A $528 billion dollar opportunity?
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Today's issue originally published here.
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Did you know the creator economy generated $128B in 2023? ??
The majority was driven by solopreneurs and full-timers with side hustles. Nuts.
Now here’s the part that you and I should care about…
With a CAGR (compounded annual growth rate) of 22.5% over the next 6 years, the market is expected hit $528B by 2030. And the biggest growth sector? B2B businesses (B2Cs not far behind).
2024 is our year to lean into this growth opportunity. To shift from viewing ourselves as founders who sell, to founders who create.
To educate and nudge you forward, today’s edition will give you a bird’s eye view of the types of no-code digital products you can create to grow your audience and income.
You’ll learn:
Let’s get into it.
1. Newsletters
Best for
Newsletters are recurring, value-first emails you send to subscribers who have opted in to hear from you.
If you’re not yet in the newsletter game nor taking it seriously, newsletters are a foundational growth lever I recommend establishing in 2024.
While you may initially find and build your audience on rented platforms like LinkedIn, X, IG, and FB, the sooner you can move them to your owned newsletter, the better.
Before you build your course or sell your ebook, having a newsletter helps you build a relationship with your audience. Audiences that know, like, and trust you, will also buy from you.
Creator platform options
Email Service Providers (ESPs) enable you to create and publish newsletters.
There are several legacy ESPs that brands have relied on: Mailchimp, AWeber, Constant Contact.
Today, there are newer platforms that have disrupted the market — additionally enabling you to monetize your newsletter:
2. (bonus) Live Courses
Best for
For creators who have accrued experience with a set of skills, methodologies, and/or frameworks, a live course is a great way to package and productize your services into highly profitable offers.
Live courses are not digital products, but they’re a phenomenal cheat code for prototyping your online courses .
Creator platform options
You have 2 options for selling your live training:
The difference is comparable to selling on Amazon vs selling on your own:
Marketplaces
Marketplaces provide a well-known destination for people who are shopping for training. They go to the marketplace directly, or are driven there by their web search.
Once in the marketplace, your course will need to compete against other similar courses. But the platform has done the heavy lifting of putting your course in front of thousands of potential customers. In exchange, you pay the platform a fee and/or percentage of sales.
Here are 3 marketplaces I’ve used to promote and sell my training:
Self-hosted
Alternatively, you could sell training on your own domain.
Event platforms like Eventbrite and Whova make this possible. This is best for well-established brands that don’t want or need to rely on a marketplace.
3. Online Courses
Best for
Once you’ve built up mastery teaching live cohorts, you can automate your training revenue by building an online course .
This is great for busy business owners who want to establish their thought leadership and domain authority while additionally supplementing their revenue with a new, passive income stream.
Whether live training or online courses, teaching is a powerful growth lever for getting new customers in the door. Likewise, teaching also helps nurture past and existing customers who don’t currently need your core (done-for-you) services.
The best online courses teach an important topic and additionally provide ready-to-use guides and templates. These practical resources ensure the student’s success by enabling them to apply what they’ve learned.
Creator platform options
Here are 3 online learning platforms I recommend:
领英推荐
4. Informational Products
Best for
In the online courses section above, I noted that the best courses provide practical guides and templates; i.e. informational products or “digital downloads.”
Guess what? You can separately sell these info products — opening up another revenue stream for your business.
For example, one of the assets within my Design Sprint Course (which I sell for $250 via Podia) is the “Ultimate Design Sprint Guide.”
It’s a 60-page ebook you can use to learn how to run a design sprint. I sell it separately on Gumroad for a reduced fee.
Of course, you don’t need a course to create your info product. Many business owners create their ebooks by stitching together newsletters and/or blog posts into a single asset.
Creator platform options
5. Community
Best for
The problem that plagues too many founders is the struggle to deepen their CLTV (customer lifetime value).
Over the 14 years of operating my consulting business, 90% of my customers have been one-time buyers.
While many enjoyed their client experience, there was no follow-on to keep them in my flywheel. Relationships were transactional. I was forever chasing the next deal… Always selling. Rarely creating.
Today, I know that we can address this in 2 ways:
When founders build community, they rally their audience around a mission for which they want to be associated with.
The founder believes something to be true. A topic that’s important and valuable that others aren’t yet paying attention to:
As you talk about your topic (real talk: for months and years) you inspire hundreds, then thousands, then millions to believe it with you.
At a point, your audience supports nearly anything you bring to market… Including, a paid community, where members pay a monthly subscription for exclusive discounts or extra access to you and your work.
Imagine the feeling of MRR (monthly recurring revenue) feeding your business from a paid community.
?? Stay tuned for a future playbook on how to build your community
Creator platform options
6. Memberships
Best for
Remember in the community section above I mentioned how an impassioned, loyal audience will support you and your work?
One way is by creating paid memberships for your audience to join.
This is for your true fans who believe so strongly in your mission, they’ll pay a small monthly amount to back you.
This may sound like charity. In reality, founder-creators worthy of paid memberships have spent countless hours creating, giving, and supporting their audience.
Your members acknowledge the work you’ve put in. They’ve received immeasurable value from you.
By becoming a member, they’re saying: “Thank you. Keep going so we can all win.”
Creator platform options
7. (bonus) Sponsorships
Today, you may be a business owner or solopreneur interested in no-code digital products to grow your business.
In time, as you establish your personal brand, ship products, launch a community, and build an online audience, you’ll feel more like a creator.
As you grow into a “household” name, brands will become interested in leveraging your clout to help promote it’s products and services.
When that time comes, check out Passionfroot .
It helps you attract, manage, and monetize your brand relationships through paid sponsorships.
8. (bonus) Kitchen Sink Platforms
In reality, many of the platforms you learned about today already offer additional capabilities, or will over time.
As they ship new features and acquire smaller platforms, they evolve beyond their core offering to support the expanding needs of their creator customers.
A few are already comprehensive (“kitchen sink”) platforms:
There are clear administrative and productivity advantages to consolidating your entire business onto a single platform.
However, as a platform mushrooms, it’s becomes increasingly difficult to deliver a best-in-class experience across all features.
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Project Managers: Sharing Perspectives | Projects | Productivity | Practices | Leadership | 5X Startup IT PM / Program Manager | Veteran
8 个月Opportunities for full times as well! Thanks for the share, Jay Melone!
Project Manager | Exploring AI's Impact on Small Businesses & sharing my findings | Subscribe to L(ai)tte.
8 个月So exciting to think of all the opportunities available to us creators to expand our business & growth!
Facilitator and Leadership Coach @ Lane Change Consulting | Team Effectiveness | Visual Strategist
8 个月Thank you for your generous sharing Jay Melone. I always learn some thing new from your newsletter ??
?? CREATOR PLATFORMS featured inside: ? beehiiv and Substack for email platform ? Maven, Udemy, Skillshare for live training ? Teachable, Podia, Thinkific for online courses ? Gumroad, Payhip, Notion for info products ??Discord, Mighty Networks, Superwave, Skool for community ??Memberful, Buy Me a Coffee for memberships ??Passionfroot for sponsorships ? ConvertKit, Ghost, Kajabi for "kitchen sink" platforms Did I miss any?
I help busy men lose fat, get fit, & gain energy with low-stress routines that stick.
8 个月I'm here with you Jay Melone!