Online courses have become an increasingly popular way to share expertise with an audience, and to get paid for what you have to say and teach. But the amount you can make selling online courses differs widely, depending on your price point and your audience.
The exciting part is the sheer potential of how much you can make — and we’re talking in terms of both impact and profit. Tony Delgado, founder of Disrupt and Disrupt Week Puerto Rico, shares that making your first million dollars gets a whole lot easier once you bring your product or service online. “Just do the math,” he says. “If 1,000 people buy your $1,000 course, you just made a million dollars overnight. All you really need to succeed is Wi-Fi and a dream.”
Here are seven tips for increasing your profit margin so your course can rake in seven figures.
1. Always offer more value than expected.
Nowadays, it’s quite easy to slap a high price tag on a course that shares mediocre value. Maybe the content is rushed, or maybe it doesn’t share the secrets your audience is really looking for and willing to invest in. Avoid this at all costs.
Stephen Campolo, creator of the 12-week Body Transformation Challenge, advises taking a customer-centric approach. “I started sharing my fitness knowledge on social media in an effort to help as many people as possible,” he explains. “That is when my life truly changed. All I wanted to do was help one person, which turned into thousands all over the world. This was only possible because I started to lead with value.”
2. Source testimonials for credibility by first offering the course for free.
Potential customers are far more likely to invest in a high-ticket course if they’re able to see tangible results from past customers. Particularly, numerical results work best. For example, if a prior customer is able to say that your Instagram marketing course doubled their following, that suggests significant credibility to someone who’s considering making the investment. Offer the course for free to a handful of early customers and ask for a testimonial in return.
3. Include upsell options.
Get customers into your sales funnel by selling them the lite version of your course, then offering them upsell options for more information. There are a few tricks for doing this tactfully, as shared by Thinkific. They include adding the upsell addition on the purchase-confirmation page or creating urgency by offering a limited-time, 20 percent-off discount.
4. Or, offer a payment plan for high-ticket courses.
You’re likely to sell far more high-ticket courses by offering a payment plan. A $5,000 investment is easier to digest if the student can pay $1,000 over the course of five weeks. Online-course expert Megan K. Harrison advises that you can increase the course price for payment plan options, too.
5. Make a Facebook community for the students.
More and more courses are offering a community for the students, which is another added bonus. Facebook communities are a great place for your students to crowdsource information if they have a question regarding course material, and many see it as an added bonus to connect with others committed to learn what they’re learning. Or, you could take this tip in a different direction; Facebook groups can also be a great host for your online course, so you can save money on the course platforms. Tanya Smith of Mindfully Marketing swears by this method thanks to Facebook’s new “social learning” capability, but advises to keep an email list of all members.
6. Invest in Facebook ads and Google Ads.
No matter how big your mailing list or group of followers, there’s no such thing as too many customers, especially since online courses are so easy to scale. So, reinvest capital in targeted Facebook ads and Google Ads that eye your key demographics. For example, if your course is on landing a dream job, target college seniors in metropolitan areas.
7. Share tidbits of advice for free on social media and in your emails.
Finally, potential customers are more likely to invest in your content the more it resonates with them. Offer smaller tidbits of advice and value for free on your social media, then include hashtags to increase visibility so people who are new to your content can see what you’re about. This strategy will also increase your social, which helps with both credibility and filling your sales funnel.
These seven tips will have you increasing your profit margins in no time, and you deserve to get paid for all the value you’re giving the world.
This article was originally published on: https://www.entrepreneur.com/article/340555
5 Disruptive Leaders Paving the Way in 2021
Where there is uncertainty, lies a whirlwind of opportunity. 2020 was the year that had entrepreneurs learn a great deal...
Brock Pierce Wants To Disrupt The Two Party System And Be Your Next President
We don’t usually cover politics much here at Disrupt, but when Crypto billionaire and friend of the show, Brock Pierce...
John Mcafee – Predictions For The Future
John McAfee is a world-famous tech CEO, computer scientist, civil disobedience activist, privacy advocate, and pioneer of the commercial anti-virus...
Gaby Wall Street – Teaching Latinas to Thrive During The Crisis
It’s no secret we are facing one of the most challenging financial times of the last few decades as we...
Tony Delgado – The #1 Entrepreneurship Movement In Puerto Rico
Puerto Rican online market is in constant progress. With many entrepreneurs who are coming here to start a business, it...
Elena Cardone – The 10X Ladies Conference Is Declaring 2020 The Decade For Women
The next ten years are meant for women to continue growing their potential and succeeding in multiple areas, including business....
How Josh Elizetxe Built Snow Into a $40 Million Dollar Business
There is nothing quite like an entrepreneur’s determination when starting a business. That’s my original quote by the way (pun...
How Jason Capital Became A Self Made Millionaire By 24
Have you ever wanted to earn the respect of everyone who ever looked down on you at some point in...
Sam Bakhtiar On His Way To A Quarter Billion
Dr. Saman Bakhtiar, who prefers being referred as Sam, lives in an 8200 square foot $5.2 million house, Sam is...
Women Who Disrupt1 week ago
Rihanna Becomes The First Black Woman To Own a Cosmetics Brand Worth Over $1 Billion
Community2 weeks ago
Interview With Bianca Peynado: Building An Authentic Community on Clubhouse
Lifestyle1 week ago
Three Strong Companies Embracing Diversity with Gay CEOs
Community2 weeks ago
Interview With Jason Diaz: Finding Your Audience and Building a Community On TikTok
Executive Voice2 weeks ago
Fomo Models AKA Robert Wilson Scouts Superstars
Podcasts7 days ago
Top 11 Disruptive Podcasts To Listen To In 2021
Executive Voice6 days ago
Lanora Wyatt’s Transformative Journey Through Health and Fitness
Executive Voice3 days ago
Exclusive Interview with KellyAnne, Executive Producer of Models Talk on KA Fashion TV