Describing how changes in the economy require you to review your skillset to adapt to a more digital based economy
The traditional economic system comprises of those platforms, means of production and work culture in which we immerse ourselves daily to earn a living. This type of economy was underpinned by the industrial revolution before a transition to a more services based offering.
The traditional economy also bought upon some of the worst depressions over the last century including 1929-33, 1980-82, 1990-92, 2007-08. These recessionary periods occurred due to a variety of reasons – but mainly underpinned by a reliance on the traditional economies.
From 1980, a new economy was spawned – the ‘digital economy’. This was driven by the advent of electronics, record-players, computers and drawing upon the advantages of integrated circuits (i.e. cramming thousands of transistors into a microchip!) for more commercial applications.
The 1990s and the introduction of the Internet to the mainstream is what rocketed the digital economy. Suddenly there was a platform to market products and services to a wider audience, and traditional advertising media became expensive and ineffective.
The Digital Economy is now worth three trillion dollars today! This is about 30% of the S&P 500, six times the U.S.’ annual trade deficit or more than the GDP of the United Kingdom. What is impressive is the fact that this entire value has been generated in the past 25 years since the launch of the Internet.
Consider these phenomenal stats…
- Half the world’s population is online
- 2bn social media users (around a third of the world’s population!)
- 60% use mobile internet
- $180bn digital advertising spend
The below info-graphics highlight the year-on-year rise in digital buyers since 2014 (in total and split by country);
Note the growth in China!
Tools, skills & resources
SFM (Six Figure Mentors) will help you profit from the digital economy by providing the tools, skills and resources so you can utilize an audience of 2 billion people online! What other advertising out there has that kind of reach and with such a small comparable cost?!
But in order to have a presence and a reach online, you NEED to have a website. This is essentially your digital store. Many people think it is expensive and requires extensive technical knowledge, but you can be up and running in just a few clicks, and I can show you how.
But you need to do more than just have a website. You need to create and deliver value. Alot of people go online to solve a problem. If you can think of your niche or areas you know you can talk/write for ages, then you can truly bring value to people through;
- Training course
So build a site around your niche and create your brand. And trust me, you don’t even need to be an expert.
You can then add links and banners to your site to direct people to purchase a product/service similar to your theme. For example, if you’re specialism is photography, your content (on your website) may have cameras or camera-bags advertised for people to purchase. If a sale is made, you can earn off the commission. This is known as Affiliate marketing.
To attract people to your site and to your content (i.e. blog post, video, etc), you need to develop marketing skills. This is where specialized training is essential so you’re not wasting your time, money or effectiveness of your content.
Shifting the mindset
Preparing the next generation is about mindset, too. There are parts of the world that have the technical skills, but lack softer professional and social skills, while other regions boast a strong professional experience, but often lag behind when it comes to technical ability. What’s needed is an equitable transfer of knowledge, know-how and approach.
Expectations are changing. Research shows that an overwhelming 83% of India’s Generation Z view the smartphone as their most coveted electronic gadget. This is the generation that also expects anytime, anywhere learning, a do-it-yourself and collaborative approach to knowledge that includes video chat and tutorials.
Given the exceptional adoption rates of smartphones, it won’t be long before the number of internet users exceeds 3.7 billion, over half the world’s population. The numbers are crazy but it is a reminder that we should all seek to develop digital skills, develop a presence online and not relying on the traditional markets to get by.
Traditional firms are increasingly assessing how to respond to the changes brought about by the digital economy. This includes reviewing their advertising methods, use of social media and embracing Artificial Intelligence. With so much of your current (and future) customer base on an online platform, and with a significant increase in money spent online – surely it makes sense for you to make the transition too?
- Walk you through creating your online platform, including your website;
- Training on how to create value for your target market;
- Marketing online to your customer base, including social media promotion;
- Identify those high-commission affiliate programs to enable your business to become truly profitable.