"Thriving in the Creative Economy"
We have noticed for years now that creative skills in this economy are becoming more highly regarded. As we move from our reliance on production of goods and materials to one more largely based on selling ideas, we find that the creative vanguard is thriving. You know it’s true what they say about the number of millionaires that will tend to emerge from times of great economic distress, despite the circumstances.
With the right tools (almost all of which are found online) it’s now really easy to create, distribute, manage and collect revenue – right from your bedroom if you wish. If nothing else, the recession has taught us all to be more resourceful and to build multiple revenue streams. (just make sure it’s done well to ensure long-lasting profitability)
Here are six strategy considerations for building companies which thrive in the creative economy::
- Multi-tier pricing plans :: be flexible in how you approach your pricing model so that you can capitalize on all available revenue opportunities. We often recommend three or four layers to your pricing model
- Multiple product formats :: just as there are multiple prices, design and develop your product offerings in different packages or formats to meet the needs of your consumer
- Cottage Industry Costs :: keep your overhead low and put more money in your business checking account by working from shared spaces or home offices, this makes you nimble and keeps you from becoming a dinosaur
- Creative Consortia :: build mastermind teams who commit to sharing their skills to help everyone thrive
- Make it multiple :: one website isn’t enough these days your brand should have multiple sales, event and social media networks, feeds and landing pages all branded with care.
- Strategic partnerships :: Create an affinity network to help you save and make money. Share your costs and profits from by developing shared advertising and campaigns and product offerings.