Your knowledge is significantly more valuable than your hourly wage. That is why, via Knowledge Commerce, many small firms are discovering successful new revenue sources. By definition, it monetizes the process by which you share your knowledge. In other words, you are selling your knowledge to others. While the internet has billions of pages of information, a knowledge company provides content access via an online course, membership site, or other sorts of knowledge goods.
Online knowledge products that use real-world experiences and applications may readily replace other types of education, in-person training, face-to-face coaching, and so on. When done correctly, a knowledge business may be extremely successful, which is one of the reasons the market is booming.
Small companies were seeking new ways to engage with and service their consumers online even before the coronavirus outbreak became a national worry. The number of internet users has surged by 300 million in the last year. According to DataReportal.com, internet usage climbed by 7% in April 2020 compared to the previous year. While stay-at-home orders contributed to the growth in digital consumption, it is expected that internet activity will continue to climb even once health-related limitations are lifted. According to research conducted by GlobalWebIndex, many individuals expect their new behaviors to persist once the COVID-19 situation has passed.
Knowledge Commerce not only has the ability to stay relevant, but demand for knowledge products is predicted to increase. The Knowledge Commerce business is predicted to be worth $331 billion by 2025.
Traditional schooling is becoming obsolete in today’s Information Age (also known as the Knowledge Society). Because the digital era is developing faster than traditional schooling, an increasing number of individuals are turning to online learning as an alternative to classroom settings. Today’s student does not require broad education because information may be acquired anywhere. What they require, and desire is real-world applicability.
In an article on the “Skills Gap,” Forbes.com stated that “to be competitive in the digital age, individuals and corporations require a learning-for-life mindset, collaboration—with humans and machines—and a willingness to embrace new ways of doing things.” Because of the coronavirus pandemic, 35% of the US workforce is now freelancing, and 66% of employees work from home. There is a greater demand for ongoing skills-based learning. People need specialized information today more than ever to be competitive in business and in life.
Technology facilitates new modes of information consumption. If educators have been sluggish to accept digital solutions, it is because they have doubts about a person’s ability to study independently. Previously, independent learning required opening a book and reading, which only served a tiny fraction of self-directed students’ demands.
Knowledge Commerce systems have opened up virtually limitless options for how the material is communicated, consumed, and returned. You can do the following with the correct software:
Finally, large-scale student participation becomes possible, and instructors may accommodate the particular learning styles of the individuals they educate. Furthermore, today’s online courses and membership sites take relatively little work or technological know-how, allowing anybody to market their skills like the experts without having to pay a technical wizard or design expert. They don’t require a group. They are not going to spend weeks “figuring it out.” They can begin with anything as basic as an ebook, video, or email.
We’ve arrived at the section you’ve been waiting for. What makes Knowledge Businesses so successful? Not all of them, to be sure. Business owners must still understand how to properly advertise their products. However, provided they have basic marketing abilities (or can develop them), content production offers several advantages.
There is no limit to the number of customers who may profit from any video, ebook, course, and so on that you make. You may sell and resell the same goods several times.
The majority of entrepreneurs who rely on their expertise to make a living do so through the provision of services. When you offer services, however, your potential for development is limited by the number of hours you can work or the team you put together to work those hours. Your customers/clients get all of the benefits of your knowledge without taking up all of your time.
Who thought “pivoting” would be the hot 2020 trend? Yet, with little notice, that is exactly what firms were forced to do, often at significant financial and time expense. Shelter-in-place orders had less impact on knowledge commerce enterprises than on other businesses. Many others have profited as a consequence. They were also able to make speedy modifications to the material while remaining relevant to their community.
There is no need for manufacturing, a warehouse, or transportation fees. It costs you nothing to know what you know. Your sole cost is the distribution of your material, which is inexpensive when delivered digitally. You can produce almost any form of knowledge product imagined if you have access to a computer and a mobile phone.
Economies are reopening, but no one knows how long the need for social distance will endure. Nobody knows how long it will take for the economy to recover. Now, more than ever, is the moment to create a second revenue stream or to turn what you’ve already been doing (coaching, training, etc.) into knowledge goods. Fortunately, Knowledge Commerce enterprises are simple to establish and operate. All that is required is the following:
With those three components in place, you’re ready to launch or expand your firm. You do not need to be an influencer. You don’t need a large group. You don’t even have to think about every aspect. No, not yet. You’re ready for the next step of entrepreneurship if you know something that others desire to learn. And it should be a prosperous business for many years to come.
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