The internet has opened up our capacity to connect with new markets. You’ve probably read about it. Signed up to one or more gig-centric sites to make that extra coin on Fivver or UpWork or Uber or whatever else lies out there. I know i have. Such is life in this new economy.
There’s a running joke that millennial no longer have hobbies. Every hobby inevitably gets turns into a side-gig which snowballs into an attempt to monetize said hobby. I would know. For context, this blog is one of those un-monetizable projects. Mostly by choice because I am acutely aware that to monetize this blog, I’d need to work a little harder… Put myself out there just a little bit more. ..And there is an understated beauty in knowing this.
Li Jin shared some much needed insight on how you can make bank based on the 100 true fans theory – an update on the 1000 fans one that came to life with the internet.
New digital platforms enable people to earn a livelihood in a way that highlights their individuality. These platforms give providers greater ability to build customer relationships, increased support in growing their businesses, and better tools for differentiating themselves from the competition. In the process, they’re fueling a new model of internet-powered entrepreneurship.Li Jin on Monetizing Individuality
It’s new territory. We are still trying to find our way around it and so can you. Let’s look at two women making bank off their audiences. Let’s start with Lucy who’s one of the highest paid creators on Onlyfans.
Nancie Mwai who’s taken this first quarter by the balls and is monetizing off her audience.
From the outside, Nancie’s audience can be split very roughly into 2 based off my assumption of their purchasing habits. The everyday spontaneous buyer (this is me) and the everyday luxury buyer (the shopnewlevel customer). Here’s the interesting bit. She would need to spend as much energy engaging her everyday spontaneous buyers (1000 fans) as much as the 100 true fans. And she has. For her 1000 fans, she issued printables. Reasonable priced things move quickly because a) you’d like them and b) they are a spontaneous buy. And for her 100 true fans, she has her shop deliver high-end items that a) align with her brand b) align with their style.
If you’re still struggling with this math, check out how airlines monetize on this youtube video.
Have you found your place in the new economy?