Speaker:Every time I record a podcast episode, it makes me happy.
Speaker:So.
Speaker:Have a great day go join that creator economy and let me know
Speaker:what you guys are working on.
Speaker:And I will see you guys next time on the mesmerizing marketing podcast.
Speaker:Thank you for listening to the mesmerizing marketing podcast.
Speaker:If you found this episode valuable, please subscribe to the show.
Speaker:So you don't ever miss an episode and also share it with your friends.
Speaker:Dimple would be so grateful.
Speaker:If you could take a minute to leave a review and visit the podcast website,
Speaker:to check out all the latest episodes.
Speaker:At www.mesmerizingmarketingpodcast.com that's www.mesmerizingmarketingpodcast.com
Speaker:and follow a dimple on clubhouse.
Speaker:Her handle is marketing expert and also join her mesmerizing marketing
Speaker:club also on clubhouse for live rooms on top marketing strategies for
Speaker:entrepreneurs and business owners who want to mesmerize their marketing.
