How to Create a Good Product for the Creator Community so The Creator also Benefits
How do creators currently monetize their content, what are the gaps and opportunities that emerged in the creator economy.
In our previous posts, we have shared why we are doing this, how to creators currently monetize their content, what are the gaps and opportunities that emerged in the creator economy, etc. Hopefully, the fact that you are reading this suggests you are also interested in and see great opportunities in the creator economy. In this post, I would like to “How” we can get there and achieve our vision as part of the creator economy. I will share my past experience in building products in top-tier companies along with some stories during our conversations with creators.
Let’s talk about building a great product
“The Hedgehog Concept” is introduced in Jim Collins’ book Good to Great. It is one of the best books I have read that guide me when building customer-centric products. It makes use of the analogy of hedgehog and fox. Fox is considered smart, cunning, and able to come up with multiple strategies but they still fail to hunt down hedgehogs. Hedgehogs can only focus on one thing and only do that thing well. Hence, Jim Collins suggests we should build products and companies like a hedgehog: focusing on doing one thing well while not distracting ourselves from doing multiple things which can undermine the chance of achieving greatness. He put it into perspective and set a framework for the three circles. The hedgehog concept lies in the intersection of these three circles:
What are you passionate about?
what can you be the best in the world at?
what drives your economic engine?
Copyright © 2001 Jim Collins. Originally published in the book “Good to Great: Why Some Companies Make the Leap… And Others Don’t.”
What are you passionate about?
I have huge respect for content creators. They are very enthusiastic about what they do, why they do it, and basically anything about content creation. They love leveraging their creativity to document the world. Hence, they build incredible communities to share his/her voices that influence thousands or even millions of people. Last week, I have talked to one creator from our platform who specializes in shooting wedding and travel content. He told me that only when his kids went to sleep, then he will stay up late and edit the footages that he had recorded and upload these beautiful wedding and travel videos online. It really touched me as it takes a great deal of passion and persistence to keep doing this for years. His hard work got paid off and got traction based on viewerships (~1.5M views during the past year). However, when discussing various ways about content monetization, he was surprised to hear the various ways his 1.5M views could be monetized in various ways. Hence, this inspired me to build a product to put creators at our core and empower 3 million other creators to sustain as working businesses.
What can you be the best in the world at?
Nowadays technological barrier has never been so low that anyone can switch to content creation with only a smartphone. If our mission is to empower millions of creators, the only way to do this at scale is to through technology along with education. We have a team with diversified expertise (engineering, design, product, content creation, finance) and deep experience working in fast-paced tech startup building. We are also a team of creators who is passionate about bringing the creative side to our lives. By being creators ourselves, we can resonate and experience these pain points first-handedly. We created Paak from the content creator’s perspective to serve the content creator. This is and will be our north star going forward. Our future development plan will help bringing additional revenue sources with tools that better help them to monetize their content improve their earning conversion rates etc.
What drives your economic engine?
The creator economy is responsible for generating millions of Euros in revenue each year for companies around the globe. Yet an extremely low portion of that goes to the content creator itself driving those numbers. Even a lesser part goes to the mid-tier content creator, responsible for driving most of the traffic, views, and content engagement. There’s a huge opportunity to help the mid-tier content creator to generate additional revenue empowering them to turn creation into a sustainable business faster. Top creators represent a small portion of the total creator landscape in each platform. The top-tier creators have a professional team to help creators to manage operations and business development for the creators. The biggest portion of the revenue goes to the top creators. They have more opportunities and skills to monetize. A big portion of the total monthly views, driven by the average creator is not being monetized. We are in a “view” based model to target the average content creator which represents 90%+ of the un-monetized views.
To build a great product, we need to be customer-obsessed. Content Creators are our North Star. If you are a content creator passionate about what you do, and what we are building, be sure to sign up for our beta over.