Marketers’ Play in Gig Economy
Gig Economy.
‘Gig’ and ‘Economy’ are two distinct words that stand for something totally opposite. Through my lifelong conversations, I had watched these two words used, individually, by people from two polarizing worlds.
I would squarely associate the word ‘gig’ with free-spirited sport who would swag any occasion with torn-jeans, black hoodies, coloured-streak hairs and countless ear piercings. Usually, the sporty person does any short-term job that gives enough adrenaline dose. Drums, guitar, heavy metal, rock, R&B, pop and Grammy are his muse. For sure, he often shares stages with upcoming bands to entertain the crowd with his mad love for music. That’s ‘Gig’ — the pulsating 30 minutes that define the person’s life purpose.
Economy, on the other end, is a suit-styled, high corridor, erudite word. By definition, the word economy means ‘the state of a country or region in terms of the production and consumption of goods and services and the supply of money’. From statesman to a businessman, billionaire to the next-door neighbour, augmented reality expert to agrarian, and everyone in-between is tied to the omnipresent economy. The lives, welfare and growth of seven billion people on this planet rely on this influential word ‘Economy’.
The surprising tango: Gig Economy
The term ‘Gig Economy’ found a strong foothold in the mainstream business lexicon a couple of years ago. Gig workforce is the brand new label given to ‘freelancers (or) consultants’. For decades, we had freelancers (or) external consultants standing around the business blocks but then why that label metamorphosis is needed now?
The percentage of people favouring a flexible freelance career compared to traditional nine to five full-time jobs is steadily growing upwards. A 2019 Harvard Business Review article indicates that around 150 million workers from North America and Western Europe have traded their full-time jobs for independent contract roles.
Other institutions and research reports are also confirming this gig trend. Robert Half International, a management consulting firm, states that 34% of the economy will be freelancers by 2023. Upwork, the most preferred freelance platform, echoes a similar sentiment predicting that majority of the workforce will be freelance by 2027. Disruptive technologies, globalization, millennials’ expectations, digitalization are some of the driving forces that propel the gig economy into the fast lane.
The dancing partner, Marketer!
A recent study from McKinsey reveals that knowledge-intensive industry and creative occupations are the largest and fastest-growing segments of the freelance economy. This is positive news for marketers who straddle at both these ends. As a function that is omnipresent in an organization, from the board room until rookie intern desk, marketing has a lot to play in this mushrooming gig economy. Upwork platform has contract asks for all kinds of marketing support — strategy, content, design, lead generation, social media marketing, digital marketing, community manager, and the list is never-ending.
Both marketing organizations and independent marketers can make the most out of this freelance economy. Marketing teams can hire special talents, fill the role of an unexpected exit, outsource projects during sudden surges etc. Marketing heads can pick the best brains from both in-house teams and freelance contracts to hit their goals efficiently. For a freelance marketing consultant, the gig zone is a happy zone that offers unlimited flexibility, no commutation, writing from mountains, choosy creative projects, broad exposure and better networking.
Just as the copious advantages that this new free-flowing fun economy offers, there are downsides and pitfalls too. It takes time, effort and experimentation to understand how one can make the most of this new wave. But it is within the reach and certainly achievable. Marketers, employed or independent, can do the tango in style in this newly opened dance studio — freelance (Gig) economy.
Happy marketing!
