In the wake of the early 1990s, when the internet was fresh and seeking product market fit in a simple-old-fashion world, our yardstick for value was boxed into physical products and professional services. However, as the internet began to settle and experience mass adoption, it redefined a significant chunk of our everyday activities.
You have probably bought books like “Rich Dad & Poor Dad” by Robert Kiyosaki and “And talent is not enough“ by John Maxwell and attended seminars hosted by top sales strategists. Fundamentally, the value in these sort of books and workshops is “Knowledge.”
Put, Knowledge-based businesses (KBBs) focus mainly on creating content valuable enough that someone else can pay for it. And this ‘Content’ can vary from discoveries, How-to-guides, personal training schemes, mentorship and coaching.
Although we are two years away from the year-that-must-not-be-named when the world was locked down, businesses crashed, and businesses thrived, before our eyes, the impossible happened. Knowledge-based industries thrived beyond expectation. This was an eye-opener to the enormous potential of KBBs. The ‘Corona’ year taught us a simple lesson: you can make a chunk load of money by teaching people “How to Sell”, “How to write”, or How to do anything worth doing. The Global Knowledge Management market is estimated to reach $1.1 trillion by 2026. This report indicates the growth potential in the knowledge industry. The rate technology is rapidly increasing the way we learn, the possibilities are unlimited.
Amazingly, as New Media fosters the spread of information and is gradually transforming our sense of ‘Value”‘ and ‘Career’, the knowledge industry is growing at a positive trajectory- making it a juicy pool to dive in.
Let’s take a brief journey to 1962. It was the year Fritz Machlup, an Austrian-American economist, proposed the concept of “Knowledge Economy” in a book titled “The Production and Distribution of Knowledge in the United States.” Over twenty years later, after the internet became popular and the rise of new media, it became easier to share information. The rise of new media significantly impacts the dynamics of our daily operations.
For clarity: The phrase “New media” is used to define electronic communications (Digital) made possible by advances in computer technology. It is the household name for websites, online video/audio, email, social media, and every other digital medium.
Unlike “Old” media, such as magazines, television, radio, and newspaper, information travels faster and cheaper on New media. It has made it easier for people to carve out a career path, and it has tremendously moved its users from “trenches” to “treasure”. Today, career conversations amongst the youth is littered with Technology, software engineering, User interface & User experience, Data analysts & Data Scientists and Product management leading the pack. And in the Content creation space, there are Graphic designers, Content/Copywriters, and Social media managers doing fantastic work.
HOW TO BUILD A KNOWLEDGE-BASED BUSINESS
- Carve a niche for yourself: The first step is to identify something you are good with or passionate about and have the ability to teach it. These days you can teach anything, ranging from investment, body fitness, writing, critical thinking, personal development. career transitioning, sales, marketing etc. Your goal is to reach a level of mastery in your niche. It is said that “An expert is a man who knows just that much more about his subject than his associates”; hence you want to be an expert; nobody listens to a mediocre.
2. Curate relevant content: Consistently create content about a particular subject or industry and share it on any new media platforms. The central idea behind this is to showcase your expertise. Content creation plays an essential role in the success of KBBs. It is the primary way your target audience will get to know about you and the value you are offering. Your content can be in the form of texts, videos, social media posts, podcasts or emails.
At first, you might not see people responding to your content. Regardless, you must continue sharing your content before the attention and traction starts coming. It would help you build credibility and position you as someone worth paying attention and money in the long run.
3. Build a community: This is very crucial for traction. After curating your content and sharing it on social media platforms, you must be intentional about gathering the people that engaged with your content. The truth is we feel a strong connection when we are a part of a thriving community. Each community member has a lot to learn and benefit from their membership. It’s pure science. People feel psychologically safe and secure in communities that help them grow and improve their craft. As a knowledge-based entrepreneur, you want to offer this sort of space to your target audience. You can leverage new media platforms such as Facebook groups, Telegram, WhatsApp groups, and email lists for your community. Interestingly, WhatsApp is also building features that supports community. So now, we have so many options.
4. Build a monetisation strategy: The essence of building a community is to be able to monetise them in the long run. This does not mean you would be requesting money from your audience, but it means you should map out a financial plan on how you intend to make money and also give great value to your audience. Typical examples are selling e-books, tutorial courses, and hosting online classes. Do thorough research on the best methods to sell to your community, and when you find the perfect fit, you will start earning.
The truth is, at a level, you don’t have to quit your current job to enter the knowledge industry. You can work during the day and create content at night or on weekends. With new media, knowledge-based businesses will thrive. Many people want to learn these days, and with new media, you can learn it, become a master at it, and people will automatically pay to learn from you. Indeed, New media is enhancing the knowledge business at a fantastic rate.