Originally published on LinkedIn here. I'm sacrificing SEO for convenience, I suppose! ;)
The new digital economy is booming, for better or worse, in the manner that most digital booms, well... boom.
That is to say that within the vast and rapidly growing digital economy, growth is happening both as a response to consumer needs, as well as an associated response to said growth.
Digital marketers seem to be growing on trees. Digital trees.
"Agency" is suddenly a buzzword. "Experts" are popping up on the news feeds of industry professionals, touting their astonishing agency growth and offering to pass their knowledge along—for a substantial fee, of course.
Personally, I'd like to see an ad for fancy shoes again, here and there.
Unfortunately, I have to scroll past multiple versions of "John Doe, Agency Expert" and his or her haughty claims of agency expansion. Bleh.
So, what’s behind the boom? What is the digital economy?
Why are these so-called experts so inclined to cash in on the growing digital economy?
To put it simply—availability. Availability of resources. Availability of information. Availability of a willing and relatively clueless target audience.
As for resources and information, the number of SaaS companies and associated online platforms that provide basic tools for online success has been growing steadily over the past decade.
Such companies are a major component of the digital economy and its boom. They provide both tools and knowledge to assist any will-be digital marketer with her efforts. The more available tools/resources, the more of those will-be marketers continue to crop up.
And they're able to keep cropping up due to the sea of relatively clueless prospects.
I left out social media, so far. Talk about an available resource with loads of available information for will-be marketers and an audience of small businesses, startups, and the like who are pretty clueless about how the whole thing works.
Everyone from graphic designers to commercial printers is suddenly tacking Social Media Marketing onto their list of available services. Going back to SaaS companies et al, we can again say that the number of online tools for will-be social media marketers continues to grow, spurring more development and adding to the boom.
Business consumers have a need for digital services. Existing or new digital service providers have a huge opportunity to profit off of said need. SaaS companies et al, powered by true digital experts, have a huge opportunity to leverage the resulting scenario. This is the new digital economy.
*2018 Update: In my opinion, it would appear that the gaps and inconsistencies within a booming digital economy are beginning to tighten up.