Benjamin Franklin once said, “An investment in knowledge pays the best interest.” Even with the passing of years, this quote hasn’t lost its meaning. But what if you could create a business entirely out of your knowledge? Would the returns be significantly higher?
The online learning industry continues to grow by leaps and bounds every day. Individuals who have chosen to share their knowledge and expertise digitally have seen amazing returns. However, the truth is, many people are not yet aware of the viability of such options.
This article will help you with everything you need to know about Knowledge Commerce. Simply put, it will arm you with the necessary information you need to transform your knowledge into a profitable business.
What Is Knowledge Commerce?
Knowledge Commerce is the monetization of the process you use to share your knowledge. This industry has been referred to by other names, too, such as e-learning or online learning. But none of these names can quite capture the essence of this industry.
Image via Kajabi
It is important to note that knowledge is not the same as information. Information can be found freely these days. However, information is valuable only when it is corroborated by real experiences. And consumers are willing to pay for such knowledge. We call such an exchange of knowledge for money Knowledge Commerce.
Knowledge Commerce and the Way Ahead
Did you know that the Knowledge Commerce industry is expected to reach $325 billion by 2025? A report by Research And Markets predicts that this market will grow at a CAGR (compound annual growth rate) of 7% in the next decade. Are these trends compelling enough to start taking Knowledge Commerce more seriously? Wait, there’s more.
1. Digital Is the Way Forward
Digital is the current way of life and the future as well. Can you seriously imagine your life without a smartphone? The digital wave hasn’t simply made its way into our homes, but also schools, colleges, and other academic institutions.
Gone are the days of actually using a dictionary to look up the meanings of words. We simply Google them now. Students have replaced their notebooks with tablets. And apps teach us math lessons.
Image via Google Play
These are clear indications that Knowledge Commerce is a viable alternative to traditional methods of teaching. Ebooks and online courses are becoming increasingly popular as methods of learning today.
2. Customers Are In Control
You have probably noticed the popularity of social influencers in marketing as opposed to traditional ads. Customers no longer get attracted to flashy advertisements alone.
They need validation that your product actually does what you say it can do. Blog reviews, Instagram, and Twitter posts from trusted influencers are responsible for creating the demand for your products.
Image via Twitter
What does this mean for Knowledge Commerce? If you’re trying to make a living by selling your courses or ebooks, you don’t need deep pockets for promotion.
With smartphones and apps, creating videos or aesthetic images isn’t too difficult. You can build an audience on social media and share relevant content in order to engage them.
3. Knowledge Is Essential
Think about the last time you planned a vacation. Didn’t you look up information on the internet, read a blog post, or join a community of travelers? A few years ago you would’ve probably just booked it directly through an agent.
However, as with everything else, people now want to make more informed decisions. They want to learn about topics that are new to them from people who have experience.
This presents a great opportunity for you to share your knowledge and generate an income. Whether your area of knowledge is in fitness, travel, music, or personal development, there’s always an audience for it.
Knowledge Commerce Benefits
The benefits of online learning for consumers are immense. Not only does it save them commute time, it also provides more convenience. Consumers can choose to learn at any time and from anywhere.
With Knowledge Commerce, people can add credible qualifications to their resumes at a fraction of the cost of traditional courses. And they don’t have to worry that the learning won’t be interactive enough.
Knowledge Commerce platforms like Kajabi allow instructors to make their programs interactive using videos and webinars. What’s more? They’re extremely user-friendly and simple to use. So if you want to create an online course, you can get started in a jiffy. All you need is a smartphone and a microphone.
The Kajabi platform, for example, allows you to upload videos and images in many different ways: simple dragging-and-dropping, uploading from Google Drive or Dropbox, and using URLs. It even allows your audiences to interact with your courses using discussion forums. It is mobile-friendly and aesthetically appealing too.
Image via Kajabi
How to Start Selling Your Knowledge
Platforms like Kajabi and Udemy allow you to set up landing pages and live webinars and manage payments seamlessly. So all you need to do to start selling your knowledge is use your phone to create tutorial videos. Here are some ideas to help you get started:
- Online Course – You can create course modules using text, audio, video, or checklists to share your knowledge with your customers.
- Ebooks – Ebooks and whitepapers are great for lead generation. You can provide them for free if a prospect signs up, or you can even sell them if you want.
- Classrooms – You can conduct classes online to share your knowledge in-person. Since securing an audience for classroom sessions is generally more difficult than other formats, use this sparingly.
- Memberships – Membership sites allow your audience access to your site only when they pay a monthly subscription fee.
- Webinars – Webinars are a great way to share knowledge with your audiences in-person and interact with them using Q&A sessions.
The great thing about Knowledge Commerce is that the possibilities are endless. You aren’t limited to only one kind of knowledge sharing. For example, you can set up a membership site and still sell online courses. And it’s fairly easy to set them up using Knowledge Commerce platforms.
Can you think of more ways you can utilize Knowledge Commerce to share your knowledge with the world? Let us know in the comments below.
Latest posts by Shane Barker (see all)
- 5 of the Most Effective Ways to Reduce Business Operational Costs - October 9, 2019
- How to Drive Traffic through Organic and Paid Channels - August 1, 2019
- How to Use Keyword Analysis to Understand Your Customers - June 17, 2019