Monday, 2 February 2009

Teachstreet - made for the 'Experience Economy'

Teachstreet is a great example of a business that has positioned itself to tap into consumer demand for experiences rather than mere products or brands.

While Trendwatching identified this movement towards skill based status back in the boom-time of late 2006, this trend is only likely to increase as people turn away from conspicuous consumption.

Indeed, as consumers refocus on value, learning new skills offers long-lasting value that few other purchases can match.

As the backlash against credit card debt increases, and people have more free time to occupy themselves they will look to activities other than 'shopping'.

The boom in 'craft' activities and education reflects people's desire to leave behind the throwaway excesses of consumer culture and hark back to a simpler time

Teachstreet's beauty is that they not only encourage community involvement through their now-standard 'social networking' features, but also that their feedback system allows would-be students to overcome their fear of being out of their depth, or ripped-off. Another previously opaque industry gets a light shone into it

Teachstreet's position at the convergence of these trends mean that they have every chance of succeeding if they can generate critical mass

1 comment:

  1. Thanks for the TeachStreet post -- we're working day (and night) to create a marketplace for lifelong learning, and every mention helps! If you have ideas on how we can improve, please let us know -- we just expanded to the Denver/Boulder metro last week, and have some exciting launch announcements coming next week, so stay tuned!

    Dave (Schappell)
    Founder and CEO