Niche Empowered Economy
A door was opened for society not so long ago.
Not a small home door, or a car door. It wasn’t a hermetic airplane door either. This door was an invisible door. It was only made accessible by what we know as the internet.
The doors were opened to empowerment. No longer did geographic locations limit information exchange and acquisition. This door was opened for anyone to enter. Markets became connected and information flowed. This door led the way to where a new generation is building their online home.
The Information Age started to decentralize markets. Niche products that didn’t make it to the shelf space before, were now given the opportunity to be displayed. The door opened us to a world where information abundance empowered people to create. Therefore triggering an economy of successful niche markets. The Age of information led us to the rise of the Niche Empowered Economy.
Open Doors
This is a time that abundance reigns over scarcity. More of everything. Books, songs, movies; you name it! Sales no longer depended on the geographic location and local market. The opportunity to offer limitless inventories emerged, therefore creating a larger demand for niche products such as collectibles, organic foods, and specialist sizes. Products that are so specific to likes and tastes of consumers that they can have their own PANTONE code assigned to it.
Markets have shifted. Profitability is no longer constrained to the monopolies of the “best sellers.”
This phenomenon struck the natural way of thinking about business. It decentralized power by stopping the market to commoditized products. Chris Anderson described this phenomenon as THE LONG TAIL. Online stores could offer a wider variety of products that sold less, with almost no marginal cost. Focus was placed on the variety and not on the “top hits” or “best sellers.” Now the offer and demand of markets could dance to its own rhythm.
The openness provided by this framework allows for niche products to receive an opportunity to be seen. No longer did they have to become the “best seller” to be on the shelf. The shelf had enough space for anyone who wanted to sell.
The sea once navigated by “best sellers” and “top hits” was split in two, allowing for “niche” to walk its way through.
Traditional store concepts moved into their new home, the internet. Barnes and Nobles shifted into Amazon. Blockbuster was killed by Netflix. Virgin Records lost the battle to Rhapsody. These digital giants emerged, giving a VIP access pass to niche products that once struggled to make it to the shelves. Niche markets became empowered to show up.
Niche Empowerment Market
The long tail framework started with books, music, and movies, but it can be applied to intangible products as well. What happened with Amazon, Netflix, and Rhapsody set the stage for intangible product markets such as education, marketing, and finance.
The framework had already proven to be successful. Markets were rapidly healing from what used to be a centralized way of functioning, where only a few “top” products made it to shelves. A system where stores decided who was to be displayed and who didn’t make the cut. However, decentralization allowed niche products to have a shot at succeeding.
Online education platforms, such as Try Virtually and Teachable have seen rapid adoption. Stripe allowed online businesses to process payments. Social media platforms such as YouTube, Instagram, and Twitter have become the incubator for marketing strategies. These platforms are the shelf space for teachers, marketers, journalists, investors to showcase their work and get a global shot at succeeding beyond their geographic limitations and their local markets.
The doors have opened to a world where its citizens are empowered to showcase, create, build, report, teach, critique, learn, and govern. This could not be possible without the Long Tail framework being established through the age of information. The Age of information led us to the rise of the Niche Empowered Economy.
Citizens of the Month
Many have already built their homes in this world, others are applying for citizenship. Not the green card. The Citizenship.
Justin Bieber
Justing Bieber was an early adopter of this growth strategy. At age 13, he was discovered by Scooter Braun, who saw Justin’s videos on Youtube. Braun contacted Bieber and was able to persuade his mother to allow him to go to Atlanta, GA for a demo tape recording. It didn’t take long for Bieber to perform a demo for R&B singer named Usher and Justin Timberlake. He signed a contract with Antonio L.A. Def Jam shortly after. At only 13 years old he launched his career, becoming one of the world’s most talented young artists.
Anthony Pompliano
If you want to know the latest news on business, finance and technology you sure can’t miss “POMP”. Anthony Pompliano with over 650 K followers on twitter and 150 K subscribers to his newsletter, is one of the wisest investment advisors. Pomp hosts his own podcast, where he talks to the most interesting people in finance, business, and Bitcoin. He believes Bitcoin is the “king of crypto.”
Havard Rugland
Havard Rugland, a Norwegian soccer player, started to upload his “kickalicious” video featuring impressive trick shots. He became a YouTube hit. Eventually the video found its way into NFL circles and he got recruited by the Detroit Lions.
Nusret GÖKÇE (Salt Bae)
Butcher knife in hand, he is one of the most skilled meat-chopping men known. Nusret Gökçe was transformed from a butcher to an internet cooking sensation and restaurateur by leveraging social media to his advantage. Rising to fame when he posted a video of his special steak carving and salting moves. He has around 33.9 million followers on instagram, who learn about his cooking style and his latest meeting with celebrities.
Ana Lorena Fabrega
From teacher to EDUpreneur. Ana Lorena, has raised her voice to advocate for children in schools. “I get kids and kids get me” is her introduction to her twitter account, which rapidly grew after a post that went viral. She was contacted by co-founder and CEO of Synthesis School, Chrisman Frank, and became the Chief Evangelist for the school attracting many students to join.
Ryan’s World
Ryan, the youngest and most famous toy critic, leads the trend with 29 million YouTube subscribers to his channel. Ryan, a 5 year old boy, plays with the toys sent to him and offers a public review. He has been empowered to build in public, since a young age.
All these citizens are creating. Using online platforms to build offline and online ideas. They are taking that shelf space now offered, and putting it to work to their advantage. They are establishing foundations for the future. Paving the way for those who come after them.
Power has been redefined and transferred in this online world. Decentralization of markets continues to provide the opportunity to participate in a market that was once limited to most players. Walls have been removed. Doors have opened. What you do can be as niche or broad as you like. There is shelf space available for you.
Welcome to the Niche Empowered Economy Age.
What if we continue this conversation in my online home?
