This week we're diving into the creator economy and what non-profits can learn from this $150 billion industry. The creator economy is reshaping how people spend their money. More and more, people are spending discretionary money with people and not with organizations, which creates an important lesson for non-profits |
Hey there Reader:
Welcome to Let's Make Some Noise, my weekly newsletter with tips on strategy, branding, and the π₯ art of making noise. π₯
These days, it seems you can't visit the internet (or your favorite social media site) without hearing someone else enthuse about the "creator economy." So it always comes as a surprise when I meet someone who has no idea what the creator economy is.
The Creator Economy
If you're not familiar, the creator economy is about people selling their knowledge, experience or influence, in return for a piece of the economic pie. The economic impact is massive.
The global creator economy clocked in at about $150 billion last year and the industry is about to explode (even more). Pundits believe it will increase by six hundred percent by the end of the decade.
That means it will double and double again. And then keep on growing. In just six years.
The Creator Economy been referred to derivatively (the LA Times wrote an article in January, entitled, So you want to be a social media star) and also with enthusiasm. It feels like the Olympics coverage this past week has been as much about influencers being sent to Paris on brand deals as it has about winning gold medals.
In general, I'm all for it. If people want to pay someone to distill information that can help them become better artists, better cooks, better business people, or even better humans, more power to the individuals who are successfully selling that information.
On the dark side, the economy has exploded so quickly that regulation hasn't kept up, which means there is room for some bad actors. Which, I guess means there are some changes ahead.
Shifting Buying Patterns
Importantly, the creator economy is shifting how human buy things.
We now expect instant downloads. Instant knowledge. Instant success. Instant gratification. Why drive to a bookstore or visit Amazon.com for a pound of knowledge at $29.95 when we can download a $100 primer that we receive immediately?
Is $100 or even $1,000 too much to pay to learn from the celebrity influencer who was once in the same sad state of zero knowledge (or zero dollars) where the rest of us are today?
Apparently not.
There are pros and cons to be made for and against the creator economy, and I could enthuse about either side for hours.
We Need to Pay Attention to These Lessons
However, the key takeaway is that we must start meeting the needs of buyers participating in this digital economy. This is especially true for non-profits soliciting online donations.
People want Instant gratification. Gift with purchase. (And no, not a trunk organizer. An instant gift). Community participation. Recognition Gratitude.
If we cannot meet the expectations of the digital buyer, we run the risk of getting left behind. Of missing the boat on this important and growing economic sector. We run the risk of not capturing the hearts and minds of people with disposable (at least presumably) income. We especially need to pay attention to this new audience as our older contributors age out of the ability to give.
We need to starting making room at the table to support new ways of buying. New ways of giving. We need to find new ways of thanking and appreciating our donors. Read on to learn more.
That's it for me this week!
Monica
P.S. If you're struggling to grow your donor strategy, I can help. Book a free donor strategy session today.
New From the Blog...
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What Non-Profits Can Learn from the Creator Economy
The creator economy is re-shaping how buy people buy and what they expect from the organizations they buy from. That includes non-profits.
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Instant Gratification is the New Incentive
What creative ways your favorite non-profits are thanking their supporters? Hit reply now to let me know.
I LOVE to get reader email.
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About Me
Hey there, I'm Monica Poling and I help non-profit organizations build donor engagement strategies for the modern donor.
With individual giving at its lowest levels in decades and government support dwindling, non-profits face unprecedented challenges. Non-profits need innovative solutions that emphasize their value and connect what they offer with what their audience needs.
So, follow me for tips and tricks building donor experience elevates your mission AND dives into the art ofπ₯making some noise.π₯
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