Revenue Streams for Brand Building in the Creative Economy
On the last year’s brand building checklist for progress to 2023, revenue is the last item. But not the least in your brand-building process. Now that we have explored the main aspects of establishing your brand online by exposing you to the main requirements to consider to be an online entrepreneur in the creator economy. Now let’s jump into revenue generation from your brand. As an entrepreneur, creator, business owner, or freelancer, you create and build a brand to generate revenue for sustaining yourself and your business venture. So how best can you keep yourself ahead, knowing that you are promoting a brand that will always generate income for sustainability and success in the market?
Changing your mindset and upgrading yourself along those lines will make you a winner and an influencer in the looming creative economic landscape. So, it’s time to bring it in and explore how to remain on top of the economic shifts looming due to high technological knowledge and adoption in the global digital market. That will be basically due to the constant change in the creator economy. This has seen a high rise in online opportunities, with 50% of the world population working online and exploring all avenues to make it work and earn a living out of their creative outlets.
Therefore, you should rethink online income streams and how best to navigate this present-day creative economy and other looming digital developments like AI tech tools and make it work for you and your brand. You must cultivate and develop the forever transitional mindset to keep yourself relevant and current through your creative ventures or projects and go with the flow in any looming economic shifts and threats. I have no doubt the basic survival strategies will mostly be online presence and exploiting freelance and passive income creation opportunities.
That is how best you can try to get ready for these possibilities and how to navigate through them. Your knowledge is your wealth in the looming economic shifts. It seems everyone is vying for anything tech-savvy, especially in the AI Tech industry and knowledge economy. The dilemma is who consumes and how best to turn your consumption into an income stream. However, the solution is to be a solution provider, and that is what the world would need from you on your digital platform. So, everyone is in, now more so at a global scale. You and I in providing value in the market.
The more relevant it is to the present-day creative economy, the better your chances of making it a viable income stream that boosts revenue in your business venture. So where should we start navigating the looming economic shifts and fitting in the creative economy with selective help from AI tech tools without falling victim? Here are the five main areas for digging in and mining for revenue creation in the present-day creative economy. Revenue is the blood and sweat of all your brand-building efforts in the creative economy.
Knowledge & Information
In a knowledge and information-based economy, your knowledge has become the new gold mine and an opportunity to create a brand of recognition based on what you know and provide content of value online. You can do that through creating courses, digital products, videos, podcasts, webinars, or blogs if you have a strong passion for research and writing. That can be a viable outlet for your original ideas about any subject of your interest, experience in any industrial niche you are passionate about, and have strong opinions on how you can it in the best way that fulfills the human approach that has become the present-day concern, especially with the rapid development of AI tech tools that seems to be interfering with the natural intellectual development of humankind.
Your knowledge, put together and professionally packaged using appropriate software tools, systems, programs, and relevant applications, can be published on any trusted Content Management System or platform. Once promoted appropriately, it will provide value on the market that contributes to making information abundant for readers through search engines and Chatbots to generate original and latest data that answers Googlers' queries on the internet web. That way, you can never go wrong in your dreams of making money online. That is how it works in the knowledge economy based on creative and innovative content creation with zero plagiarism.
Talent & Skills
The basis of the creative economy is tapping into the natural ability to do anything you are interested in and passionate about and the creative power to design strategies to turn it into an income stream for revenue generation online. So, your talent and skills are a strong base for creating income streams and building a brand for marketing yourself as a business. That is called personal branding, which can empower the marketing strategies of what you provide in the market for revenue generation. Many platforms have dedicated their talent and skills to build robust platforms to cater to freelancers in whatever industry your talents and skills are relevant. The most common platforms for such services are Fiverr, Upwork, and Freelancer, and some for teaching like ITalki, Tutor Me, Tutor.com, and many more. You can also offer tutoring skills on platforms like Udemy, Teachable, or Skillshare.
And incorporating modern AI technologies will ensure you are not behind in marketing your talent and skills. You can google to find freelance work. Several online platforms connect freelancers with expertise in specific areas clients need for their business ventures and projects, like web designing, graphic design, copywriting, Editing and Proofreading, digital marketers, and many new ones like Chat GPT and any AI tech application experts. Packaging your talent and skills for personal branding and brand marketing your business venture will boost your whole brand-building process and journey.
That is a fertile area to explore for providing consulting and coaching services. With comprehensive experience under your belt and the ability to plan and strategize its packaging presentations, the sky is the limit. It will enable you to look back at all the experience you have gathered for years and help people acquire the same practical knowledge within a time. That way providing high value at the most convenient cost and timely provided and access in the market. And most millennials would love you for that. Academic learning based on theorizing is fast transforming into short courses with practical exposure and presentations on videos, webinars, and podcasts.
Many people need experts to provide valuable help in their ventures and projects. So, your experiences., well packaged into brandable consulting and coaching services, can make you a winner in the creative economy. There is no way you can go wrong, for experience enhances confidence in everything you are going to do. That is why most companies want to hire experienced people. So, on your own as a brand, it will be like a walk through the park, and without missing the joy and celebration of being of value in your chosen industry and niche.
Product sale has always been the most common way to generate revenue and income in traditional business models. The product-based business enables an opportunity of exploring a wide range of products you are passionate about bringing into the market. Product sale is how business owners and individual creators generate revenue. In the creative economy, products can be either digital or physical products. With clarity in product knowledge and well-packaged presentation and marketing, the sky is the limit.
Digital products are downloadable eBooks, workbooks, calendars, guides, pintables, and software programs. Physical products might need transportation, storage, shipping, and warehousing. However, digital products are most people’s favorite. And online stores for physical products have also become popular with digital marketing, specifically Search Engine Marketing on the internet.
As a marketing strategy and optimizing your brand building, your product or products should be well designed, with a compelling feel and inviting packaging that draws people’s attention to feel like having it there and then without second guessing. Quality and simplicity are the best formulae here. Most environmentally conscious people love fashion items that come in simple natural khaki packaging that you feel like keeping the packaging for your interior décor details. So, simplicity with respect for nature is said to improve user experience in the market and a determining factor in purchasing choices. Simplicity is the present-day luxury.
A well-defined service-based business has always been viable in enabling anyone to provide value based on their qualification and interests and enhanced by their passion and exposure in life and business. There are so many services that you can provide. Every industry has different niches to choose from and explore to provide brandable services. In the marketing industry, you can always think of niching down to Digital Marketing with various components of Content Marketing, Social Media Marketing, and Search Engine Marketing or SEO marketing. You can see how these interlink, so the best is to give yourself time to plan and see how best you can package the area you are interested in and how it will bring in some income for boosting revenue.
With AI tech chatbots roaming the creative economy, your services must be practical enough not to be disrupted by any tech apps developed now and again these days when everyone wants to come up with their app in the Tech industry. It has become difficult to tell which AI tech tool is reliable and will stay in the market without causing uncalled-for changes for your brand in your brand-building efforts. The best move is to be as creative and innovative as possible. And avoid being swallowed by these new tech applications and programs that promise overnight successes that are not well-researched or never researched in the industry. Strive to know your service, niche, and industry like the back of your hand. That way, you can never go wrong in your brand-building process and journey.
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