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Do you want to compete with Wikipedia?

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Your mind works at the traditional paradigm that is why the title of this blog might be ridiculous for you. Hello all, again we are here for you with another interesting topic I.e. ‘Do you want to compete with Wikipedia?

Before starting this blog, there is a beautiful line that’s coming into my mind.

IF YOU ARE DOING WHAT EVERYONE ELSE IS DOING, THEN YOU ARE GOING TO GET THE SAME RESULT THAT EVERYONE GETS.

So, let’s move on…

Wikipedia, a free web-based, multilingual encyclopedia used by millions of people across the world. Do you want to compete with Wikipedia? If yes, then this article is for you. Do you want to stand above from Wikipedia? Does it easy to compete with Wikipedia? Does it possible to win from Wikipedia? So, guys, all these questions will be cleared in this blog.

Please scroll down to grasp the tactics to compete with Wikipedia.

So, to find out the ways to compete with Wikipedia first we should analyze the business model of Wikipedia. Let us take a look at the business model of Wikipedia.

Wikipedia is an encyclopedia, supported by a charity called the “Wikimedia Foundation”. It provides free information almost about everything in the form of articles. And these articles are written collaboratively by a large number of anonymous and some known volunteers who write without pay.

It is valid to make changes in these articles without any permission, and those who have knowledge and can access the internet can write them. Later the page is then examined by an editor who decides whether or not the page stay. There are 6,000,824 articles in the English language among all the 309 languages.

But how Wikipedia earns? how it makes money without showing any ads, promotions and affiliate programs? The next paragraph will give you a full-fledged description of the income source of Wikipedia.

There are two main income source of Wikipedia outlined below :-

1. Donation.
2. Wikipedia store.

Let’s discuss the income source of Wikipedia :-

1. Donation.

Wikipedia is funded by reader’s donation. Most of Wikipedia’s revenue comes from a donation given by readers across the world. Those who feel helped by Wikipedia’s articles contribute to their money.

2. Wikipedia store.

Wikipedia store also help to keep the site online. Wikipedia store sells products like tshirts, mugs, notebook, pen&pencils etc. Using the brand name of Wikipedia this organization also support the revenue model to keep the site online.

Apart from monetary donation the Wikipedia is supported by some other ways, these are:-

1. In-kind services.
2. Awards and grants.
3. Government regulations.

1. In-kind services.

In-kind contributions are donations of goods, services or time — instead of cash. In-kind services also support the revenue model of Wikipedia.

2. Awards and grants.

Wikipedia is supported by Awards and grants in such a way as they provide legal support and different sort of exemption in the activities of keep the site safe and runnable.

3. Government regulations.

To support the site Government regulation make themselves comparatively flexible.

So, this was the business model of Wikipedia which taught us the income source of Wikipedia and its services.

Now the question arises how this information helps to compete with Wikipedia. So as we all know that the earning is mainly depend on the demand for the goods and services which is related to the customer base of an organization and company.

So by enhancing the customer base of certain goods and services we can grow the earning of a company. And when it comes to customer base(of competition), the term “Economic Moat” comes in the scenario.

An economic moat is a business’ ability to maintain competitive advantages over its competitors to ensure its profit. Now the question is of an economic moat. And for that let’s take a look over some drawbacks of Wikipedia and how you can fix them to keep yourself ahead in the competition.

It includes :-

1. Vandalism of articles.
2. Lack of control over the article’s edition.
3. Inaccuracy.
4. Lack of premium articles.
5. Lack of affiliate links.

1. Vandalism of articles.

All the articles over Wikipedia have a problem associated with and that is ‘vandalism’ as anyone can create, edit, or delete Wikipedia articles that may put the wrong impact on the readers. And you can fix this problem with your site, all the users of Wikipedia you are trying to reach them will find your site.

2. Lack of control over the article’s edition.

There is no control over the edition of articles on Wikipedia. Consequently, the chances of spamming and some unfair changes made by others just for fun increase that may misguide the users before the article is examined. If you put proper control over your website. Then this will help to draw more traffic.

3. Inaccuracy.

Most of the time the volunteers edit or post some articles on the website just have a little bit of knowledge of a certain topic. And that may misguide the readers.

So you should maintain a criterion if you are going to establish an encyclopedia-like Wikipedia which would make your site credible and accurate for the readers and keep you ahead in the competition.

4. Lack of premium articles.

Premium articles are the articles for which readers pay to read them. Here, Wikipedia contains non-premium articles that means those who are experts in their fields are not posting their articles over the site rather they choose to go with the sites who are paying them. And in that case, readers stay deprive of awesome content.

You can create a premium policy for your website. And you can ask your readers as well as the experts to pay a reasonable amount to use the premium features. And as the popularity of that particular article increases you can repay the expert’s amount with some extra amount as their profit.

5. Lack of affiliate links.

A website which is comprising of affiliate links is considered as the means of making money. But is this the only function of affiliate links? And the answer would be no because affiliate links also create the credibility of the product through the website.

In the 21st century, e-commerce is growing rapidly, so most of the time people try to search for affiliate links over some popular websites as affiliate links give some amount of credibility to that certain product.

But Wikipedia follows no affiliate program. And for those users, you can provide some affiliate links that make you different from others and help to win the competition.

You can also do some social events for branding your site and this will help you reach your target audience. Acquisitions are also a tactic to expand the customer base of an organization. You can also go for that to reach some new users.

Conclusion

Mastering in your strategy and having the proper knowledge of your target customer can provide you as a powerful weapon to win the competition.

No matter what others are offering. You have to dominate the market at any cost, whether the product offered by others is good or bad compared to your product.

So, that’s it for now. We caught up all the pros and cons of Wikipedia.

QuitOffer is expecting that now you can understand the business model of Wikipedia and what are the things which make it vulnerable and by fixing the drawbacks of Wikipedia you can keep your site ahead in the competition.

At last, keep one thought in mind.

IN ORDER TO EXPAND THE CUSTOMER BASE, SERVICE IS THE ONLY THING THAT SEGREGATE YOU FROM OTHERS.






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