Over a conversation, I realized the ‘rupee slump‘ period is more of a perspective issue rather than reality. We can further debate on the perspective of reality, but for now lets look at the positive and brighter side of this opportunity called ‘slump in Indian currency‘.
One dollar is equal to over 80 rupees. That is definitely a bad valuation for rupee, but it is great if we are earning in dollars. Valuations turning good or bad depends on which side you are.
Gig Economy has great a potential to earn in dollars and hence this situation is wonderful. Digital Marketing as a micro sector is adding new jobs to its scope. Hence, freelancers, consultants, strategists in this field can still enjoy a lush income. It is true for designers, programmers, freelance consultants those who are charging in dollars.
Though during recession, marketing expenses are slashed down, marketing is actually a functionality which requires innovative spends. The gig economy as a market is crowded by service providers, brands shouting out loud and consumers choosing to ignore this noise all the time. And let’s face this reality by saying not all digital marketers are showing promising results in terms of creating ‘that one viral trend’ for their customers to stand out in the crowd and get benefit over the spends and a decent ROI.
When there is frustration and people are ready to loosen their pockets to get rid of it, BINGO, we have an opportunity. However, let me caution that this lucrative and high fetching opportunity needs to be addressed by innovation and creativity to actually reap the benefit out of it.
People are ready to spend when they see some light at the end of that marketing campaign tunnel. So here are some business models for digital marketers which could be applied to draw traction from new clients.
Business model 1: We get paid when my client starts seeing more traffic. A percentage of the traffic comes into your pocket.
Business model 2: Call to action towards payment gateway and share the money with us. Share profits!
Business model 3: Slog all day with loyalty. Pay us a fee for our hours of work.
Business model 4: I will produce content. PBW. Just getting trendy, it is pay by work, or word
Now recession does not seem depressing, but promising.
I want to conclude with one of my favorite excerpts from the book “Jugaad Innovation” – Corporate leaders can systematically turn adversity into an opportunity to innovate and grow by adopting the resilient mindset of jugaad innovators and their coping strategies.